Two out of three mid-sized companies are looking either to enhance or establish corporate social responsibility programs, according to a recent report by non-profit Business4Better (B4B).
B4B surveyed 173 business executives from mid-sized companies employing between 100 and 5,000 employees and found most wanted to help people and nonprofits in their local communities through programs that increase business performance, drive employee participation and improve brand reputation.
Nearly 60 percent of those surveyed focus their CSR efforts on people-centric initiatives, such as education, catering to young people and the development of the future workforce. The report also found most mid-size companies lack the tools to measure success; only 20 percent tie CSR programs to financial impact. Half of CSR efforts are led by the executive leadership team, which shows companies’ community involvement is often championed from the top.
“Most mid-size companies have a business-with-a-purpose mindset,” said Joshua Dome, general manager of Business4Better. “We conducted this research to understand the gaps and opportunities, with the ultimate goal of creating action plans for executives trying to infuse social good as part of the way they do business.”
B4B says the report supports the growing number of mid-sized companies that choose to do business in a way that positively impacts communities through corporate and nonprofit partnerships. The study offers suggestions and best practices companies can apply to their own business models, such as placing increased importance on the collaboration of C-suites and marketing or human resources departments for successful CSR program implementation and providing training for those who measure and track these programs.
The study is part of the so-called Business4Better movement, centered on the upcoming Business4Better Conference, taking take place May 1-2 in Anaheim, California.
In related news, financial services firm Jones Lang LaSalle recently released a report which claims companies that implement successful sustainability initiatives solicit employee participation and recommends organizing the engagement process into three phases: raising awareness, building engagement and maintaining commitment.