Skillsoft Study Says, Only 54% of Firms have Formal CSR Plan for Coming Years

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by KnowESG

Skillsoft, a leading platform for transformative learning experiences, just released its new Corporate Social Responsibility (CSR) at Work Report. This report compares the current CSR efforts of organisations and shows where there are opportunities and places to improve.

The survey indicated that 72% of respondents' organisations are investing more in CSR now than before the pandemic, based on insights from more than 1,000 working professionals. Despite this encouraging trend, only slightly more than half (54%) of respondents indicate their organisation has a formal CSR plan in place for the future year.

As problems with ethical leadership, corporate governance, and climate change continue to get worse, both employers and employees need to put CSR at the top of their minds.

Investing in CSR generates a halo effect of benefits, including a direct impact on the bottom line, in addition to displaying a commitment to "doing the right thing," which the majority of respondents (40%) stated was the driving force behind their organisation's CSR goals. Furthermore, Skillsoft discovered that 57% of respondents who reported their organisations investing in CSR also reported 25% or higher year-over-year business growth.

“Today’s definition of CSR is vastly different from the optional altruism of the past. Organisations must hold themselves accountable, ensuring their policies and practices benefit all stakeholders—customers, employees, shareholders, and the greater community,” said Michelle Boockoff-Bajdek, Chief Marketing Officer, Skillsoft. “While it’s encouraging to see increasing levels of investment in CSR, organisations must make more deliberate, long-term commitments to becoming responsible businesses. This requires taking a hard look at who they are and what they stand for while also building the right infrastructure and securing organisational commitment to turn effort into positive action that benefits the greater good.”

Skillsoft's report showed that diversity, equity, and inclusion (DEI), improving labour policies, and taking part in fair trade are the top three CSR programme priorities, in that order. Even though there have been some terrible storms and a global pandemic, disaster relief and preparation are not a top priority for most organisations. When asked what the biggest challenges were to implementing a successful CSR programme, respondents mentioned regulations and standards, customer awareness, and the value of a good reputation. This shows how important it is to communicate clearly and get buy-in from all departments.

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Source: Skillsoft

To view the complete report from Skillsoft, click here.