The State of Corporate Purpose 2023 Trend 3: Companies Are Becoming Communities

NORTHAMPTON, MA / ACCESSWIRE / August 2, 2023 / Where does community begin and thrive? In a hybrid world where more companies have more people in more places than ever, companies need proven ways to connect everyone across remote and in-person contexts. In 2023, more companies will use their corporate purpose programs to bring their people together and strengthen culture, with volunteering acting as a key lever in achieving this.

71% of companies are increasing their reliance on volunteering to improve connections and cohesion with their people.

In 2022, volunteering came back in a big way with a full-fledged return to in-person, team volunteering - especially in cities where companies are intentionally trying to create community by bringing hybrid workers together at offices or at nonprofits to be of service. Seventy-four percent of CSR leaders will be increasing their use of in-person volunteering around office locations to improve employee connection.

While volunteering offers a valuable opportunity to bring employees together and help them make a positive impact, meeting their expectations in this way can also have a material impact on a company's bottom line by aiding in attracting and retaining top talent. Data from Benevity's Talent Retention Study revealed a reduction in turnover among all employee cohorts that participated in their company's corporate purpose program. The association between purpose and retention is even more pronounced for newer employees, who see a 52% lower turnover when they participate - whether that's through volunteering, charitable giving or other positive actions.

6 in 10 CSR leaders are increasing their corporate purpose program's focus on attracting new talent.

7 in 10 CSR leaders are increasing their corporate purpose program's focus on retaining talent.

Companies see a 52% lower turnover among newer employees who participate in their corporate purpose programs.* Benevity's Talent Retention Study

Though volunteering will be central to community building in 2023, we will also see investment in employee resource groups (ERGs) to drive deeper connections and build belonging alongside corporate purpose programs, with 92% of CSR leaders indicating that ERGs are an important way for companies to create community.

Today's workplaces are a microcosm for society's challenges, and it's increasingly becoming the role of companies to provide a place where connection, learning, growth and positive action can take place as a part of one's job - not separate from it.

Investing in company culture in this way will continue to drive greater social, team and business impact, further cementing the role of purpose in the workplace and fundamentally shifting companies into communities.

Discover the top five emerging societal and industry trends shaping the future of CSR, DEI and ESG in The State of Corporate Purpose 2023.

View additional multimedia and more ESG storytelling from Benevity on 3blmedia.com.

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SOURCE: Benevity