20 Predictions from The 2020 Workplace:
Prediction 2: Companies Will Disclose Their Corporate Social Responsibility Programs to Attract and Retain Employees
The focus on people, planet and profits — known as the new triple bottom line —
will become the main way organizations attract and retain new hires. This will be critical because 80% of a sample of 1,800 13-25 year olds want to work for a company that cares about how it impacts and contributes to society. More than half also say they would refuse to work for an irresponsible corporation.
So companies will begin to move beyond corporate philanthropy by integrating Corporate Social Responsibility (CSR) into their core business strategy, and by reporting quantitative goals to current employees, prospective hires and investors.
In the past year in particular, you can see Corporate Social Responsibility becoming more prominent in company strategies. Companies “going green” are seeing a difference in their bottom line and are making a good impression. (Read this New York Times article on sustainability translating to profits.)
This is already the case in Great Britain where the law requires companies to provide information and business goals for their CSR programs. For example, the Annual Report of National Grid, an international electricity and gas company, not only includes a review of all CSR projects, but also identifies quantitative business goals such as: achieving an 80% reduction in greenhouse gas emissions by 2050, having 15% of its energy demand from renewable sources by 2020, and defining a global inclusion charter for the organization.
But imposing a legal requirement may not be the real impetus that forces companies to report CSR programs. The Millennials and Gen 2020 will demand companies to be more socially responsible or risk losing valuable talent to a competitor.
CSR is a priority among Millenials. In in Magazine, Jenny Gomez writes that “the ‘Millennials,’ also known as the ‘Y Generation,’ are the driving force behind the trend to use the power of business to create a better world. They are civic minded and 78 million strong.” Companies developing and integrating CSR strategies need to keep in mind that the Millennials are a unique group that has high expectations for the products they purchase, the companies they work for and the companies with which they do business.
Companies are constantly under pressure to provide information pertaining to their CSR, whether the pressure comes from their own stakeholders, shareholders, employees or even the public, as seen in this Greenbiz.com article. (Greenbiz Group is a source for news, opinion, best practices and other resources on the greening of mainstream business.)
How seriously do you take Corporate Social Responsibility?
Do you and the company you currently work for have similar views on the role of CSR?
Would Corporate Social Responsibility be a determining factor in choosing between jobs?