How can CSR help you attract and retain top talent in your industry?

1 Why talent matters

Your employees are your most valuable asset. They are the ones who drive innovation, productivity, and customer satisfaction. They also represent your brand and values to the external stakeholders. That is why attracting and retaining top talent is crucial for your business performance and competitiveness. However, finding and keeping the best people is not easy. You need to offer them more than just a salary and benefits package. You need to offer them a purpose and a culture.

2 How CSR attracts talent

CSR can help you attract talent by enhancing your employer brand and reputation. According to a survey by Deloitte, 77% of millennials say that a company's level of social responsibility influences their decision to work there. Moreover, 64% of millennials say that they would not work for a company that does not have strong CSR values. CSR can also help you attract talent by creating a positive work environment and culture. By engaging your employees in CSR initiatives, you can foster a sense of belonging, pride, and empowerment. You can also provide them with opportunities to develop new skills, network with other stakeholders, and make a difference in the society.

3 How CSR retains talent

CSR can help you retain talent by increasing employee satisfaction and loyalty. According to a study by Gallup, employees who are engaged and committed to their work are 59% less likely to look for a job elsewhere in the next 12 months. CSR can also help you retain talent by reducing turnover costs and risks. According to a report by SHRM, the average cost of replacing an employee is 6 to 9 months of their salary. Moreover, losing a key employee can affect your productivity, quality, and customer relationships. By investing in CSR, you can reduce the chances of losing your top performers and maintain your competitive edge.

4 How to implement CSR

In order to effectively implement CSR, you must align your CSR strategy with your business goals, values, and stakeholders' expectations, as well as communicate your CSR vision and actions to your employees and potential candidates. To do this, you should conduct a stakeholder analysis to identify relevant social and environmental issues. Additionally, set clear and measurable objectives and indicators that reflect your business strategy and values. Develop and implement CSR programs and initiatives that address the issues identified. Involve your employees in the CSR activities and monitor and evaluate performance and impact. Furthermore, report transparently, regularly, celebrate successes, and reward employees for their contributions.

5 Examples of CSR in action

Many companies have successfully implemented CSR to attract and retain top talent. For example, Patagonia, an outdoor clothing and gear company, has a mission to build the best product, cause no unnecessary harm, and use business to inspire and implement solutions to the environmental crisis. They offer various benefits, such as paid leave for environmental activism, on-site childcare, flexible work arrangements, and profit-sharing. Additionally, they support environmental causes and organizations through donations, partnerships, and campaigns. Salesforce is another example of a cloud computing company that has a 1-1-1 model of philanthropy. This includes committing 1% of their equity, 1% of their product, and 1% of their employees' time to support social causes. They also provide 56 hours of paid volunteer time per year, matching grants, and pro bono consulting. Starbucks is another example of a coffee company that has a mission to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time. They offer various benefits such as health insurance, stock options, tuition reimbursement, and paid leave. Additionally, they support causes and organizations related to ethical sourcing, environmental stewardship, community engagement, and social justice.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?