Back in 2010, Forbes posted an article which stated that over 30% of employees would consider leaving their job if their company gave little or no money to charity and as many as 65% would consider leaving if their company harmed the environment. Eight years later and those statistics have risen dramatically with over 90% of millennials believing that working for a responsible company is so important that it has become one of the criteria they consider when applying for jobs. With millennials predicted to make up 35% of the global workforce by 2020 (source), these are statistics we simply can’t ignore.
One way you can cater for the increasing desire to work for a responsible company is introducing a CSR strategy into your business. CSR (corporate social responsibility) is an initiative which companies undertake in order to increase awareness of the impact they have on the community, stakeholders and environment whether it’s social, economic or environmental. The importance of enacting a CSR strategy is growing even stronger with increasing demands from employees, customers and the government but there are so many other reasons why your company should have one, here are just five.
Boosts employee engagement
As you can see from the statistics previously mentioned, people like working for a company which is responsible and as a result, they will feel proud to work for you and more engaged with the business. As we have said before on our blog, high employee engagement levels can lower staff turnover and absences, improve productivity and increase profitability. An engaged workforce can also help you to attract future employees as well as retain your current staff.
Improves brand reputation
One of the biggest benefits of putting CSR into practice is the world of good it can do for your reputation. Supporting charities, helping the environment and completing other activities can improve your public image and make your company look more conscientious and philanthropic. Both customers and prospects will start to see a different side to your business if you have never contributed to CSR before and you may even change people’s perceptions of you.
Promote your core values
If you implement a CSR strategy, you need to ensure it aligns perfectly with your company culture and core values. You will find that if it fits in with what your company believe in and promote then employees will feel more engaged. It’s important that you endorse and promote causes that are important to your business and employees.
Have a positive impact on the community
We know that by regularly donating money to our local charity and giving up our time to help at the local care homes, we are having a positive impact on our local community and that is extremely rewarding as a company who care about the community we work in. A CSR strategy which benefits the environment and local organisations through the means of donating, fundraising or volunteering will give you the recognition you deserve.
Something to shout about
If you’re putting a lot of time, effort and resources into your CSR strategy then make sure everyone knows about it! It will give you lots to talk about on your company blog, social media or your recruitment CRM which is exactly what our award-winning client, Charles Hunter Associates, do.
These are only a handful of the benefits you can reap by having a CSR strategy and considering over 60% of millennials believe the success of a company is also determined by its level of responsibility, it’s time to put a plan in place!