{"id":10554,"date":"2023-08-22T17:34:30","date_gmt":"2023-08-22T17:34:30","guid":{"rendered":"https:\/\/mysourcefunding.com\/leadership\/csr-and-esg-face-new-and-familiar-threats\/"},"modified":"2023-08-22T17:34:31","modified_gmt":"2023-08-22T17:34:31","slug":"csr-and-esg-face-new-and-familiar-threats","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=10554","title":{"rendered":"CSR And ESG Face New And Familiar Threats"},"content":{"rendered":"
\n

The past several years have tested Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) departments everywhere. From a raging pandemic to armed conflict in Europe and a climate crisis to boot, the list of global challenges keeps growing longer.<\/p>\n

A new survey is raising alarm bells that without more leadership, new threats and uncertain times lie ahead for the world of CSR and ESG.<\/p>\n

Leadership Is Lacking<\/strong><\/h2>\n

The survey, which was published by the Association of Corporate Citizenship Professionals and YourCause from Blackbaud, sampled CSR and ESG employees from 149 different companies representing over $1 billion in community investment. The results showed a disconcerting disconnect between C-suite leaders and their departments.<\/p>\n

While many C-suite leaders like to talk a big game about the importance of CSR and ESG, just 44% of those surveyed said their C-suite executives were highly committed to ESG, and only 39% believed their C-suite executives understood their department’s strategy. Even fewer respondents (33%) believed C-suite executives understood their company\u2019s CSR strategy. While perceptions of C-suite commitment to CSR and ESG grew year-over-year, 46% of respondents wanted \u201cmore focus or buy-in\u201d from C-suite executives.<\/p>\n

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Studies have shown that consumers, especially younger consumers, not only want, but expect, their preferred brands to engage in strong corporate citizenship. And millennials are willing to pass up jobs at companies that aren\u2019t committed to strong CSR values.<\/p>\n

If C-suite executives fail to heed these internal warning signs, bridge the divide, and invest in CSR and ESG, they risk damaging their brand\u2019s reputation and position in the marketplace.<\/p>\n

Resource Challenges Are Having An Impact<\/strong><\/h2>\n

As corporations tighten their belts, CSR and ESG professionals are feeling the pinch.<\/p>\n

According to the survey, 86% of respondents said their team had more responsibilities in the past year, a 6% increase from 2022. The problem isn\u2019t that employees are being asked to do more\u2013they also feel unsupported. Only 42% of respondents said they had enough resources to meet their leadership\u2019s expectations. More capacity and financing are needed, according to those surveyed.<\/p>\n

This divide isn\u2019t just impacting employee morale, retention, and burnout\u2013it\u2019s also impacting outputs. At a time of growing need, grantmaking budgets are shrinking. 2023 marked the lowest percentage of companies that increased their grantmaking budget since 2020.<\/p>\n

DEI Leadership Is In Short Supply<\/strong><\/h2>\n

Diversity creates stronger, more inclusive companies. But many CSR and ESG departments are still suffering from a lack of diverse representation.<\/p>\n

87% of survey respondents reported working on teams where less than half of the team was Black, Indigenous, or People of Color (BIPOC). One of the best ways to address this problem is to hire more people of color to senior leadership roles as teams with BIPOC leadership are significantly more diverse, according to the survey. Unfortunately, many CSR and ESG departments are trending in the wrong direction. In 2023, survey respondents reported a 17% decrease in the number of leaders of color.<\/p>\n

One of the goals of CSR and ESG is to capture and project a company\u2019s best values beyond. If decision-makers only reflect a certain viewpoint or perspective, they cannot advance those values effectively and equitably. Companies must recruit, hire, retain, and promote more BIPOC staff across every organizational level and department, including CSR and ESG.<\/p>\n

Global Health Isn\u2019t A Priority, Even Amid Covid-19<\/strong><\/h2>\n

As someone who works at the intersection of CSR, ESG and global health, I\u2019m always trying to understand what issues are motivating companies these days. Unsurprisingly, over half of all survey respondents (56%) identified environmental sustainability as a top corporate priority, followed by K-12 education (53%) and food insecurity (49%).<\/p>\n

Yet amid a devastating global pandemic that has claimed nearly seven million lives and could end up costing the U.S. economy $14 trillion by the end of 2023, a measly 32% of respondents listed healthcare as a priority. Just 3% of respondents cited international development as a priority.<\/p>\n

In an interconnected world where pandemics don\u2019t respect borders, it\u2019s clear companies haven\u2019t learned the lesson of Covid-19. It\u2019s only a matter of time before another pandemic emerges, and unless leaders figure it out soon, everyone could suffer the consequences.<\/p>\n

A Glimmer Of Optimism: Volunteering Is Up<\/strong><\/h2>\n

For too long, companies have shied away from allowing employees to volunteer on company time. Some companies don\u2019t seem to understand the benefits of volunteering or have an aversion to paying employees for time that doesn\u2019t directly raise the bottom line. These views run counter to the evidence that volunteering is both good for employees and employers.<\/p>\n

A separate Deloitte survey found that 77% of respondents believed volunteering is essential to employee well-being. In fact, the overwhelming majority of employees felt that volunteer opportunities boosted morale more than company gatherings and parties. Leaders, think about that before planning your next \u201cteam bonding\u201d event.<\/p>\n

The good news is companies are catching on. According to the Association of Corporate Citizenship Professionals and YourCause from Blackbaud survey, 61% of respondents indicated that employee volunteer activities have increased. And the rise of platforms, like Rayze and VolunteerMatch, continue making volunteering easier.<\/p>\n

More community service won\u2019t solve every CSR and ESG challenge. But when C-suite leaders encourage employees to volunteer, they are helping build a better world and a better workplace.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The past several years have tested Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) departments everywhere. From a raging pandemic to armed conflict in Europe and a climate crisis to boot, the list of global challenges keeps growing longer. 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