More Companies Are Walking the Talk on CSR

Skillsoft, a platform for learning experiences, released its latest report, finding that 72% of respondents’ companies are investing more in CSR than before the pandemic. Despite this positive trend, just over half (54%) said their company has a formal CSR plan for the coming year.

Based on insights from more than 1,000 working professionals, the Corporate Social Responsibility (CSR) at Work Report benchmarked companies’ current CSR initiatives and highlighted areas for opportunity and improvement. 40% of respondents said they prioritize investment in sustainability because it reflects a commitment to "doing the right thing." Moreover, 57% of respondents who reported their organizations investing in CSR also said the company’s growth exceeded 25%.

According to Skillsoft’s report, the top three CSR program priorities are diversity, equity and inclusion (DEI), improving labor policies, and participating in fair trade. However, despite recent devastating storms and a global pandemic, the companies’ priority is not disaster relief and preparedness. Respondents listed regulations and standards, customer awareness, and reputation value as their top three barriers to implementing a successful CSR program.

“Today’s definition of CSR is vastly different from the optional altruism of the past. Companies must hold themselves accountable, ensuring their policies and practices benefit all stakeholders – customers, employees, shareholders, and the greater community,” said Michelle Boockoff-Bajdek, the chief marketing officer at Skillsoft.

Although the way companies fund, lead and measure their CSR programs varies greatly, only 70% of survey respondents said that their company publishes an annual report. While there is no typical “owner” of CSR initiatives, executive leadership teams (20%) most commonly manage programs, followed by HR (16%) and operations (12%). Employee health and safety improvements, community support, and greenhouse gas reductions are the top three ways companies measure their corporate social responsibility program performance.

Skillsoft also reported that there is plenty of room for improvement, with learning being the catalyst for change. The top way companies plan to address CSR-related issues is by offering training to employees (42%), followed by committing time and people resources (34%), investing in long-term plans (33%), and creating authentic connections and partnerships (20%).

In addition, the report showed that 46% believe that environmental, social, and governance (ESG) efforts are replacing corporate responsibility strategies as companies face increasing pressure to provide measurable results. But 53% of respondents still focus on CSR because it covers a broader range of issues than ESG.

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