With today’s increased dependency on data and technology, it comes as no surprise that STEM employment has grown 79% since 1990, and is continuing to heavily outpace non-STEM fields. To contend in today’s competitive job market; companies need to further align their values with those of the developing workforce. Here is how highlighting corporate social responsibility (CSR) can benefit your company beyond the positive social impacts:
Boost Brand Reputation
Today’s culture has developed a greater social consciousness, necessitating companies to adapt to these new expectations. By genuinely implementing corporate social responsibility initiatives companies can boost their brand reputation and make themselves more appealing to both customers and job seekers. For example, 66% of global respondents to the Nielsen Global Corporate Sustainability Report stated that they would be willing to pay more for products that come from companies associated with positive social and environmental impacts than those that aren’t. Additionally, 85% of the US population would even consider switching brands for this same reason.
Attract New STEM Talent
As the competitive nature of the job market favors job seekers, candidates have the opportunity to shop for companies that align with their own personal values. Often referred to as the “giving generation,” 75% of millennials reported that corporate social responsibility is an important factor when deciding where to work, enough so that they would be willing to take a lower salary to work for a more socially responsible company. As millennials are projected to make up 75% of the global workforce by 2025, it is important that companies evolve to accommodate and adapt to this growing group of job seekers. By truly integrating corporate social responsibility into company branding, mission, and culture, companies can further attract today’s socially conscious STEM talent.
Further Employee Engagement and Retention
Employees want to stay in a position where their work has meaning and makes an impact. This sense of meaning can often come through knowing that the company they work for takes appropriate actions in being socially responsible. When they are further presented with opportunities to directly participate in making positive social impacts through their company, this enhances employee engagement and retention. In fact, 70% of employees stated that they would be more loyal to a company that provides them with opportunities to contribute to social and environmental issues than those that don’t. Such opportunities can also help boost employee morale and create a greater sense of community.