Corporate social responsibility (CSR) means that a business will positively impact society and also hold itself accountable to all stakeholders. Creating and maintaining a CSR program has become standard in the past decade, regardless of business size. Over the last 8 years, the number of companies on the S&P 500 index that published a CSR report increased by 70%.
The increased popularity of CSR also impacts small and medium-sized businesses (SMBs). A survey of SMBs by UpCity found that 53% of the employers had a CSR program, and another 28% wanted to create one.
Why are CSR programs becoming so popular? They provide many potential benefits for your employees and business, including:
- Improved work fulfillment
- Better employee collaboration
- Increased desire to be brand ambassadors
Implementing a corporate philanthropy program can be an effective and important way to positively impact society, and it is a crucial element of a successful CSR program. Furthermore, engaging your employees in your business’ charitable giving initiatives not only positively contributes to society, but also to your own workforce.
We’ll review how your team and business can benefit from a CSR program and how to help involve your employees in meeting philanthropic goals.
Improved Work Fulfillment
CSR programs are becoming increasingly important to employees. Cone Communications found that 71% of employees felt their jobs would be more fulfilling if they could positively impact social and environmental issues. The majority surveyed would take a pay cut to work somewhere that did, with 51% of employees saying they won’t work for a company without a CSR program.
Employees who feel that their employer is committed to corporate social responsibility experience a greater sense of identity tied to the business they work for. This strong sense of identity correlates with more positive feelings towards work, helping companies attract and retain talent and become employers of choice.
It’s clear that CSR is a critical factor for job seekers and could be your company’s competitive edge.
Better Employee Collaboration
Employers with a CSR program don’t just attract and retain top-quality committed talent; they also have tight-knit teams. When employees feel that their employers commit to social issues that are important to them, they form stronger bonds with their coworkers and collaborate better. Employees who contribute to their company’s CSR initiatives have a more significant combined impact on society. For example, suppose a company provides 200 employees each with a $100 employee match for donations yearly, and all the employees take advantage. In a single year, this could total up to $40,000 in donations to charitable organizations. An employee matching program means your company can donate twice as much as initially planned and strengthen employee bonds.
Robust workplace relationships also create a stronger internal community. A company culture built on similar values, genuine friendships, and a shared desire to do good makes your employees happier and physically healthier. All of which makes everyday philanthropy and employee well-being a habit in your workplace.
A deeper sense of teamwork leads to more workplace engagement. Gallup Workplace Survey found that engaged employees are 17% more productive, with a 41% reduction in absenteeism. In addition to teamwork, employees who perform well and enjoy their coworkers are more likely to stay at a company for the long term.
An engaged, collaborative, and innovative team can improve profits by up to 21%. No matter the role, they all want product ideas, process changes, and solutions to lead back to the company’s CSR and company mission.
Increased Desire to Be Brand Ambassadors
Engaged and fulfilled employees want to be brand ambassadors for your company. With a strong connection to your company’s CSR program, they will voluntarily promote your brand, services, and products to their friends, families, and social networks, thereby broadening your company’s influence and ability to attract talent.
Why are brand ambassadors important? Your company’s CSR program helps to build intangible assets. Also known as your long-term brand reputation, intangible assets are 90% of the value of the S&P 500 index companies. With a 55% increase in two decades, it’s evident that being a reliably good corporate citizen strongly influences a company’s market value.
When customers and investors see that your company has employee brand ambassadors who actively contribute to their communities through your CSR program and charitable giving or volunteering opportunities, your brand receives:
- More customer loyalty: An Aflac study found that 73% of consumers are motivated to purchase from companies committed to changing the world and positively impacting their stakeholders. Another study found that a company’s corporate image, customer loyalty, and corporate credibility affect each other, and employee brand ambassadors influence all factors.
- More press and investment opportunities: 73% of investors state that a company’s CSR program contributes to which companies they choose to invest in.
How do you make it easier for your employees to be brand ambassadors?
- Give them a say in your corporate philanthropy: Choose charities that matter to them, and then give them flexibility in your charitable giving and volunteering opportunities. Learn more in “How to Build a Brand Strategy Around Charitable Giving.”
- Celebrate your charitable impact. Make it convenient for employees to find how your company has positively impacted your community this month.
- Provide social media resources: Emphasize that employees are allowed to post about the company on social media. Build a shareable content library that employees can easily use to promote the brand.
- Provide ways to support your employees: Employees are encouraged to become brand ambassadors when they have company support. Learn more in “How Can You Best Support Your Employees.”
Set Up a Charitable Giving Program That Resonates With Your Employees
For companies looking to launch or enhance their corporate social responsibility programs, implementing charitable giving initiatives is one of the best ways to start. At Givinga, we set up charitable giving programs for companies and brands of varying sizes. We’ll help you build brand affinity, cultivate everyday philanthropy, and meet your corporate social responsibility goals.
To get started, book a demo of our Philantech® platform. We’ll review your unique giving and CSR goals and share how we can help you achieve them.
