Corporate social responsibility refers to the code of ethics by which corporations operate. This concept can be applied through a variety of initiatives and approaches, such as team outings to promote a positive work environment, contributions to local nonprofit organizations, policies that prioritize sustainability, and volunteer initiatives for staff members.
These initiatives are impactful for everyone involved. Not only does the company create a positive impact on the community, but staff members may also be more engaged and the company’s positive reputation may bring in more business.
We’ve compiled five important statistics that any philanthropically-inclined corporation should take note of. Whether you have an established philanthropy program or you’re just considering one, pay attention to these stats to see how this type of initiative could impact your company.
1. 70% of people believe that companies have a responsibility to make the world a better place.
According to Aflac’s CSR survey, 70% of consumers feel somewhat or very strongly that companies have a responsibility to better the world. Companies have a lot of power to enact change in their communities through their corporate philanthropy programs, and many people view this power as a responsibility.
You can look at some of the philanthropic reports from major corporations to see how great of an impact businesses can make. For example, Coca-Cola provided 18.5 million people with clean drinking water according to their recent highlights report.
2. Employees who volunteer are generally happier.
An Institute for Volunteering Research study found that volunteering “enhanced wellbeing, including improved life satisfaction, increased happiness, and decreases in symptoms of depression.” When your employees are a part of this population of volunteers, your company will reap the benefits of happier, healthier employees who are less stressed at the workplace.
Offering volunteer opportunities as a part of your philanthropic initiatives provides more ways for your employees to give back and receive these benefits.
3. CSR is the third most important factor when it comes to employee engagement.
According to a whitepaper by Rob Gross, among all of the factors that are important for employee engagement, CSR ranks number three. This is not only important for retaining your employees, but it’s also important for company success. Double the Donation’s employee engagement guide notes that companies with engaged employees are 22% more profitable!
This means that by implementing a well-run CSR program that effectively engages your employees, your organization could become more profitable. Therefore, as you move forward with your philanthropic and purpose-driven initiatives, make sure you’re making an effort to engage employees and gather their input.
4. 65% of people want to work at a company that prioritizes social consciousness.
PWC’s report shows that employees prioritize social consciousness when they’re searching for new job opportunities. This means that companies that lack publicized social consciousness may be missing out on valuable applicants in their hiring process.
When your company implements philanthropic initiatives, be sure it becomes a key part of your brand as a whole. This will help get the word out to prospective employees about your sense of social responsibility. Consider publishing an annual report of your philanthropic efforts and dedicating a section of your website to this important topic.
5. 71% of respondents would prefer to purchase from a purpose-driven company.
When cost and quality are equal, 71% of people prefer purchasing from a company driven by a specific purpose, according to a Porter Novelli study. The same study states that 66% of people consider a company’s purpose when making purchase decisions.
To take full advantage of this idea, companies with philanthropic goals should make those goals known and closely tie themselves to their larger purpose. As these statistics indicate, this will help your organization to build a positive reputation among consumers and generate more revenue.
6. 35% of volunteers say they do so to socialize.
According to a study by Serling Volunteers, volunteer programs bring teams together, with 35% of volunteers doing so primarily to socialize. This means that volunteer opportunities provide a chance for your employees to develop relationships with one another and become a collaborative unit. Employees spend a great deal of time with their coworkers, so positive interactions are pivotal to their overall success.
Ask your staff members about the causes that most interest them and create volunteer opportunities that your team members can all join in. Then, promote those opportunities by offering paid time off to volunteer or by organizing a volunteer day for your staff members to participate in.
Optimizing your CSR strategy
Recently, organizations have begun focusing more heavily on philanthropic and CSR initiatives. These statistics show the benefits of an optimized CSR strategy, from engaging your staff members to hiring new talent. It’s easiest to get these programs up and running with the right software solution on your side. Learn how Bonterra Corporate Social Responsibility can help your business thrive.
