77% of Canadian SMEs have a CSR policy in place

Toronto, Ontario Oct 18, 2021 (Issuewire.com) – Research from the leading software search site reports that the majority of job-seekers want to apply to sustainable companies, and managers reveal the benefits of corporate social responsibility policies, despite high initial costs.

 

• 52% of job-seekers are attracted to companies with sustainable policies in place;
• Costs are a major setback for companies who want to implement CSR initiatives;
• Nearly 2/3s of SMEs use a form of technology to manage and monitor their sustainable efforts.

 

Capterra’s most recent study of over 300 Canadian managers and executives of small to medium-sized businesses reveals the motivations behind corporate social responsibility initiatives, and the setbacks faced in their efforts to be more sustainable.

 

Of those surveyed, 77% stated that their company has a CSR initiative in place, however, a considerable number (18%) highlighted ‘external pressure’ as the main motivator, in an effort to protect brand reputation.

 

Out of other motivators to implement CSR practices, saving energy and wanting to be part of a good cause were relatively important factors to respondents, at 17% and 12% respectively. The COVID-19 pandemic has also been an important motivator for SMEs looking to be more socially responsible, with 36% of managers increasing their sustainable initiatives since the beginning of the pandemic. These include improving recycling programs (38%), implementing D&I initiatives (36%), and incentivizing sustainable practices among employees (26%).

 

Despite reported savings, initial investment costs are still a major concern

 

15% of respondents flagged saving money as the most important driver of sustainable practices, and 19% report having made savings as a result. However, in spite of these savings, another one-third of SMEs are still hesitant to invest in CSR due to high initial costs. These high costs are most notable in the tourism and communications industries, cited by 60% and 41% of managers respectively.

 

“A notable number of high-level executives and managers are put off by the cost of implementing sustainable initiatives, but our data shows that the ROI on these practices is significant, making them worthwhile investments for SMEs,” reports Tessa Anaya, an analyst for this study.

 

Job-hunters are on the lookout for companies with sustainable practices

 

Over half of Canadians report being influenced by a company’s CSR initiatives when looking for a new job. However, managers and executives are widely overlooking this motivator, with only 11% considering the priorities of their future employees.

 

Considering that 86% of respondents report that their employees have suggested CSR practices for the company, it is confusing that managers have not yet picked up on employees’ dedication to sustainability.

 

The tech that powers corporate sustainability

 

A considerable 62% of SMEs report using online software to manage and track their sustainability practices. Benefits include time savings, cost savings, and easy monitoring of company-wide CSR measures.

“SMEs are employing software platforms to help highlight inefficient processes and integrate the most socially responsible practices into workflows. Respondents to the survey report using supply chain management software and waste management software in high numbers, which helps reduce inefficiency and waste produced by business operations. Only 31% of Canadian SMEs have a dedicated sustainability team in place, so for companies that are unable to afford new personnel, it’s comforting to know that there are digital solutions,” reports Anaya.