Today’s companies are being reshaped by rapidly changing consumer and employee demands, declining levels of consumer trust, and increasing expectations to make a positive impact on society, the environment, and local communities. To meet those needs, corporate social responsibility (CSR) programs have emerged as an increasingly important business strategy, with a wide range of benefits and implications for organizations.
In this article, we’ll take a look at 10 workplace giving statistics that demonstrate the business benefits of deploying corporate social responsibility initiatives.
1. Giving and Volunteering Reduce Employee Turnover by 57 Percent.
Turnover dropped by 57 percent in the employee groups most deeply connected to their companies’ giving and volunteering efforts.⁵ Employees are more willing to join and stay at companies with an active CSR program.
2. Seventy-Six Percent of Millennials Consider CSR When Deciding Where to Work
Seventy-six percent of millennials consider a company’s social and environmental commitments when deciding where to work and nearly two-thirds (64%) won’t take a job if a potential employer doesn’t have strong corporate social responsibility (CSR) practices.² Millennials are now the largest generation in the U.S. labor force,³ so attracting Millennials is no longer a luxury, but a necessity for companies hoping to grow or even maintain their position in the market.
3. Eighty-Nine Percent of Executives Say Purpose Drives Employee Satisfaction
A Harvard Business Review survey found that 89 percent of executives surveyed believe a strong sense of collective purpose drives employee satisfaction.⁴ Companies with a strong purpose are better at motivating employees, attracting customers, and aligning stakeholders.
4. Thirty-Three Percent of Consumers Choose Philanthropic Brands
According to a study by Unilever, 33 percent of global consumers are now choosing to buy from brands they believe are doing social or environmental good.¹ Today’s consumers are more conscious of where their money is spent. They want to buy from brands that are making a positive impact on the world. A workplace giving program can help organizations to gain a competitive edge in the marketplace.
5. Ninety-Two Percent of Consumers View Brands Positively if They Support Causes
A whopping 92 percent of consumers say they have a more positive image of a company when the company supports a social or environmental issue.⁶ Companies with a positive reputation boast higher sales and increased customer loyalty over those with a negative rep.
6. Sixty-Four Percent of Customers Want Companies to Take a Stand on Social Issues
Sixty-four percent of consumers who said it’s ‘extremely important’ for a company to take a stand on a social issue said they were ‘very likely’ to purchase a product based on that commitment.⁷ CSR initiatives can be a critical deciding factor in whether a consumer will make a purchase with a specific company.
7. Brands with a Purpose Outperform the Stock Market by 120 Percent
Brands with a purpose set on improving our quality of life outperform the stock market by 120 percent.⁸ Workplace giving not only benefits the receiver but the giver as well.
8. Seventy-Four Percent of Employees Find Job Fulfillment When Making a Positive Impact
Seventy-four percent of employees say their job is more fulfilling when they are provided with opportunities to make a positive impact at work.⁹ High levels of engagement are vital to employee satisfaction, retention, and productivity.
9. Seventy-Eight Percent of Consumers Recommend Purpose-Driven Companies
Most consumers – 78 percent – would tell others to buy products from purpose-driven companies.¹⁰ With consumer trust of businesses waning, customers who advocate on behalf of a brand are more valuable than ever before.
10. Purpose-Driven Brands Increased Their Valuation by 175 Percent
Brands with a high sense of purpose have experienced a brand valuation increase of 175 percent over the past 12 years, compared to the median growth rate of 86 percent and the 70 percent growth rate for brands with a low sense of purpose.¹¹ Workplace giving is one of the best ways to embed a sense of purpose throughout an organization.
CSR Programs Improve Employee Morale and Customer Loyalty
CSR programs have been a part of corporations for years, but as competition for customers and talent increases, they’re becoming more and more influential. Companies with CSR initiatives outperform their competition, boasting more satisfied employees, more loyal customers, and stronger financial performance and growth. These workplace giving statistics paint part of the picture. Learn how technology can create this transformation in your organization.