It’s ironic, but one of the best ways companies can be more successful is by giving more of their profits away. Turns out, everyone—clients, suppliers and especially employees—loves a good corporate citizen. In fact, such programs may be among the most compelling recruiting and retention tools at HR’s disposal.
That’s one reason why so many businesses are focused on enhancing their sustainability and corporate social responsibility (CSR) initiatives this year—which, for many, remains a work in progress.
To that end, let’s review the potential impact of such programs on your hiring and retention efforts, as well as some basic ways to optimize your efforts.
Research shows that today’s employees seek meaning and purpose at work. Not surprisingly, they are increasingly drawn to employers that exhibit a greater social/environmental purpose beyond the bottom line.
According to the Bentley-Gallup Force for Good Study, 55% of workers say they’d leave their current job in order to work at a company that’s committed to making a positive impact. That percentage is even higher (71%!) for workers under the age of 30—so, if your long-term HR strategy includes building a younger workforce, take notice.
And when asked what they seek in an ideal employer, survey respondents ranked making the world a better place right behind fair wages, a positive company culture and quality health insurance.
Similarly, people want to work for sustainable employers. According to a recent IBM study, 68% of jobseekers say that they’re more likely to apply for and accept jobs from environmentally responsible companies. Forty-eight percent say they’d even accept a lower salary.
And no, it’s not merely talk. Case in point: according to Deloitte, purpose-driven employers enjoy 40% higher retention rates than others. In another study, two out of five Gen Z and Millennial workers report turning down jobs because the employers’ values were inconsistent with their own.
These issues matter to workers, and proactive employers are responding accordingly.
When it comes to sustainability, even modest improvements add up. If you don’t already have a corporate sustainability policy, the first step is to create one. Among other things, your sustainability policy might include:
According to experts, the most compelling CSR programs are closely aligned with each company’s individual core values and are built on specific, measurable goals. In order to make your CSR strategy more meaningful, you might consider: