Social impact can help you attract & retain strategy
In a survey that EVERFI conducted with UK business leaders in September to better understand
their top priorities and challenges, almost half (45%) of business leaders with more than 250
employees stated that attracting and retaining talent was a key challenge.
Hiring new employees is a tough job and there is nothing new in this. Not only is it expensive,
with recruitment costing from 15% to 20% of the annual salary for non-executive positions, but
it can be difficult to find the right candidate. And even when you have found the right
candidate, the job isn’t over. The average voluntary employee turnover rate of 13%, up from 8%
in 2020, is proving to be a real cause for concern and prompting leaders to consider new ways
to solve the issue.
It’s no surprise that the usual culprits – compensation and career progression – continue to be
important, but there is another element companies can leverage to attract and retain talent – a
meaningful social impact strategy. Employees want to work for a business that cares and
understands that it can contribute to social change – best of all, they want to be involved.
So, how can businesses solve this HR headache? Developing a strategic, meaningful social
impact programme focused on making a positive difference in the community is a great place to
start.
Social impact strategies that align with business values and deliver measurable impact give
employees a chance to feel their work contributes to a better world. Social impact programmes
are a prime opportunity to involve employees in volunteering, sharing their time, knowledge,
and expertise with those in the community who could use it the most.
Use social impact to attract your employees and let that be another reason why they stay.
