New report reveals the tensions that businesses are navigating amidst polarization and an economic downturn
Benevity the leading provider of global corporate purpose software, released its annual edition of The State of Corporate Purpose uncovering the trends shaping the future of corporate social responsibility (CSR) in the workplace based on proprietary data and insights from its community of purpose-driven brands.
Launched at Benevity Live!, the company’s flagship conference, the report, from Benevity Impact Labs, highlights trends shaping CSR in 2023, such as polarization in the workplace; a heightened desire for diversity, equity and inclusion; the future of environmental, social and governance (ESG) reporting; and an emerging trend of “quiet giving” – all within the context of increasing stakeholder expectations and the need to deliver bottom line results during difficult economic times.
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“As companies face the global economic downturn, they can’t overlook employees’ and other stakeholders’ continued desire to have a positive impact on the world,” said Sona Khosla, Benevity’s Chief Impact Officer and head of Benevity Impact Labs. “For the past few years, companies have leaned into their values and proven they can be a force for good in the world when it’s needed most. Businesses who resist pullbacks in CSR and DEI in the face of economic pressures will be poised to navigate this year with greater business resilience and positive societal impact.”
Key Findings and Trends from this year’s State of Corporate Purpose include:
- Purpose and polarization are going head-to-head: It is becoming increasingly challenging for companies to balance taking action on societal issues their employees care about and facing backlash for veering into issues deemed politically polarizing. 71% of CSR leaders say companies should be more cautious about which causes they support, and yet 88% believe companies should continue to be courageous and take a stand, even if it means alienating some people.
- “Quiet giving” is on the rise: Despite the economic downturn, businesses remain committed to being a force for good, but are doing it more quietly than in past years. 90% of CSR leaders say companies should spend more time acting on social justice issues through their own practices and programs versus making bold statements.
- Companies are becoming communities: Nine in 10 CSR leaders agree that companies who are focused on building community into their culture will be the most successful in retaining and attracting top talent by providing a place where connection, learning and positive action are part of one’s job. 71% of companies are increasing their reliance on volunteering to improve cohesion with their people.
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- ERGs are now a must-have strategy in DEI: CSR leaders are realizing the power employee resource groups have on more than just a company’s DEI profile. 90% say ERGs offer opportunities for professional development, skills building and growth.
- ESG is evolving toward positive impact: Two-thirds of companies believe that ESG is mostly a risk management strategy, with one-third believing it’s a good measurement tool for impact. As boards and businesses continue to prioritize ESG policies and strategies, how ESG is measured will evolve beyond risk mitigation.
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