The year is winding down, Christmas is around the corner, and everyone’s slowing down to catch their breath as the year comes to a close. With festivities buzzing, we tend to get lost in the excitement of the season. But as always, we ought to take time out to reflect on the year, acknowledge and appreciate the good things, little or big that have touched our lives.
Think of how great the entire year could have been if had we practised the appreciation spirit throughout while applying it to the working atmosphere instead of just accumulating everything in just one space in time. I am talking about a concept that is not new, though it definitely should be more widely practised – corporate social responsibility or CSR as it is commonly known as.
So exactly what it CSR and why is it an important component of our work life?
“The business of business should not be about money, it should be about responsibility. It should be about public good, not private greed.”
The definition of CSR is ironically never definite. This time though, the lack of definition could actually mean a good thing. The fact that it even falls under the guise of different names – ranging from corporate volunteerism to corporate philanthropy to corporate citizenship – goes to show just how broad a scope it encompasses. But ultimately, they all stand for the same thing and the common linking factor that ties them together is the intention.
The aim of most CSR programs is quite simply to collectively do good as a business unit. It is an initiative undertaken by a company to encourage a positive impact on external factors outside of the business, like the environment or community. Different companies have their own initiatives set in place which could have been formulated inhouse by a committee or by employing external consultants to draw up appropriate plans for them. Others may just nominate a cause or charity during the year without any long term plan.
If the noble cause hasn’t won you over yet, here are more reasons why CSR should be a mandatory part of any company. Not only would the benefactors of your CSR program gain, it would do wonders internally for your company too!
The honeymoon may be over..
A recent survey conducted by Gallup showed over 70% of employees do not feel engaged in their current positions. According to the Economist, 84% of senior leaders reported that disengaged employees were one of the biggest threats to their business.
By doing meaningful work outside of the context of work, company pride would be developed and nurtured. Having employees who feel actively engaged would also, in turn, assure employee retention – which is invaluable in the long run. With an increased number of people realizing the importance and value of being socially responsible, implementing a CSR program makes more business sense that dollar signs.
.. but we have a new generation to tap
The millenial generation, otherwise regarded as the overly tolerate 20-35 year olds, tech-savvy, pop culture obsessed generation. They play by different rules – usually wanting to create their own. To many, they may be a frustrating bunch, especially in the workforce, but they are an untapped market with big potential. They are by far an extremely socially conscious generation and wil play an even bigger role in how companies handle CSR by being good corporate citizens.
So how can we engage them in our corporate giving efforts? Here are three simple tips:
Connecting: Millennials get most of their information about a charity or cause through a nonprofit’s website or social media channels. Whether you have an advanced software system that tracks employee giving and volunteerism or you have a smaller company that may email a volunteer or giving opportunity, make sure that appropriate links about the nonprofits are provided. This allows millenials to do their own research and feel connected with the cause the company is supporting.
Involving: Often, companies focus too much on putting their senior executives on boards and don’t engage other employees to represent the company in the community. Millennials usually want to get involved and feel utilized. To maximize their time, work with your charity partners to determine what type of individuals they are looking for to serve on their boards or committees. Are they looking for individuals with leadership traits or volunteers who can help with events?
Giving: When millennials give, it’s important for them to know that their contribution is making a difference and they can see tangible results. When deciding to get your employees involved in a giving campaign, be selective in the project you are funding. Make sure you are able to tie back the giving to tangible results that resonate with the millennials and share those results with them.
Millennials can be great ambassadors if your company’s giving includes and caters to them. Focus on these three areas and you’ll have a millennial workforce who is engaged in your company’s philanthropic efforts.
To all you folks out there, let this be the season for a little more giving back. Here’s wishing one and all every success in the brand new year!
By Yasmin Md Basir, PR Associate @ Corporate Media Services