Social Climbing

Financial experts warn the UK is on the cusp of a cost-of-living crisis with the same destructive impact as the pandemic.

At the onset of the pandemic, businesses swiftly launched a raft of initiatives to support customers and stakeholders. Remember Uber with its ‘Thank you for not riding’ campaign as it donated free rides to healthcare workers. Meanwhile, BT offered free mobile data so disadvantaged children could access lockdown education. 

As we face another national crisis, social responsibility is moving decisively up the business agenda.  

British Gas announced last month it would donate 10 per cent of its profits to help customers with their energy bills, with grants of up to £750 to be made available to customers who are in the most financial distress. Asda has launched an online hub offering money-saving tips to accompany the weekly food shop. Sainsbury’s CEO has written to customers promising a £60 million investment to keep prices low. Iceland has also announced an interest-free loan scheme to help support its customers through difficult times.  

Carefully consider and address your customers’ current challenges for long-term loyalty and engagement.  

If you embed social responsibility in your culture, you will enhance your reputation, grow brand recognition, and retain customers and employees. Considering social impact enhances profits but - most importantly - is simply the right thing to do, right now.  

A CIPD poll of FTSE 100 leaders found the aftermath of the pandemic was the ideal time to restate a business’ purpose and play a larger, more meaningful role within customers’ communities.  

It is the perfect time to demonstrate your purpose in action.  What will you do?