Creating a successful strategy goes beyond simply deploying employees as volunteers.
When it comes to building a corporate responsibility program, ensuring that it is purpose-driven is key to its ultimate success. At EY, we've learned through personal experience that creating meaningful CR programs means more than just providing service opportunities. It means investing in addressing social inequities, barriers to economic growth and other vexing societal challenges we see every day. Through corporate responsibility programs, people can engage with their communities as forces for good. This includes things such as mentoring students in underserved schools, teaching entrepreneurial skills at home and abroad, and volunteering on nonprofit boards.
Creating a successful strategy goes beyond simply deploying employees as volunteers. To run an effective CR program, it is important to tie efforts to a larger business purpose. At EY, this means tying the program back to building a better working world. We've learned that aligning a CR program with a company's visions and goals creates long-term benefits for employees, businesses and society at large.
Ready to establish a purpose-driven CR strategy that will supercharge your business and build a better working world? Here's a four-part road map to steer your course:
|1. Understand the tone from the top
Dig deep with your leadership to gauge their commitment. What are their top societal, brand and business objectives? Strive to understand their interest in the business case for corporate responsibility, from employee relations to community engagement.
|2. Build a strategy that leverages your company's sweet spot
You create the greatest societal impact when you work within the sweet spot: that place where business strategy, organizational competencies and societal needs intersect. Identify your unique focus areas to maximize your impact — while addressing issues that your people and clients care about. At EY, we target our CR efforts on supporting entrepreneurs, education and equity in the workforce.
|3. Measure investment and progress
Like any company investment, CR programs must include measurements and assessments that paint a picture of the return compared with established societal, brand and business impact goals and outcomes.
For example, we track employee retention, engagement and performance related to participation in volunteer programs because attracting and retaining top talent are key business goals of our CR program.
|4. Communicate goals internally and externally
Create an aggressive plan to share your program's strategy and success stories internally and externally. You'll energize your employees, strengthen your brand and reinforce the connection to your business objectives — all of which will drive the sustainability and social impact of your program.
|Benefits of a strong CR strategy
When businesses leverage their core competencies to help solve our communities' most pressing challenges, we can make the most powerful impact. This creates shared value and drives inclusive growth that benefits everyone, such as developing more opportunities for young people, creating more jobs and improving the quality of life for all.
More good news: the benefits of a purpose-driven CR strategy go beyond the people and causes you serve. Done right, an effective CR program also:
- Engages your workforce: Our employee surveys show that our people who participate in skills-based volunteer opportunities are more engaged with their member firms. This includes better relationships with their managers, longer tenure, reduced turnover and higher performance ratings.
- Attracts the best: Campus candidates report that a well-executed corporate responsibility program reflects the authentic activation of a company's purpose. For Millennials and Gen Z, a purpose-driven organization is a major factor when choosing an employer.
- Develops careers: EY people report that involvement in firm-sponsored, skills-based volunteer activities develops critical business skills that lead to professional growth opportunities and stronger client relationships. Volunteering also develops greater self-confidence; executive presence and leadership effectiveness; stronger mentoring, coaching and inclusiveness skills; and expanded internal and external networks.
- Grows your business: Professionals engaged in strategic volunteer experiences report best-in-class employee engagement, which impacts your bottom line. For example, EY teams with top levels of engagement have higher gross margins, revenue growth and retention. Research also shows that embedding purpose into the core business model will drive innovation and growth.
Keep these proven benefits in mind as you start or speed up your organization's CR journey. With a strategic program in place, your business can propel the social good while boosting the bottom line.
Deborah K. Holmes is EY Americas' corporate responsibility leader.
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