Any business seeking to attract and retain talent must focus on its employee benefits package’s scope, quality, and relevance. Competitive salary packages, 401-K matching, and medical and disability insurance will no longer cut it when it comes to attracting job seekers.
In 2023, many employees opt to work for companies with a solid corporate social responsibility (CSR) strategy. They want to work for organizations that they believe are compassionate and treat people well. A third of employees have resigned because of a lack of corporate values and impact, and nearly half of Gen Z and Millennials would consider taking a pay cut to work for an organization that shares their values.
And employees don’t want to merely sit on the sidelines; they want to get involved. Well-designed CSR strategies and benefits packages allowing people to participate in worthy causes can improve employee wellness and boost satisfaction and loyalty.
Socially responsible practices are policies and behaviors that show an organization’s commitment to achieving positive long-term goals for employees and the world. There is no single way a company can embrace CSR, but efforts in this regard generally fall under four key pillars:
Embracing CSR has numerous advantages for a business:
Given that employees are taking CSR seriously, it’s time for businesses to do likewise. It makes sense to integrate your CSR activities with your employee benefits package to make your organization more appealing to your current workers and job seekers.
Rather than striking out in the dark and assuming you know what will resonate best with your employees, talk to them to understand what parts of CSR are most important to them. Next, explore the marketplace to see what benefit providers’ services best align with your focus areas. Then, develop a business case to introduce these new employee benefits, aligning them with your overarching CSR strategy.
Employers can engage employees in CSR work through employee benefits packages in multiple ways. Let’s look at some opportunities you can introduce in your organization:
Why not give employees paid time off to participate in local causes or volunteer at community events? This option is good for your employees’ well-being, too. According to a recent report, “People who volunteered reported better self-reported health, less risk of depression, and higher levels of engagement and satisfaction. These results were partly explained by volunteering to create higher levels of interpersonal social bonding and greater identification with their employers.”
Consider allowing employees to donate straight from your payroll to a charity. Since all the admin is on the HR side, it gives them an easy way to get involved in supporting causes close to their hearts.
Organizing a CSR event is a great way to build positive relationships between your company, employees, and representatives from worthy local causes. It also lets your people feel they’re part of the company’s CSR vision.
Perhaps a group of employees wants to run a marathon for a good cause, but the registration fee is quite high. You could offer to reimburse such costs. Not only will this be highly appreciated, but it will also motivate other employees to participate.
Many of your employees would probably jump at the chance to use their existing skills for a good cause or use charity work as an opportunity to develop new ones. By doing so, they can positively impact the world while improving their abilities and sense of purpose.
With inflation putting pressure on household budgets, compassionate employers are looking for ways to show their commitment to helping people work through these challenges. One effective means to do so is to offer on-demand pay and complimentary financial wellness programs as part of your employee benefits package.
Competition in the business world is fiercer than ever, and setting yourself apart in your employees’ eyes is no easy feat. However, businesses that take corporate social responsibility seriously and integrate it into their benefits packages can win employee loyalty and develop a market reputation that catches potential hires’ attention. The projects you and your team take on can help raise awareness for important causes and keep your organization in mind in your community and among your customers.
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