CSR as a Tool for Talent Attraction and Retention in Sri Lankan Firms.

 

The issue of Corporate Social Responsibility (CSR) has thus become an effective strategy to engage and retain employees in organizations especially the new generation of employees who are taking the job market seriously and are more conscious of the impact of their work in the society. Having detected such a change, Sri Lankan firms have started adopting the concept of CSR into their operations to establish an attractive corporate image. It is important for Sri Lankan companies to commit to social and environmental initiatives to enhance employer brand, increase satisfaction levels among workers, and decrease turnover.

 

Attracting Talent through CSR Initiatives

It was once the trend to get a job for sake of good pay and other incentives but today people want to work with a company that has a CSR and supports social justice. It is more prevails among the young employees who have a concern about the environment and ethical issues. Large Sri Lankan companies can therefore enhance their CSR credentials, and appeal to the increased number of applicants seeking to work for organizations with strong CSR profiles. For example, firms with social initiatives in undertaking community development, environmental conservation, or Labor and Social rights practices will likely attract employment seekers who feel a calling in making a positive impact through their work (Fernando and Sutha, 2019).

In Sri Lanka, where manufacturing industries, tourism industries, and IT industries are emerging, CSR plays its part in increasing the company’s attractiveness in recruiting employees by developing a good employer branding strategy. Any company that has taken its corporate social responsibility obligations seriously will benefit from this morale by getting a good reputation within the business world. Consequently, qualified employees seek employment with such organizations since they consider such firms progressive and reliable.

 

Building Employee Engagement and Retention

CSR is fundamental to employee retention aside from that it serves to attract talented workers. This maternal attitude also results suggests that when employees are perceiving that their company is serving worthwhile purposes in society, then they feel more interconnected within an organization. In addition to being more productive, engaged employees will also have little interest in other employment options. To some of the Sri Lankan firms, inspiring the loyalty of employees is also another advantage of CSR because the costs of employee turnover could be high hence, a way of getting skilled employees to stay would always be most suitable (Lamm and Meeks, 2009).

Thus, the HR departments should ensure that employees are engaged in CSR activities, to improve engagement levels. Mentoring work, initiatives for environmental activities, or charitable work might bring everyone together and give a common goal. This should show that when employees are committed to the business, working wholly on significant plans as the company, productivity, and staff loyalty will increase. One of these being the achieving of purpose is a strong determinant of talent retention because people do not easily leave organizations with supportive cause.

Strengthening Company Culture through CSR

CSR culture also creates a positive working culture in its environment. Through the support the values such as sustainability, fairness and social responsibility the Sri Lankan companies can foster an ethical standards and social responsibility. This culture attracts employees who appreciate and value their organization’s culture that is reflective of their own belief systems thus boosts general staff cohesion.

 

Conclusion

To Sri Lankan firms CSR is not a mere philanthropic exercise to create good image, it is a organizational imperative that can be effective as a tool for attracting and retaining employees. This is accented when CSR principles are integrated within company values; it’s possible to attract skilled and idealist personnel while motivating existing staff who have identified with the company’s or organization’s vision. The graduate workforce, therefore, in its pursuit of purposeful work, offers Sri Lankan firms a CSR advantage that fosters stable, loyal and engaged teams.

 

References

Fernando, A.G.N.K. and Sutha, J. (2019) 'Influence of internal corporate social responsibility on employee retention with special reference to the apparel industry in Sri Lanka,' in Advances in business strategy and competitive advantage book series, pp. 329–345. https://doi.org/10.4018/978-1-5225-7715-7.ch019.

Lamm, E. and Meeks, M.D. (2009) 'Workplace fun: the moderating effects of generational differences,' Employee Relations, 31(6), pp. 613–631. https://doi.org/10.1108/01425450910991767.