Companies see Corporate Social Responsibility (CSR) as critical to their business, even during the current economic recession, according to a recent survey conducted by Community Business. 84% of companies recognise the importance of investing in the community and 80% realise the importance of promoting work-life balance in the current economic climate. Through investing in CSR companies hope to:
- Continue to demonstrate commitment to being a socially responsible employer.
- Stay true to the core values of the company.
- Contribute to the long-term sustainability of the business.
Whilst key business drivers for promoting work-life balance are:
- Motivate and engage staff
- Maintain a productive and healthy workforce
- Stay true to the core values of the company
“These results show that responsible business practice is more important now than ever,” said Shaun Bernier, Managing Director, Community Business. “The credit crisis has shown that there is a wholesale loss of trust in large business – especially in the financial sector. Furthermore, the threat of redundancies and the need to achieve more with less puts unprecedented pressure and stress on employees.
These results indicate companies acknowledge that building workplaces that engage and motivate staff will put them in the best position for them to ride the storm.” Ms. Bernier added that CSR initiatives, including those that focus on work-life balance and community investment are useful strategies for companies to engage and motivate their staff during difficult times. “Even before the current economic downturn, there has been growing concern about the intensification of work, long hours culture and the lack of work-life balance.
With the threat of redundancies and pressures on remaining staff these issues are being exacerbated. In some ways the current economic crisis provides new impetus for supporting work-life balance initiatives. Now, more than ever, companies need to ensure they have a healthy, engaged and productive workforce. And those that pay attention to the well-being of staff now will be well-positioned in terms of retaining talent and building loyalty in the times ahead.” Ms. Bernier also pointed to the results of the survey to highlight the importance of companies continuing to invest in the community. “It is important for companies to remain true to their core values and to continue to demonstrate their commitment to being a socially responsible employer.
Whilst companies may need to tighten their belts in terms of corporate giving, there is a lot that companies can do at little or no cost. Activities such as company supported employee volunteering and pro bono work, for example, not only benefit the community but are also a valuable way to boost morale and engage staff.” The success of Hong Kong’s first Employee Volunteer Week is an indication that companies are continuing to seek ways to invest in the community during the recession.
Employee Volunteer Week encouraged companies in Hong Kong to embrace employee volunteering and to recognise the benefits – not just for the community, but for business too. The campaign involved 67 companies and 21 CEOs volunteering more than 3,600 hours between 10 and 16 May.
Corporate Social Responsibility (CSR) Survey Results
The findings of the survey are based on a questionnaire completed by 31 employees of more than 20 companies of various sizes and industries, including banking, law, logistics, transportation and technology. Results of the survey are based on the following questions:
- Senior management at my company continues to recognize the importance of investing in the community (e.g. giving in cash, in-kind, employee volunteering, etc.) – even in the current economic.
- The main business drivers for my company to invest in the community are (select top two only):
- Senior management at my company continues to recognise the importance of promoting the work-life balance of employees – even in the current economic climate.
- The main business drivers for my company to promote work-life balance are (select top two only).
Paul Arkwright
Publisher
