Why it’s essential for professional services firms to support local communities
It should come as no surprise organisations benefit from acts of altruism. Businesses are made up of people after all. And where better to start than within the communities in which we’re based.
Have you heard of the do good, feel good phenomenon? The theory is that when you do something you’re proud of, or when you help others, you feel happier. This in turn creates a cycle where the happiness you experienced makes you want to do more good things.
There have been many studies on what researchers call the ‘helper’s high’, a term which first surfaced in the 1980s based on the brain’s chemical response to performing an act of kindness. It has since been confirmed that philanthropists have higher levels of self-esteem and experience more happiness, pride, and excitement than those who are less generous with their time and money.
It should therefore come as no surprise that organisations benefit from acts of altruism. Businesses are made up of people after all.
However, long gone are the days when donating to charities out of the goodness of their hearts was enough for businesses to tick the relevant ‘giving back’ boxes. Nowadays, improving social issues goes beyond financial support and you need to do far more than simply talking a good game.
The benefits of supporting local communities
When implementing environmental and social initiatives within the local community, a well-considered CSR (Corporate Social Responsibility) or ESG (Environmental, Social and Governance) strategy demonstrates that a business is genuine in its intentions. Acting with integrity and genuinely wanting to solve real issues, in line with the company’s values, not only introduces a “feel good” factor within the firm, but also impacts positively on the reputation of the business.
Many professional services firms rely on their local community as a source of new and recurring work, and local clients are at the heart of many successful organisations. Showing commitment to the community builds trusting relationships, which in turn may result in attracting more customers.
Research by Forresters (2013) found that: “when faced with a choice between two companies that offered products and services for the same price, 82% of UK consumers said their decision would be affected by whether a company engaged with charities and its local community”.
Why should CSR be part of your long-term strategy?
The crux of why an altruistic business model works is down to team morale. By creating more thoughtful and charitable workplace environments, and looking beyond profits and KPIs, employees become part of a team that is making a real difference to the local community and the lives of those around them.
By working for a company that genuinely cares about their people and environment, employees are more likely to contribute to a successful business by performing better in their role, being more enthusiastic and productive, and viewing the company in a positive light as a result. This, in turn, attracts new talent, improves the chances of retaining current employees, and positively impacts both the firm and its community.
Increasingly, candidates are looking for more than just a well-paid job – they want to be part of something bigger, to do good to feel good.
Future Workplace and Blue Beyond Consulting’s research (2021), Closing the Employee Expectations Gap, found that “75% of workers say they expect their employer, and business in general, to be a force for good in society. This percentage reaches 80% for those under 45 years old.”
“Long gone are the days when donating to charities out of the goodness of their hearts was enough for businesses to tick the relevant ‘giving back’ boxes. Nowadays, improving social issues goes beyond financial support and you need to do far more than simply talking a good game.”
What makes a successful corporate partnership?
A successful corporate partnership should support your business’ brand identity and the charity’s long-term goals.
By aligning your CSR initiatives with local causes that your employees care about, colleagues are also more likely to engage with fundraising and volunteering activities. Additionally, fundraising efforts create opportunities to directly engage with your current or prospective customers.
Ultimately, partnering with the right charity or organisation to tackle a local social issue is mutually beneficial. By working with the charity to raise awareness of a particular issue, such as housing or healthcare, the firm enhances its CSR profile as well as its reputation in the local media and community. In turn, the charity not only receives vital sponsorship, but can also provide information, advice and training on social issues to the firm, such as structured wellbeing sessions, that benefit the employees.
Rickard Luckin’s approach
Since joining Rickard Luckin over nine years ago, I’ve watched the firm make significant strides in its CSR and ESG credentials. We live and work within our community and our approach is engrained within our values, with a strong social conscience permeating throughout the firm.
Charitable giving
Rickard Luckin connects with local communities by supporting charities through the Essex Community Foundation, an independent charitable trust based in Chelmsford, that provide support to some of the lesser-known local voluntary groups in Essex.
Additionally, we have been long-term supporters of Havens Hospices and are currently their Learning Partner for the Herd In The City art trail that will be on the streets of Southend in July 2023.
It is important to us that our corporate giving remains in Essex as the county is not only where our offices are based, but where most of our team and many of our clients live. Reinvesting back into the local community directly benefits our people and our environment.
Volunteer days
The firm also offers employees two paid volunteer days a year. By encouraging team members to connect with the community around them, we are reinforcing the message that the company is doing what they say they are going to do and engaging in local activities.
Independent accreditation
With a dedicated Charity Team and ESG Group within the firm, Rickard Luckin has this year attained the highly-respected ESGmark® accreditation, in recognition of the firm's commitment to environmental, social and governance principles.
In summary, while supporting the local community has many benefits for organisations of all types, for professional services firms, giving back to the community helps boost team morale, builds respect and a positive reputation for the firm, and promotes strong and powerful relationships with both clients and potential clients.