Covestro has released a new study including a survey of top executives that examines how companies are meeting their needs in the 21st century.
A major focus of the report is on multiple business objectives – on the one hand, focusing on core profit and productivity, and on the other hand, focusing on a “purpose-driven” approach to valuing employee talent. The survey reveals that just over half of respondents said they believed there's a conflict inherent in businesses trying to meet both of these goals at once.
With that said, 69 percent of respondents said that balancing each of these goals is “having a positive transformational impact on business.”
“We found it really interesting in general – the unified voice and strength of opinion,” Rebecca Lucore, head of corporate social responsibility and sustainability, told HR Daily Wire on April 4. “It was pretty unanimous – it wasn't all over the place.”
Lucore pointed out that with over two-thirds of respondents acknowledging the benefits of blending profit-driven and purpose-driven goals, there's a chance for Covestro to do more outreach around these types of objectives.
“We find absolute benefit in it,” Lucore said, describing how detailed talent support plans motivate people. “They become better, happier, more productive workers.”
Lucore also talked about “skills-based volunteerism” in which a company encourages its employees to go out to local nonprofits and act as consultants.
“It gets us engaged in giving back,” Lucore said, describing how these employees can build their skill sets learning to become leaders and get inspired by working in new environments
“We feel strongly about the positive benefits,” Lucore said, pointing out how this type of innovation can help both younger career professionals like Millennials and Baby Boomers who are nearing retirement.
“It's important for companies to have a talent management initiative to attract, develop and retain talent,” she said.
As part of the outreach around these ideas, Covestro has provided a $400,000 grant to Robert Morris University and wants to be active in spreading the word about the potential that these types of plans can bring to a modern business.