With inflation and the cost of living rising almost universally around the globe, attention has turned to private companies to do more for their customers and communities.
People have called on supermarkets, for example, to do more to reduce the food they dispose of and are instead encouraging them to donate it to local charities.
This is just one example of how companies can give back to their communities and customers. In this guide, we’ll look at five more examples, including using local suppliers, introducing an effective environmental policy and donating to local charities.
1. Donate to local charities
One industry that has faced criticism for not doing more to mitigate the harm it can potentially cause is gambling.
Betting has never been more accessible as there are now more people using mobile phones than ever before. On these devices, people can download a wide range of sportsbooks, allowing them to bet from the comfort of their own homes.
This has invariably led to more people gambling. In the United States alone, the online portion of the industry is predicted to grow in value from $2.65bn in 2021 to $7.61bn in 2028.
As a result, betting companies are doing more to ensure that people don’t suffer harm financially. For example, charitable activities by SkyCity NZ have focused on helping customers. In 2022, SkyCity upgraded its customer relationship management tool as well as its algorithm to better monitor player behavior.
Other companies have committed to donating more money to charities. For example, Microsoft runs a program that matches charitable donations up to $15,000.
2. Use local suppliers
Companies should use local suppliers for several reasons. Firstly, they provide a more reliable source of goods and services than distant suppliers, as they are better able to respond to changes in demand.
They also have a better understanding of the local market and can provide more tailored solutions to the company’s needs. Furthermore, and vitally, using local suppliers helps to support the economy of the immediate area, creating jobs and stimulating growth.
Finally, it can be more cost-effective for companies as they may be able to negotiate better prices with local businesses due to their proximity.
3. Reward loyalty
Customer loyalty is an important factor for any company’s success. It is essential for companies to build relationships with their customers so that they can keep them coming back time and time again.
Companies must find ways to encourage customer loyalty in order to ensure that they’re satisfied and eager to return.
This can be achieved through excellent customer service, offering regular rewards and discounts, creating a personalized experience and using loyalty programs.
By doing these things, companies can create a positive customer experience that encourages people to remain loyal.
4. Pro bono work
Companies should consider doing work for free in certain cases to benefit their business in the long run. Free work can be a great way to gain exposure, build relationships and get recommendations from others.
It can also help companies gain experience and hone their skills, which can lead to more paid opportunities down the line.
Additionally, it is a great way for companies to give back to their local community and make a positive impact on society. Companies should carefully weigh the pros and cons of offering free work before making any decisions.
5. Introducing an environmental policy
Companies are becoming increasingly aware of the importance of environmental protection. To ensure that their operations are carried out in a sustainable way, many have developed environmental policies to guide their actions.
These policies generally outline the company’s commitments to reduce its environmental impact, such as reducing emissions and waste, conserving resources and promoting responsible sourcing.
They also include specific measures such as setting targets for energy efficiency and water use reduction.
Examples of environmental policies include those from companies such as Apple, Microsoft and Walmart. These policies provide a framework for businesses to reduce their impact on the environment while still meeting their objectives.
Given the state of the current climate crisis, it’s becoming more imperative than ever for companies to do more to mitigate their environmental impact. This is particularly relevant to “polluting companies”, which are ones whose daily activities have an impact on the climate.
Some companies, such as ExxonMobil and Gazprom, are responsible for significant amounts of pollution which impact local communities around the world.
