Why smart companies should reconsider their CSR strategy

Attract and retain workers with a solid CSR Strategy. After all, a happy worker is a good worker.

Corporate Social Responsibility (CSR) is a term used to describe a company’s efforts to improve society or to hold responsibility for the environmental and social consequences of their business activities. CSR has become a hot topic for large companies across many industries.

But did you know that at the same time as benefiting society, companies also benefit themselves when implementing a well managed CSR strategy?

Some of the reported benefits of CSR:

  • Improved employee retention (Staff turnover reduction of up to 50%)
  • Increased employee engagement (up to 7.5%)
  • Enhanced brand and reputation by 11%
  • Increased revenue by up to 20%
  • Tax benefits of donating to charity.

“83% of consumers think companies should support charities and nonprofits with financial donations”

While there are many different ways of incorporating CSR, one common route is to donate a lump sum of money to a charity of the company’s choice. In some cases, this could include some of the higher level executives picking out a worthy charity and handing over some money for needed resources. If a company’s employees don’t know what is happening within the company, the benefits of a CSR program can be undermined.

csr strategy

Instead of simply donating a lump sum, companies can maximise their benefits of a CSR program by making strategic decisions about how to spend their CSR budget. One aspect of a strategic CSR plan should include incorporating employees into the decision-making process of which charities to support, further increasing employee engagement and productivity. Traditionally, there hasn’t been an easy way to allow employees to give to their own chosen causes. Due to burdensome administrative loads, many companies put this in the “too hard basket” and opt to stick to lump sum donations.

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Give your employees the power to choose which causes to support

Little Phil is changing that by pioneering a new Employee Empowerment CSR strategy that drastically lowers this barrier of entry for companies to grant their employees the ability to make decisions about the causes the company supports. Companies can distribute their charitable giving budget among employees, or award them through a bonus program for staff recognition. Just like other givers on our platform, employees will be able to track the donation all the way to the cause and be notified as soon as their receiver gets the benefit of the donation (e.g. school books for impoverished children) as well as a direct expression of gratitude, fostering a warm connection between them and their receiver(s).

Employee Empowerment CSR strategy

Strategically, a company could also opt to limit the choices to a certain type of charity or area of operation. For example, a local business may increase its reputation by supporting only local charities and community projects.

There are many benefits of organisations partnering with Little Phil as a part of their CSR strategy.

Increase organisational citizenship behaviour

By giving staff a level of autonomy over the CSR program, a company ties it’s branding into the employee’s personal compassionate interests. Empowering employees to give to others, reduces stress and increases positive emotions — and a happy worker is a productive worker. Further research also demonstrates a staff turnover reduction of up to 50% and increased employee engagement by up to 7.5%.

Attract Top Millennial Talent

Younger people are wanting more to life than just a paycheck, they want purpose and will reward those that help them achieve this with their loyalty.

Research on Millennials shows that:

  • 64% say they would not work for an employer without a CSR program;
  • 83% would be more loyal to an organisation that helps them to make a positive impact on social and environmental issues; and
  • 75% say they would take less pay in order to work for a company with a decent CSR program.

Deloitte found that 92% of millennials believe that business should be measured by more than just profit and should focus on a societal purpose

83% of Millennials would be more loyal to an organisation that helps them make a positive impact on social and environmental issues.

Public Relations

Little Phil is a social enterprise and one of the first blockchain enabled charity platforms in the world. We are looking to create a buzz with a large amount of media interest as we roll out our strategic marketing and PR campaigns — this will provide fantastic brand alignment for our corporate partners as innovators with a social-impact mindset. Research into CSR also shows companies can enhance their brand and reputation ratings by 11%.

Employee Insights

Giving staff the power to allocate CSR funding allows HR and managers to have a deeper understanding of what motivates them. By knowing what compassionate interests your staff have, you will have an added insight into gaging team fit during a selection process when hiring new staff.

Innovation

Progressive companies who are looking to be leaders of innovation and technology, as well as supporting charitable giving should consider Little Phil. Blockchain technology is the future, and Little Phil is a leader in the charity blockchain sector.

Brand Differentiation

Brands need a way to stand out from their competitors, and philanthropy projects are no exception. Little Phil allows companies to be ahead of the game by offering a white label version of the platform that can be customised to their branding.

Give a man a fish, and he will be hungry again tomorrow. Teach him to fish and you give him an occupation that will feed him for a lifetime.

Corporate giving doesn’t have to be exclusively about distributing profits back into society. Time and expertise are also highly valuable resources that can really make the difference between a handout and a hand up. Little Phil’s new approach to giving makes it even easier for companies to customise their giving to include volunteering and mentoring services to communities across the globe.

Mentoring

Giving is also about time spent fostering relationships through imparting knowledge and expertise. The Little Phil platform will open up the opportunity for mentoring those in need, such as third-world non-profit organisations or entrepreneurs who have ideas to improve the lives of their family and community but need support with education on how to get started and scale their idea. This allows companies to offer individuals and communities a hand up, not just a handout, while following and encouraging their progress.


Volunteering

Rather than allocate funds, some companies may wish to offer their staff opportunities to spend a day volunteering while still being paid their normal rate (ie. Apple). The Little Phil platform will reduce the associated administrative burden this would normally bring and make it easy for your staff to find opportunities to volunteer with approved charities that serve the causes they care about the most.

 


Sources : https://medium.com/littlephilnews/why-smart-companies-should-reconsider-their-csr-strategy-908f6119e2a4

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