Corporate Giving Year Round | Guest Post: Givinga
The arrival of Giving Tuesday and the holiday season is a time to reflect on your company’s philanthropic goals and brand mission for good. In 2020, many corporations felt inspired to make an impact by donating $16.88 billion in charitable donations, paying it forward to the organizations and causes that matter most to their brand.
Today, giving back is the expectation – especially considering the CARES Act that increased the 10% limitation up to 25% of a corporation’s taxable income for 2020, and extends into 2021 under the Consolidated Appropriations Act. Yet, while larger companies have the resources to achieve proactive philanthropy, smaller companies are struggling with high costs, administrative burden, and reactive giving.
Imagine if every company, regardless of size and resources, was able to unlock their full potential of charitable giving with a technology solution that strategically and immediately gives back when their communities are affected. In preparation for 2022, here’s why and how to start thinking about corporate giving as a benefit all year long.
Consumer Expectations Have Changed
Strategic corporate giving isn’t just a “nice to have,” but an essential investment for your consumers, employees, and brand. In a Cone Communications CSR Study, 92% of consumers view companies positively if they support a social or environmental cause. Consumers appreciate and expect companies to give back and align their brand with charitable initiatives.
That alignment also yields results. That same CRS study reveals 87% of consumers will purchase a product because the company advocated for an issue they care about. And Project ROI recorded a 20% increase in sales revenue from a company’s social investments. Activating purpose is profitable, and a great way to engage your target audiences in a culture they relate to and admire.
Take a step back and think about your company’s brand values. Ask yourself what and who does your company stand for? Is giving back and supporting causes already aligned with your core mission? How? Do you currently give back? What causes or charities do you support? Asking yourself these questions and identifying the culture you want your clients and employees to engage in can help set your philanthropic goals for 2022.
Employees Want to be Advocates
As we near the end of open enrollment, merging business and societal impact is also key to attracting and retaining top talent. Perhaps your company sees the holiday season as an opportunity to liven employee culture or maybe your company is looking to hire more people next year. According to a New Paradigm Strategy survey, 80% of respondents aged 25 to 34 say they want to work for “engaged companies.” Employees are actively looking for companies involved in their communities.
Additionally, employees are more likely to stay and be proud of those engaged companies. Consider the Cone Communications Millennial Employee Study, where 83% of millennials say they would be more loyal to a company that helps them contribute to social and environmental issues. Giving back becomes a way to increase employee retention by turning employees into advocates for your brand.
No one will love your brand until employees love it first. Now think about what kind of brand your employees want to be a part of. What causes are important to them? Have you asked? Try sending out a survey or starting the discussion during company wide meetings. Keeping your employees top of mind when starting charitable initiatives fosters engagement and culture of giving back.
Take the First Step Towards Purpose, Profitably
There are countless change making companies of all sizes in our midst who want to be more impactful and active, but don’t know how to go about it. Just as technology is changing other industries, technology is revolutionizing philanthropy to provide givers new ways to support their favorite causes. As companies seek new ways to give, technology gives you better control over your company’s impact. At Givinga, we call technology in this space Philantech®. Philantech, or philanthropic technology, makes giving accessible so companies can be innovative with purpose urgently and authentically.
After reflecting on the charities and causes that matter most to your brand, consumers and employees, the first step in starting or simplifying your year round corporate giving strategy is to create your own corporate giving account. While larger companies have the resources and time to establish their own foundation, smaller companies can still create their own using a fund in our Philantech platform. Quick to spin up and tailored to your company’s needs and goals, the fund on the Philantech platform removes the administrative burden associated with establishing your own foundation and gives you a comprehensive set of tools that makes managing your giving streamlined and simple.
Establishing your own corporate giving account as the first step to your year round strategy also prepares your company with technology to respond to impact promptly. When disasters strike and important causes are brought to light, you want to be able to rally your communities and support those affected as a company. As we’ve learned from COVID-19 campaigns, technology has turned reactive giving into proactive giving by providing you the tools to easily create public and internal philanthropic campaigns, and gives your communities the opportunity to participate and drive engagement for an even larger impact.
Corporate giving as a year round benefit enables you to reconnect and engage with the causes already at the core of your mission to meet the demands of the purpose driven marketplace, all while making a positive impact for a charity or cause close to you. “Imagine the impact if we had a year-round giving mindset using technology to enable everyday giving and opening access to tools that make it easy?” Givinga CEO Joe Phoenix asked in the Boston Business Journal. “Think Giving Tuesday every day–and now you’re talking about something spectacular.” As this year comes to a close, let us be your philanthropic advocates, giving you everything you need to be a more proactive, philanthropic company in 2022.
Dani Engelking is the VP of Strategic Partnerships for Givinga, which empowers companies to develop modern giving solutions that align with and enhance corporate strategy. With nearly 25 years of experience in various positions that include HR technology, voluntary benefits and financial industries, she is responsible for creating meaningful partnerships that help employers customize and streamline their philanthropic goals.
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