As AI and hybrid work continue to impact companies and ecosystems, in 2024 and beyond there will be a greater need for community building-literally. Companies that take the time to be present in areas where there are workers will have a sharp advantage over other organizations that do not put in the time and money.
We’re already starting to see a few pivots in that direction. One example is CNote, a women-led FinTech company, aiming to bridge economic disparities and increase economic mobility. By investing in CFIs, companies can support economic development in local communities.
CNote's platform, part of the Mastercard Strive USA program, facilitates the flow of capital to underserved communities through streamlined deposit deployment. This allows companies to become new sources of capital and drive inclusive economic development.
CNote enables companies to make deposits into mission-driven financial institutions, which in turn can provide more loans to underserved entrepreneurs. The platform is user-friendly, allowing companies to target specific regions or banks for their investments. CNote has gained attention from various companies, including Xylem.
A 2022 Mckinsey report also points to areas organization’s are investing in within communities to help local economies, attract workers, and prioritize wellness, and community engagement.
Some areas targeted are in cultural experiences: Companies are collaborating with local museums and institutions to provide attractive recreational experiences for employees and residents.
Sporting and leisure activities: Organizations are offering a wide range of activities to support work-life balance, particularly for employees with families. Companies can also drive community engagement in local communities through corporate social responsibility initiatives.
By organizing and supporting various events, such as volunteering programs, charity fundraisers, or environmental clean-up campaigns, companies can directly contribute to the betterment of the community. This not only helps address various societal issues but also establishes a positive image for the company among the local talent.
Additionally, companies can engage with the community by fostering partnerships and collaborations with local organizations and institutions. By working together on projects that benefit both parties, such as offering internships or upskilling workshops, a bootcamp for developers or career transitions for more experienced displaced professionals, companies can actively participate in community development while simultaneously enhancing their own reputation and brand value, and tapping into local talent pools.
Ultimately, these actions demonstrate a commitment to social impact and build strong relationships between the company and its surrounding communities. Even in a remote first environment it is always a good idea to have a presence in the areas where you have workers. Community involvement fills that void without having to build or lease a local office space.
Next week, we’ll look at three technological advancements that can help with recruitment in 2024, and beyond.
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