Whether inspired by a crisis like the COVID-19 outbreak or not, more companies are investing in corporate social responsibility efforts.
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Whether inspired by a crisis like the COVID-19 outbreak or not, more companies are investing in corporate social responsibility efforts, according to nonprofit reporting service GuideStar USA. GuideStar reports 55% of consumers are willing to pay more for products from socially responsible companies, and 93% of the world’s companies produce CSR reports each year. Partnerships with nonprofits are mutually beneficial, carrying multidimensional benefits.
Look local. Jason Wingard of Forbes cites research out of Columbia University in New York showing when it comes to public and private entities joining forces, place-based causes, players and strategy work best. The greatest impact can be created in one’s own community, writes Wingard. “Silicon Slopes, a consortium of Utah-based startups and tech companies, quickly rallied to create a website with local resources and volunteer opportunities, launch the COVID19 Utah Community Response Fund, and most impressively, partner with the state and other agencies to double Utah’s testing capacity,” he writes. Local partners are more likely to work again in some capacity, as well.
Spend time scouting. GuideStar notes the best partnerships between nonprofits and companies are built on bonds benefitting both sides. Companies should look for charities aligned with the company’s field and business model; have many ways to get involved; offer meaningful volunteer experiences; have continuous partnership promotion; are responsive; and are grateful, according to GuideStar.
See the benefits beyond tax deductions, like heightened employee morale, according to Inc.com. “According to a 2016 Deloitte study on volunteering, Millennials were twice as likely to rate their corporate culture as very positive if their company participated in workplace volunteer activities,” writes Molly St. Louis. With so much uncertainty in light of coronavirus, the more morale the better. Employees respect companies giving back and feel more of an emotional connection to that employer as a result.
