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30-Apr-2014

CSR reaches beyond recycling


Social responsibility isn’t just about recycling, saving energy and donating company profits. The way a company treats its employees is a very important when it comes to social responsibility. Many employers have found that the return on investment for having a strong corporate social responsibility (CSR) plan is well worth it. 

Studies show that happy employees can improve profits, increase market share, and improve productivity and diversity of the workforce. A study in the Business Intelligence Journal reports that employees who are pleased with their company’s commitment to social causes and environmental responsibilities have more commitment, engagement and productivity. 

The numbers are proof that a strong social responsibility mission is worth it. When employees have positive feelings about their employer’s commitment to socially responsible business, employee engagement increases to 86 percent.

This leads to many important measurable factors:

  1. 1.  Higher Productivity
2.  Team Bonding
3.  Company Loyalty
4.  Attraction of Young, New Talent 
5.  Less Turn-Over

When we see the unemployment rate decrease daily, employee retention is vital for a company's survival. Also reported in the Business Intelligence Journal, the cost to replace a mid-level employee is approximately 20 percent of his or her salary. This can be the result of lost productivity, mistakes with customer service, training costs and the cost to advertise, interview, screen and hire. So for a $40,000 employee, the cost to replace them is likely to be about $8,000.

According to the American Progress Report, Companies on the Fortune’s list of the 100 Best Companies to work for have less employee turnover than the average. It isn’t a surprise that these companies also have the strongest, most publicized and renowned CSR programs as well.

Be sure to read the next issue of Open for Business to learn more about how to have a happy work place and improve on employee engagement.


About the Author

Staff
Open for Business, Central Nebraska
The Open for Business Staff strives to create the most useful content possible for businesses. Whether it's tips and tools available for owners to work smarter, not harder, a feature story highlighting amazing things happening with a Central Nebraska business or a fun tip here and there, you will find something that helps your business thrive at openforbusinessmagazine.com 

    


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