It is becoming increasingly common today to notice the growing importance of social good in business. And, with younger people forming a greater part of workforces nationwide – as millennials are forecast to make up 50 per cent of the global workforce by 2020 – they demand a more immediate call to action.
Businesses therefore need to adapt to prioritise their reputation. This starts with placing the retainment of staff at the very forefront of your goals, in order to meet the ever-changing needs of the workforce. With this in mind, what initiatives can be adopted to encourage change?
Draw up a clear environmental policy
It is vital to your social responsibility to address one of the biggest socio-political challenges of the generation; climate change. Importantly for employers, outlining your mission and creating an initiative that will see results is an important step for any business – regardless if you’re big or small.
A significant benefit to your business of reducing your carbon footprint is not just your role in protecting the environment. It is also engaging your employees in a topical matter and ensuring you are meeting the needs of your staff, their values and core principles to ensure you retain your talent.
A fantastic example of a company recognising the importance of this is HSBC. They have committed to removing 90% of the 700 staff car parking spaces in its two regional centres and putting bike racks and changing rooms there instead. Not only does this encourage environmental awareness, but also acts as a wider call to action for other large corporations and the employees that work within them.
Supporting a local charity
Many businesses seek to meet the needs of their corporate social responsibility by supporting a local charity and offering professional advice and guidance. Setting an objective for companies to work towards is a great way to encourage teamwork and move towards a shared goal.
Equally, supporting a local charity is a great for giving your employees the opportunity to give back to the community and enhance their network and skillset. There is also the opportunity to be a part of the selection process for the new charity of the year, contributing suggestions annually that mean something to them. After all, engagement at all levels is key to driving success.
Becoming part of the community in this way and offering strategic counsel and practical support helps to define your corporate identity. Being seen as a leader in your field and setting yourselves apart from competitors who are not doing this is a great initiative.
Offer diversity and inclusion training and wellbeing initiatives
It is well-covered that diverse teams perform better and offering diversity and inclusion training goes a long way to support wellbeing and development in the workplace.Through employers demonstrating a clear mandate to encourage diversity and inclusion, they can harness greater innovation and creativity, which in turn can help hire and retain talent.
In particular, younger people, who seek to become the leaders of the future need employers to recognise the value of diversifying the workforce and providing equal opportunities and a culture of inclusion, for all.
The BBC announced this month that they are launching a scheme to get women into tech careers, which is a fantastic step for gender equality and opportunities for both men and women. Large corporations are leading the way with social good – but small companies can have a ginormous impact too.