In Focus Consumer Credit
The true value of CSR
Genuine support of meaningful charities can have an impact for your community, and your business
Olivia Hall Communications manager, Hoist Finance Olivia.Hall @
hoistfinance.com
Corporate social responsibility (CSR): three words that are now an essential element of every major business, especially those in the financial-services sector. Really, the need to demonstrate a social
‘conscience’, and to give something back to society, is just as important as an equal- opportunities recruitment policy, or as maintaining a healthy work-life balance. These are no longer things that are ‘nice
to have’, but rather an intrinsic part of a responsible company’s DNA.
A real difference CSR, however, is not just a nod to the media at the shareholders’ meeting, or a tick in the box in the annual report. The true value in CSR is making a real difference to the community and environment you are in. It is not at all about lip service, or a slick
advertising campaign about who can be the most charitable; it is about taking action in ways that begin to change behaviours, within your organisation, for the better. It is also about getting to know the real stories and real lives that thrive in the community in which you work. Of course, this has to be balanced with a need to maintain your company’s own
profitability. Good-will comes at a cost. But every company has a responsibility to look beyond the balance sheet, and use their financial power, employee energy, and local influence for the greater good.
Most effective For those who have yet to fully embrace the idea of CSR, but are looking to make a start, it does not have to be disproportionately labour-intensive, nor difficult to execute. We find that the most effective initiatives are those designed with your people at the heart. Putting the power into your employees’
hands means asking them to decide which charities we should support, and submitting bids about causes that are personal to them. This has two advantages: not only does it
help you, as an employer, to better connect with your people on a ‘real’ and humane level, but it also helps you to support those smaller and less high-profile charities that often get overlooked, due to the national charities having much bigger campaigns (and marketing budgets) for funding. In terms of management and control, by
creating a CSR committee that includes HR and members of the senior team, submissions can be regularly and fairly reviewed, and funds allocated accordingly. In our case, this happens on a quarterly
‘Seeing’ the value of your fundraising activities, quite literally, by the lives that you change and the smiles on the faces, acts as an important motivator and driver to want to do more
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basis, but the frequency can depend on your size and appetite for local engagement. To give some idea of our own experience,
in 2017 alone we supported more than 20 charities across Manchester and Milton Keynes, where our teams are based, and donated more than £15,000. As an industry, I am sure many do as
much if not more, and we should be proud of our achievements. The size of every donation is, of course, relative: £10,000 to
www.CCRMagazine.com
a national charity may be a drop in the ocean, £1,000 to a local hospice could be a life-changing sum. ‘Seeing’ the value of your fundraising
activities, quite literally, by the lives that you change and the smiles on the faces, acts as an important motivator and driver to want to do more. We are incredibly proud of our initiatives
and believe it has made a real difference, not only to the charities we have supported, but to our employees, some of whom continue to share their stories and journeys with us through our internal channels. CCR
March 2018
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