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Blog | 4 min read

Four reasons why Corporate Social Responsibility is good for business and how Greater Richmond can help

June 26, 2023

CoStar employee

Businesses around the nation are bolstering their corporate social responsibility (CSR) efforts in light of recent events, concerns regarding climate change and more. CSR is a business model in which companies commit to social and environmental efforts in their operations and interactions with stakeholders. To be effective, CSR needs to be authentic and true to the company’s culture. CSR can greatly benefit one’s business and Greater Richmond is the ideal location to help.

First, here are four ways CSR can benefit your business:

  • Boosts employee attraction and retention

While the talent war continues to impact businesses, turning to CSR can help attract and retain employees. Employees are more likely to work where they feel valued and will be less likely to leave as well.

  • Grows customer base

CSR initiatives can help increase a company’s number of customers as more consumers nowadays seek socially responsible companies with which to do business. By engaging with CSR initiatives and showing an overall kindness to customers and employees, companies show consumers they care for people and the environment.

  • Enhances community growth

Incorporating CSR efforts into a company’s business operations not only benefits the company and enables it to grow, but it also benefits the community or communities in which that company operates. Companies bolstering the community through CSR will likely see a return on investment when it comes to local support.

  • Improves the triple bottom line

Companies exist to make a profit, however, money is not the only factor in a successful business. By increasing CSR efforts, companies are able to improve the triple bottom line – people, profit and planet. CSR enables companies to bolster their people, or their employees and community members, profit, meaning they can make more money, and planet, by being good environmental stewards.

Benefits of Greater Richmond

Corporate Social Responsibility has clear benefits. Operating in Greater Richmond carries its own set of benefits as well. Furthermore, if a company is looking to expand or relocate, the Greater Richmond Partnership can help them meet CSR goals by connecting them with diverse suppliers and new partners like sustainable energy practitioners.

Here are a few benefits of operating in Greater Richmond:

  • Greater Richmond has a superior quality of life and a cost of living more than three points below the U.S. average, which is helpful in both attracting and retaining employees. Coupled with intentional CSR, Greater Richmond’s quality of life and affordability allows companies to reap the benefits of the region’s educated and ample workforce.
  • Labor in Greater Richmond is diverse with a 36 percent nonwhite workforce. The region offers companies the ability to hire a diverse workforce, helping to achieve CSR hiring goals.
  • The city of Richmond, Virginia, has a perfect score of 100 on the Municipal Equality Index from the Human Rights Campaign, signifying the local government is supportive of the LGBTQIA+ community within the region.
  • Greater Richmond is within a day’s delivery drive to 45 percent of the U.S. population, allowing companies to reach existing customers and to serve new customers. Thanks to the region’s sophisticated network of infrastructure, companies are able to transport goods to consumers more sustainably than in other markets.
  • The region’s proximity to the state and national capitals is helpful when addressing governance challenges. Companies based in Greater Richmond have easy access to government officials in Washington, D.C., only two hours away by car or train.
  • Existing Fortune 1000 headquartered companies in Greater Richmond like Dominion Energy and Altria Group are already boosting community growth in the CSR space. Further growth will help attract new companies to the region, ensuring the community continues to grow.

Learn more about the benefits of operating in Greater Richmond.