HR.com Study Reveals Gaps Between Perceived and Actual Business Ethics and CSR Practices
TL;DR
Organizations with strong ethics practices gain a competitive advantage in brand reputation, employee experiences, and talent attraction.
The study reveals a gap between self-assessed and actual ethics and CSR practices, emphasizing the need for foundational efforts.
By implementing necessary ethics and CSR practices, organizations contribute to a more ethical, responsible, and sustainable future.
Only a small percentage of organizations engage in responsible sourcing/procurement, anti-corruption practices, and ethical supply chain management.
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The latest study from the HR Research Institute has unveiled a significant gap between companies' self-assessments and their actual practices in business ethics and corporate social responsibility (CSR). While a majority of organizations (63%) consider themselves ethically and socially responsible, the study suggests these self-assessments might be overly optimistic.
Many organizations believe their ethics and CSR efforts provide tangible benefits such as a stronger brand reputation (48%), better employee experiences (47%), and an improved ability to attract candidates (34%). However, the study reveals that only a small proportion of companies are implementing fundamental ethics practices. Specifically, only 22% engage in responsible sourcing and procurement, 22% undertake anti-corruption practices, and a mere 14% conduct regular ethics audits.
The situation is similar for CSR initiatives, with only 25% of organizations having corporate policies that benefit the environment, 21% engaging in ethical supply chain management, and just 16% developing sustainable products and services.
Debbie McGrath, Chief Instigator and CEO of HR.com, emphasized the importance of moving beyond surface-level commitments. “Organizations must move beyond surface-level commitments and ensure they are implementing the necessary practices to truly uphold business ethics and corporate social responsibility,” McGrath stated. “Doing so not only strengthens the employer brand and enhances employee experiences but also plays a crucial role in attracting top talent.”
The research report, HR.com’s State of HR's Role in Ethics and Social Responsibility 2024, is available for free download and offers actionable insights to help HR professionals critically assess and enhance their ethics and CSR strategies. By addressing these shortcomings, organizations can foster a more ethical, responsible, and sustainable future.
Additionally, the recording of the research presentation, Why Ethics and Social Responsibility Are Key to Better Employee Experiences, is available for on-demand viewing.
Curated from Newsworthy.ai
