Balancing profit with planet: the key to attracting top talent
One of the many, many benefits that come with being a more responsible business is the positive impact it can have on your hiring efforts.
With nearly 70% of employees saying they wouldn’t work for a company without a strong purpose, responsible businesses that strive for positive change are a huge draw for job seekers.
While more traditional CSR (Corporate Social Responsibility) activities like volunteering are a great start, today's workforce is more interested in businesses that are a force for good at every stage of the chain. They want to join businesses that consider the impact of their decisions on their workers, customers, suppliers, community, and the environment.
Plus, not only does balancing profit with planet attract top talent, but it’s what makes them stay.
Here are the stats you need to know for every stage of the hiring lifecycle, from attraction to retention:
Attracting new talent
As well as having a well-defined purpose and mission, ensuring your business operates in an ethical, sustainable way (and being able to show exactly how you do this) is quickly becoming the best way to attract top talent.
Check out the stats:
Just over a quarter (26%) of British workers would be willing to take a pay cut in exchange for working for a business which acted responsibly in terms of the environment. Source
28% would actually consider quitting their current role and transitioning into one which was offered by a more environmentally responsible company. Source
40% of millennials surveyed said they had joined a firm because they performed better on sustainability. Source
Boosting employee engagement
Once your new team members are fully settled in, getting them involved in how your business hits its sustainability goals is a great way of boosting employee engagement. Make them feel heard by ensuring the causes they care about are covered, whether that’s promoting plastic-free living or donating to a specific charity. As well as being a good day out, team volunteering days and other CSR activities boost morale and bonding between teams.
Here come the stats:
Employees who feel their voice is heard are 4.6 times more likely to feel empowered to perform their best work. Source
88% of millennials say their job is more fulfilling when they are provided opportunities to make a positive impact on social and environmental issues. Source
92% of employees who work at a company with a strong sense of purpose say they would be more likely to recommend their employer to those in their network who are looking for a job. Source
While it’s hard to pinpoint exactly how much it costs to replace an employee, research has shown that an average company loses anywhere between 1% and 2.5% of their total revenue on the time it takes to bring a new hire up to speed. And with small business owners spending around 40% of their working hours on tasks that do not generate income (like hiring), you want to do everything in your power to keep turnover low.
Check out the stats:
90% of employees who work at companies with a strong sense of purpose say they’re more inspired, motivated, and loyal. Source
Engaging in socially valuable projects can reduce employee turnover by approximately 50%. Source
Millennials are 70% more likely to stay longer if they feel the company has a strong sustainability plan. Source
As the stats show, millennials tend to be the most conscious of working for responsible businesses. And with millennials currently accounting for over 50% of the global workforce, growing businesses need to ensure this is on their radar.
Wherever you choose to focus your efforts, it must be genuine. The only thing worse than not trying to be more responsible as a business is pretending that you are. Millennials can spot greenwashing a mile off, so make sure you’re always transparent about what your company is actually doing.
The best way of doing this is to set out achievable goals for the year and make them public. That way you can ensure you’re holding your business accountable. To ensure full transparency, share a yearly impact report to give an overview of everything you’ve achieved to date. You can read more about how we’re doing this, here.