Corporate Social Responsibility Helps in Recruiting and Retaining Top Talent
With 8 years of job gains, unemployment is at its lowest point since 1969, according to the Labor Department. That means that competition to recruit and retain top talent is at an all time high, and getting the best and brightest to join - or stay - has become a priority for many corporate leaders. How do you intend to stand out?
While most leaders agree that investing in corporate philanthropy and employee giving programs are great for a corporate brand, these initiatives have become more important than ever, especially for hiring and retention.
>89% of executives surveyed said a strong sense of collective purpose drives employee satisfaction - Harvard Business Review's - The Business Case for Purpose
Organizations that have robust giving and corporate social responsibility (CSR) programs benefit their businesses beyond just the “right thing to do” sentiment. Implementing holistic CSR programs that offer a balance of philanthropy with employee giving and volunteering opportunities aids recruitment and retention efforts. These programs not only make a global and local impact, but become increasingly more important to attracting top talent who want to align their values to corporate values, as well as employee retention by keeping morale in the workplace high.
Why It Matters
Corporate philanthropy has been shown to engage employees to be happier and more productive. A recent study showed 90% of companies attribute a positive correlation between CSR programs and engagement levels.
>69% of millennials report that working for socially responsible employers instills a sense of pride, and 64% say it strengthens their loyalty to the employer - PwC Research
>91% of older workers want to do “worthwhile” work, and 86% want to help others-Chimp Technology
Understanding what employees want is critical for leadership as studies have found that they want more from their employer than just a paycheck - they want a sense of pride and to feel the company’s values match their own. Two-thirds of millennials say they won’t work for a company that does not have strong corporate philanthropy efforts. The evidence is there…
>Turnover dropped by 57% in employee groups most deeply connected to their companies’ giving and volunteering efforts. -Engage for Good
To strengthen this point, PwC research also found that:
"Across industries, 10% to 15% of the global workforce can be categorized as Disconnected—with low levels of engagement and a high likelihood to exit the organization.”
How to Implement CSR Into Your Recruitment and Retention Strategy at Your Organization
The bottom line is that organizations that have a robust CSR program and offer employees the ability to make a difference are better positioned to recruit and retain the best and brightest talent. If you are struggling to attract top talent, communicating your CSR strategy during the recruitment process ensures alignment between corporate and employee values, and produces a positive, socially conscious working environment for current employees.
Where to Start:
- Decide what your purpose is and cultivate your career page. Your company’s career page will likely be the first place a person looks for information. They will look for your mission statement, benefits and anything else under the sun they want to know about your company. Use this to emphasize your company’s participation in corporate philanthropy. Do you offer matching gifts? Volunteering hours on company paid time?
- Bond CSR with your brand. Show the impact that your corporation has locally and/ or globally. Make sure candidates know that you characterize CSR as a part of your workplace culture. To current employees, relate the company’s giving efforts into your organizational values and beliefs.
- Refresh your recruiters. Make sure your company’s recruiters understand that they need to sell the company’s CSR initiatives to candidates. Recruiters should be trained correctly on all of the CSR goals and policies, and should be capable of showing off these elements to candidates. Recurring training will enforce the importance of corporate philanthropy as a part of their recruiting tools.
- Implement CSR software. It makes it easier than ever for employees to participate in giving. A good CSR platform allows custom configurations, integration capability, flexibility and access from any device.
Need a competitive edge over your competition when it comes to recruiting and retaining top talent? Do you want the best and brightest working at your organization? Implement a comprehensive and robust CSR program combined with a solid CSR software platform to create a positive environment that helps you attract the talent you want and instills loyalty in the employees you want to keep. Combined together, corporations, executives and employees win.