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Small firms can retain talented employees by being socially responsible, new research suggests.
Many small business that have only recently undergone company formation may feel they are at a staffing disadvantage because they cannot afford to offer the same financial incentives as bigger firms.
However, a new study by BT has shown that in reality, Corporate Social Responsibility (CSR) is the factor that is most important to many young people deciding which company to join.
Over one third of respondents said working for a caring and responsible employer was more important than how much they got paid.
Almost 50 per cent of those polled said a CSR policy should be made compulsory for companies - and 44 per cent said they would not consider working for an employer who did not have a good CSR reputation.
Alison Garner, CSR communications manager at BT, said: "These results [show] that young professionals are increasingly looking at CSR when considering which companies and brands they might work for.
"Not only is it important to have a solid CSR policy, but it is also increasingly important for companies to communicate what they are doing as it is an area which can undoubtedly provide competitive advantage."
Emma Price, senior press officer for the Chartered Institute of Personnel and Development (CIPD), commented recently that a typical business start-up can attract employees by increasing career potential and "the opportunity to work as part of a team".
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