3 Important Corporate Social Responsibility Stats
3 Important Corporate Social Responsibility Stats
Corporate social responsibility has taken center stage as employees and consumers are demanding more from the corporations in their community.
If you’re a business owner, stakeholder, or CSR executive, CSR statistics are something you should be paying attention to.
What CSR touches on is vast — everything from promoting an engaging work environment to employee volunteerism, and beyond.
CSR has solidified its place in many companies’ long-term strategy, and business owners who wish to grow and scale their businesses should take these important CSR statistics into account this year.
#1: Corporate volunteer programs will benefit your workforce
If you’re savvy to CSR and its impact on businesses, employees, and the community, then you’ve probably heard about corporate volunteer programs. Corporate volunteerism has been on the rise since 2020, and it’s expected to see steady growth in 2022.
Volunteer programs have significant value to employees. Those who participate are usually more engaged at work and experience greater job satisfaction than those who don’t.
By offering volunteer time off (VTO), companies can further incentivize their employees to contribute to a good cause in the community.
In an article by Realized Worth, it states the following CSR statistics about employees and volunteering:
- Employee volunteerism has been proven to reduce a company’s employee turnover by approximately 50%
- Work productivity increases by approximately 13% by individuals who participate in employee volunteering
- 93% of employees who volunteer are satisfied with their current employer
Having a corporate volunteer program in place for 2022 is almost non-negotiable. For businesses looking to scale and make a greater impact in their internal and external communities, this is a good starting point.
#2: Social responsibility matters to Millennials and Gen Z
You’ve probably noticed a shift among employees over the last few years. Employees, now more than ever, are demanding more from their places of employment, and blind employee loyalty will be on the decline, especially among groups like Millennials and Gen Zs.
No longer are employees willing to work for companies that are not contributing to positive change in the community.
Business Leadership Today emphasizes the significance that sustainability has on employees and states that it’s “an important indicator of employee engagement, retention, performance, and well-being.”
In an article by ProMarket, a survey was conducted that found the following CSR sustainability statistics to be true:
- 40% of millennials chose their place of employment based on the company’s commitment to sustainability
- 75% of millennials reported they would accept a lower wage at a socially responsible corporation
Sustainability is a big component of a company’s CSR strategy. Is your company contributing to a sustainable community to help attract and retain top talent?
#3: Your brand reputation affects employees and consumers alike
Brand reputation plays a major part in a company’s corporate social responsibility strategy. A business owner’s brand is the first introduction that employees and customers have with the company.
“The stronger your employer branding is, the more top talent you’ll be able to recruit,” states a recent article from Berry on Mars. Business owners also know this sentiment holds true as it pertains to consumers.
According to an article by The Association of National Advertisers, consumers expect brands to act “consistently with the values they espouse.”
Business owners can bet their bottom dollar that their employees and customers are watching very closely. An article from Mondo shares that companies who prioritize their CSR strategy and brand reputation “were able to increase their sales by 20%,” thus increasing their company shares by approximately 6 percent.
These statistics show that consumers are paying attention to how a brand carries itself, and reputation most certainly matters.
The following CSR statistics from Realized Worth have been reported regarding employees in relation to a company’s brand.
- 75% of American workers wouldn’t work for a company with a bad brand rep, even if they were unemployed.
- 50% of job candidates would pass on a company with a bad reputation, “even if it’s with a pay increase.”
Additionally, an article by Glassdoor further pushes the notion that corporate social responsibility, as it pertains to a company’s brand reputation, is a big deal. The article states that “a strong employer brand can reduce the cost per hire by as much as 50%.”
As more companies make brand reputation a priority, they will experience the lasting benefits that derive from it.
As companies adapt to the “new normals” of the workforce, corporate social responsibility remains at the center. To this end, the aforementioned stats can be used as a tool to help your company stay abreast of this new and changing work-life as we all navigate this transformative year.
Next up, learn more about the workplace CSR trends you should be keeping an eye on.
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