People in the Middle East more likely to buy from you if you’re socially responsible
“As you sow, so shall you reap.”
This universal concept widely embraced by corporations around the world and given a name we’re all familiar with (Corporate Social Responsibility, or simply ‘CSR’) is now being embraced by companies across the Middle East due to its many benefits to various stakeholder groups, but also to the company itself. But what does CSR mean anyway?
CSR is a broad topic with no clear-cut definition. The International Chamber of Commerce defines CSR as “the voluntary commitment by business to manage its activities in a responsible way”, while the World Business Council for Sustainable Development sees it as “the continuing commitment by businesses to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families, as well as of the local community and society at large.”
Bayt.com has just released a poll on CSR entitled “Does CSR Matter in the Middle East and North Africa?”, August 2013, in which people in the MENA express the importance of CSR in their lives.
Some of the poll’s highlights:
- 95% of professionals say it’s important that their company is socially responsible.
- 88% would favor products and services from a socially-conscious company.
- 90% of polled professionals feel that the corporate sector in the MENA has a moral responsibility towards the local community.
- 95% of professionals want to be involved in more charity or community service.
- 94% say that CSR contribute to more business success, while 29% see that CSR enhances the corporation’s reputation.
- 30% see that the lack of ‘know-how’ and institution assistance is the main obstacle to CSR efforts.
In fact, and according to Bayt.com’s poll, people in the MENA region would be more willing to go to work in a socially responsible, and would buy its products and services. Suppliers, creditors, and business partners would also be more interested in working with a socially responsible firm – one that enjoys a better reputation and corporate image.
More in the infographic below:
Photo credit: spdl_n1 on Flickr