Why Corporate Social Responsibility (CSR) Is the Catalyst for Stronger Enterprises and Communities
In a world where companies are no longer afraid to take a stance on initiatives that they are passionate about, we are now seeing this begin to impact people’s choice of employment. So, how can companies rise above the competition and recruit the best talent? The answer lies in impactful CSR initiatives.
Throughout the last few years, there have been greater demands for companies to increase employee engagement by reinventing corporate social responsibility strategies (CSR). One study found C-Suite executives leading companies to increase their CSR spending by 75 percent compared to five years ago, indicating companies are no longer afraid to take a stance and support initiatives they are passionate about. Unsurprisingly, this impacts people’s choice of employment. Another CSR study found 78 percent of respondents wanting to work at companies that address important issues and 87 percent of people are more willing to purchase from companies that advocate for issues they also care about. Knowing this, companies should use CSR initiatives in ways that make employees feel connected and engaged and further improve company culture in the long-term.
So, how can companies rise above the competition through impactful CSR initiatives and offer relevant and meaningful volunteering opportunities to attract and retain the best talent? The answer lies in not straying too far from what they know and designing CSR initiatives that optimize existing company offerings and solutions. For example, a technology-focused organization can create a multi-faceted approach to address a macro, industry-relevant trend like the widening skills gap or the lack of women in technology. Examples of initiatives both aligned with a company’s purpose and relevant to the technology industry include:
- Million Women Mentors connects individuals of member corporations to local girl-serving mentee organizations to help spark interest and confidence for girls and women pursuing STEM careers and leadership opportunities.
- Ignite My Future In School gives educators the tools necessary to empower their students to work with new technology rather than be replaced by it using an approach called computational thinking.
- AI for Accessibility provides grants for individuals and organizations looking to create more inclusive workspaces, as well as daily life solutions and improved access to technology for people with disabilities.
Engaging with cross-sector constituents such as businesses, nonprofits, and government agencies is another way to further engage employees within the company and in the local community. Employees can see for themselves the depth of the impact, as well feel a sense of pride to work with a company that is an active participant in the community. This establishes a firm social purpose for companies to further invest in CSR initiatives while also providing disenfranchised communities with external aid in the form of funding, support, and resources to implement solutions unique to their environment. Below are a few noteworthy initiatives:
- SXSW EDU brings together various stakeholders of diverse backgrounds and expertise to think critically about the future of teaching and learning.
- Digital Empowers forums take place across the country and allow businesses and community leaders to collectively explore ways to build a stronger future for their cities.
- STEMconnector aims to increase the number of STEM-ready workers through a network-approach. It brings together leaders from the public and private sector to improve their talent pipeline.
- IMPACT2030 is committed to creating cross-sector and cross-industry collaboration with companies and expanding their volunteer programs to address one or more of the 17 Sustainable Development Goals developed by the UN. for
- CECP Accelerate Communities is a CEO-led coalition which empowers corporations to be a force for good in society, whether it’s through diversity and inclusion efforts or systemic investments in equity, talent, and technology.
There is no one way to tackle an issue as complex as increasing employee engagement, but CSR is a good place to start. It’s important to offer employees a variety of opportunities to become involved in, as this can lead to increased happiness, productivity and a greater sense of company commitment. People want the opportunity to give back and employers are responsible for providing programs that enable employees to be active participants at work and in their communities. CSR initiatives are essential for every workplace and companies must make sure to align these initiatives with their company values in order to create everlasting change.
