The philosophy of Corporate Social Responsibility (CSR), born at the end of the last century, has become extremely widespread over the years. CSR is a model helping companies be socially accountable for what they produce. By implementing CSR, corporations can be conscious of the economic, social and environmental effects they are having on society. They commit to increase their positive impact and reduce the negative.
However, as important as CSR is for the community, it is just as important for the organisation itself. Indeed, it is an extremely effective tool to improve the internal functioning of the company and attract top talent.
5 different ways RSC attracts talent
Responsibility is often considered a decisive factor for potential employees, favourably positioning companies amongst their competitors. However, the effects on the company itself, especially on talent management, are often overlooked. Here are 5 reasons why the practice of Corporate Social Responsibility helps to attract and retain the best talent.
The importance of values
Today’s workforce looks for jobs that provide more than just a good salary. According to Deloitte, the millennial generation seeks culture, diversity and high impact in the workplace. Personal satisfaction and self-realization are more important than financial benefits jobs may offers. This is largely achieved by working for an organism that shares and promotes the same values they, themselves preach. Thus companies defending their values in their organisational practice will attract top talent, while simultaneously positioning themselves well against competitors who may not commit to the same standards.
Recognizing and caring for employee welfare
One of the areas CSR focuses most on is the wellbeing of employees. A company’s workforce acts as its ambassadors, and is critical to the company’s influential environment, especially of what the outside world sees and thinks of the company. Therefore, when CSR practices are put in place, the company ensures to give back to its employees, acknowledge their contribution, reward their efforts. In return, employees are happy and promote their company and attract new talent. Candidates are attracted to an organization prioritizing their well-being.
A great business profile, with a competitive edge
An organization showing that it is ready to give back to the community is very likely to build favourable brand relations. Contributing to society like this is a great way to improve a business’s reputation by demonstrating the commitment to worthy causes. CSR helps bring brand awareness, create a better perception of businesses, increase media coverage of activities, provide networking opportunities and offer insights into non-profit and other working methods. These advantages attract talent, who feel like they might get more from working in a company with CSR.
CSR also requires employee assistance
As aforementioned, the welfare of a company’s workforce is paramount. CSR efforts include giving back to those stakeholders, but also to the rest of society. Companies often exercise their CSR policies through employee volunteering to contribute to a cause mattering to the company’s values. This may make employees feel useful, contributing to their personal satisfaction and self-fulfilment, attracting new talent.
When companies use CSR to express their values, passions and ideas freely, employees are more easily inspired, and prone to develop new and better ways to do their work. CSR can increase employee creativity, generating new ideas, and original solutions to different problems.
Implementing a corporate social responsibility program in a business is an extremely efficient way to improve the internal functioning of an organization, while also having extremely beneficial effects from an external point of view. Companies with CSR programs have more chances of attracting and retaining talent — especially millennials –, simply by checking the ‘good citizen’ box.