Corporate social responsibility improving staff retention
Corporate social responsibility (CSR) improves staff retention and recruitment, according to half of electrotechnical businesses recently surveyed by the ECA.
The findings show that 67% believe CSR work enhances customer or client relationships, while positive media coverage, cost savings, and improved ability to manage risk in the supply chain were cited as further benefits.
It was also found that 88% of firms surveyed with turnover of £5m or more are currently engaged with CSR, with the environment and employee welfare two of the top issues concerning businesses.
“Increasingly, companies that are communicating effectively with their key stakeholders, and delivering social and environmental value, are seeing direct - in addition to indirect - business benefits," ECA director of business, Paul Reeve, said.
Of the businesses engaged in CSR activities, 45 % said that they measure health and safety outcomes to assess their success, and 39% monitor environmental impacts.
In addition, 53% believe the importance of CSR will grow for their organisation in the next five to ten years, with occupational health and safety another key concern to firms.
However, half of the respondents said that initiatives are ‘too time consuming’, while a lack of knowledge, financial constraints, and a lack of guidance, were also cited as barriers to CSR.
"We see the responses as an open invitation for the ECA to help members – and the wider sector – to understand CSR, and the routes to effective prioritisation and cost-effective CSR management,” Reeve added.