The Intersection of Profit, Purpose and Talent. What It Means to Job Seekers Looking for Meaningful Work: Imagine Canada Study
The 2019 Corporate Community Investment Report by Imagine Canada – Profit, Purpose, and Talent: Trends and Motivations in Corporate Giving & Volunteering, was released on November 12th, 2019. It brings to light that high levels of community engagement lead to long-term business advantages. In today’s workforce, it’s increasingly important for organizations to give back, as job seekers want to work for an organization that has both meaningful policies and provides purposeful work. In this article, we’ll be sharing some key findings of the survey and how it relates to job seekers looking to work at organizations that give back to the community.
“This report sends a nuanced message,” says Bruce MacDonald, Imagine Canada’s president and CEO. “Employees who believe their company is genuinely committed to community are more likely to stay; more likely to be loyal; more likely to share common purpose and more likely to recommend their company to others. But the research also shows businesses don’t get these benefits unless community investment is done well. The commitment to creating social value must be authentic and deeply embedded in a corporation’s DNA. Dabbling in donations won’t influence employees.”
Here are some key findings from the report:
- 50% of employees surveyed say they considered their employer’s reputation for charitable and community work before accepting their position
- 28% say they would be willing to take a pay decrease to work for a more socially responsible company
Among employees who believe their company is highly committed to the community:
- 84% are extremely or very satisfied with their job compared to 46% among others
- 59% say they are very likely to recommend their company versus 23% among others
- 47% strongly agree they share a common social purpose with their company compared to 16% among others
Download the full report here.
Importance of Corporate Community to Job Seekers
More than ever before job seekers are placing increased importance on combining both paycheque and purpose and working for organizations whose values align with theirs. In the survey, Imagine Canada found that Canadian employees who worked at a company that they believed was highly committed to their community were 1.5x as likely to intend to stay with the employer, 1.9x as likely to be satisfied with their job and 2.6x as likely to recommend their employer.
“Talent, which is key to the success of any business in any sector, has never been more mobile than it is today,” says Susan Scotti, Executive Vice- President, Business Council of Canada. “That’s why Canadian companies are doing more to invest in their communities and the organizations that make them flourish”.
Many Canadian employees care about the community contributions of their employers before deciding to accept a position. According to the study, 50% considered the reputation of the employer for doing charitable work in the community before accepting their current role. 28% would take a pay decrease to work at a firm that is more highly committed to supporting the community. This shift is evident in the importance that job seekers are placing on organizations to give back to the community.
Call for More Corporations To Give Back
There is a need for employers to drive social change internally as Canada continues to see a decline in individual donations. A hopeful find from the study is that employees are more likely to donate to a charity with employers who have an employer-supported donation program. Furthermore, 76% of employees whose employer shared information about charities to donate to now regularly support at least one of those charities.
The benefits for employers to give back are substantial – positively affecting their profits, their productive workforce, and employee engagement. The study found that employees who worked for an employer that donated to charitable and nonprofit organizations were more likely to think they would still be at their organizations for at least two years than those who did not. Employees who also participated in workplace giving programs and employer-supported volunteering programs were far more likely to intend to stay with their employer (52%). The report shows that companies that give to their communities, get more in return from their employees.
“Visionary corporate leaders need to recognize community investment as the means to attract the workforce of tomorrow and take their commitment to community to the next level. This would be a win/win for business and the millions of Canadians reliant on the services of charities and nonprofits”, says MacDonald.
Many of the Canadian corporations surveyed are members of Imagine Canada’s Caring Company Program: Caring Companies. The program first launched in 1988 to recognize companies who are leaders in community investment and social responsibility. Caring Companies commit to giving at least 1% of their pre-tax profit in support of their communities, which can come from three main areas: cash and in-kind contributions, time employees spend volunteering during paid work hours and management costs associated with community programs. Some of the companies with this designation are KPMG, PwC, RBC, Sun Life Financial, TD Bank, and Telus. Check out the full list of caring companies here.
Imagine Canada is a national charitable organization whose cause is Canada’s charities. Their three broad goals are to amplify the sector’s collective voice, create opportunities to connect and learn from each other and build the sector’s capacity to succeed. Corporate community investments are an integral part of Imagine Canada’s vision for a vibrant and strong charitable sector. For more information visit: www.imaginecanada.ca