Keeping Talent Through Corporate Social Responsibility
No one likes losing things, whether it be your keys, your wallet, or your lucky pencil. The same goes for amazing employees. That familiar “where did I put them?” becomes “where did we go wrong?”. Losing talent is inevitable in running an organization – if you’re lucky, it won’t be often (no one likes a revolving door), however, it’s a drag, nonetheless.
Organizations are holding onto star employees by introducing innovative benefits – this starts with comprehensive extended health, dental and pension programs as a baseline, and embedding employee-friendly policies into their culture. One way to do that, which we love, benefits everyone: corporate social responsibility (CSR) .
CSR is a self-regulatory business model practiced by companies of all sizes. The concept allows and encourages businesses to be accountable to their stakeholders and the public, and to be increasingly conscious of their impact on the economy, the environment, and the social community as a whole.
Evidently, the commitment to CSR is not only recognized and appreciated by consumers and employees alike but has increasingly become an expectation. This 2018 study found that 88% of consumers expect brands to do more. The study also cites research that nine out of 10 employee candidates prefer a job offer from an organization committed to CSR over one that is not. In fact, 77% of Canadians say they want to work for a company that has a strong CSR policy and 71% of Canadians said they would do unpaid volunteer work if their employer offered time off.
Organizations are beginning to offer up employees’ talents and company time to give back to their communities – usually even to charities of their employee’s choice.
Clearly, giving back is no longer optional – and we’re totally here for it.
Research also shows CSR has the power to improve business performance as a whole – strong employee retention and branding boosts profits. If you haven’t already, consider adding a CSR benefit into the mix for your employees. Start by doing your research – what initiatives do your employees care about? Be sure to involve them in the planning process. Where can you make the most impact? Who in your area would benefit from your company’s time? Once you’ve established a plan, putting it into action and maintaining the program will require internal and external support. Your goal is to run a CSR program that will make both your customers and your team proud, so searching for local support is imperative to your success.
As employees become more involved in an organization’s CSR efforts, they’ll have higher levels of engagement and a dedication to helping the company achieve its goals. Both that engagement and the CSR initiatives will feed directly into job satisfaction, and in turn, retain your talent.
What’s better than a benefit that truly benefits everyone? (Hint: nothing).