Is Corporate Social Responsibility Still Important?
Is Corporate Social Responsibility Still Important? You bet!
Employees will always want to help others. They will look to your team and work family to provide that connection and space to give back. Companies will always need to look to hire the best employees. Providing the right space, culture, and work environment will remain at the top of the priority list.
If you don’t see this, it will hurt your team now, or in the future. Think about how to help ensure your team has an engaging CSR plan in place.
Less than 10% of employees engage in poorly run CSR initiatives. Make sure you program is engaging and creating the right environment for your team’s success!
Concepts like the Great Resignation will always Impact your Workforce
By now, we have all at least heard the term “Great Resignation” also coined the “Turnover Tsunami” by SHRM. It should come as no surprise that U.S. Employees quit their jobs in record numbers in 2021. What you may not know are the following simply startling statistics.
November 2021 represented an all-time high of 3% or 4.5 million resignations, according to the US Bureau of Labor Statistics (read more in CNN’s report). That is one heck of a ginormous number!
This year has seen technology companies and crypto companies lay people off, yet companies will still need to attract the right talent. Whether your industry is going through layoffs, resignations or a hiring spree, you need to think about the culture you have created and want to create going forward.
Just as dynasties and countries can rise and fall with time, so too can your company. No one is invincible from this. You must keep thinking about the current times and being sure to create the culture you want now and for the future. It’s not a guaranteed success.
You have to put the effort in. Or at least find software tools to help you!
Why is Employee Engagement critical with your remote & hybrid workforce?
HR leaders who spent the past 2 years dedicated to the success of remote work—and the millions of people who rapidly shifted to working from home—must continue to acknowledge what worked in the past, yet also take time to continue to innovate. Easy for us to say, right?
Employees who have meaningful work connections and are engaged in the workplace produce better business outcomes. You likely know that!
Yet, Workplace loneliness was on the rise well before the pandemic began. Even more, the average person in the United States spends over 13 years of their life at work. As companies define what their work environments will look like now and in the future, it’s up to you and your leaders to create changes to fight employee isolation. Remember, success is not guaranteed!
Leadership teams must be intentional about fostering collaborative, empathetic, and teamwork-driven environments. It’s so important to include a proper corporate social responsibility plan.
For more resources on increasing Employee Engagement, check out our recent blog, How Do You Engage Employees Virtually. Also, check out our collaboration with 15Five, 10 Questions You Should Ask Your Remote Employees To Keep Them Engaged.
How a Corporate Volunteering Program Will Benefit Your Employees
So what can you do to drive employee engagement and create a happier workplace whether virtual, hybrid or onsite — or whatever new version we come up with over the next few years?
One CSR example is starting with a Corporate Volunteering Program. If you don’t have one, you’re behind! Volunteering has been a popular choice of philanthropy within the months of pandemic recovery. Most volunteers can even do this remotely!
The concept of Volunteer Time Off has been around for some time. Businesses have been incorporating volunteer time off to engage employees. Employees are even hopeful to have these days when selecting a new job. To ensure you’re up to speed, you can review details about VTO (volunteer time off) and why you should offer it as a benefit to your employees. We suggest it should be paid VTO vs. Unpaid VTO — yet this is up to you.
Volunteering and additional CSR initiatives can help distinguish your company from others and help to recruit (and retain) the best employees.
In fact, paid volunteer time off is one of the top benefits a company can offer, Forbes Seven Wellness Benefits Employers Should Offer Along With Hybrid-Remote Working.
Employees want their companies to succeed for different reasons, but the desire is even stronger with purpose-driven companies. A purpose driven company can help to create advocates, improve your organization’s culture, and help to drive your company’s performance!
Start an Employee Giving Campaign
The bigger the team, the greater the diversity in thoughts, interests, and relationships. Having differences is good, similarities are great, and almost everyone can agree that giving back is important!
For that reason, starting an employee giving campaign is a second CSR example.
Today’s workers want to give their time and money to causes they care about. One recent study indicated that corporate social responsibility campaigns can boost employee morale and workplace culture while also improving brand perception. Giving campaigns are a great way to connect virtual and in-office workers, which makes it especially relevant as businesses define their remote work policies over the next one to two years. Empower your employees to make a difference—and support them in doing so.
Pledge 1% is a global initiative in which companies can sign a corporate social responsibility pledge. The pledge includes options for giving back through both employee giving campaigns and employee volunteer initiatives. To learn more on how companies can be involved, check out this article for companies to pledge 1% of their time, product, profit, or equity to a non-profit(s) of their choice.
The CSR Importance of Purpose in the Workplace
“We all want to be part of something bigger than ourselves at some point, something that we’re proud to be associated with. A purpose driven company can provide that relationship.” https://www.smartbrief.com/original/2021/09/importance-purpose-company-success
For Momentum’s Social Impact Stats 2021, A compendium of cause marketing, CSR & purpose data, provides a wealth of great information includes the following stats:
- 78% of respondents stated they’d be more likely to want to work for a purpose-driven company, while nearly the same would be more likely to trust (76%) and be loyal to (72%) that company
- Additionally, turnover is reduced by 57% among employees who engage in both giving and volunteering!
We hope this post has inspired you to start thinking about Why is Corporate Social Responsibility Important, and how to involve your team in your CSR initiatives.
Streamline your Corporate Philanthropy & Increase Engagement
Your company has plenty of daily challenges! With Selflessly, your corporate philanthropy doesn’t have to be one of them. Our software platform helps companies develop a purpose-driven culture with an easy tool.
Easily streamline your CSR initiatives and see how employees love a central place to get involved. You can free up staff time and see the benefits real-time.
If you’re ready to learn more — drop us a note—we’d love to chat!