Home » CSR impact reaches all-time high among UK businesses, report finds

CSR impact reaches all-time high among UK businesses, report finds

by HR News Canada
0 comments

A new report from corporate social responsibility (CSR) software provider Benevity Inc. indicates that UK companies have reached unprecedented levels of engagement in social impact initiatives, with growth in employee participation and corporate investment in 2023 outpacing the global average. The findings were presented this week at the Benevity Forum London, an annual event that gathers socially focused companies from across Europe to share insights and best practices.

According to Benevity’s latest State of Corporate Purpose report, employee participation in CSR activities like volunteering and giving climbed to 14% among UK companies last year—a 25% rise from the previous year and a growth rate surpassing the global average of 23%. The increase was largely driven by a surge in employee volunteering, which saw a more than 300% uptick. Through Benevity’s platform, employees in the UK contributed £31 million to nearly 13,000 nonprofits.

“Businesses have a unique ability to drive social change by engaging employees in their efforts. These findings underscore the growing commitment of UK leaders to investing in social impact initiatives, proving just how critical they are to business success,” said Sona Khosla, Benevity’s Chief Impact Officer and head of Benevity Impact Labs.

The report highlights several trends in the UK CSR landscape, showing companies are increasingly aligning social impact with business objectives and responding to societal expectations for meaningful contributions. For instance, 87% of UK impact leaders surveyed believe companies should take a stand on social issues, although support for caution on such issues is rising three times faster than support for bold action.

The role of employee resource groups (ERGs) is also expanding, with 98% of UK companies noting their importance in connecting employees during times of crisis and 61% increasing ERG budgets to support diversity, equity, and inclusion (DEI) initiatives. Additionally, 63% of UK firms are enhancing volunteer programs to foster employee connections and amplify community impact, including through skills-based volunteering and nonprofit board placements.

AI adoption was another key area covered, as UK companies navigate the technology’s dual promise and potential pitfalls in CSR. While 67% of companies expressed concern over AI’s broader impact, 87% were optimistic about its potential to advance social good through philanthropy.

Increasingly, companies are being asked to demonstrate the tangible value of their CSR investments. Benevity reported that 59% of UK businesses plan to expand their impact reporting to provide clearer evidence of return on investment in social responsibility programs.

The report, based on data from nearly 1,000 companies in Benevity’s global network and survey responses from over 400 CSR leaders, underscores a growing trend of integrating CSR and DEI with core business strategies, suggesting a shift toward more measurable and enterprise-wide social impact approaches.

You may also like

Leave a Comment