Corporate giving, also known as corporate philanthropy, has become a primary focus for many companies. Organizations of all sizes have embraced hiring an Employee Experience Manager who takes the reigns on making informed decisions regarding donations and considering nonprofit organizations that align with their values.
What is a Corporate Giving Mission?
According to Forbes.com, corporate giving, or corporate philanthropy, is the practice of businesses donating money, resources, or time to charitable causes. It is an essential aspect of corporate social responsibility and can significantly impact communities and society.
Corporate giving can take on many forms, including financial donations, in-kind donations, and employee volunteer programs. Financial donations can be made to various organizations, such as nonprofits, educational institutions, and cultural organizations.
In-kind donations, such as providing goods or services, can also be a valuable form of support for charities and nonprofits. Lastly, employee volunteer programs are another effective way for businesses to give back by encouraging employees to use their skills and talents to support charitable causes.
Aligning Corporate and Employee Values in Philanthropy
Corporate giving and employee participation can align with issues within your community, coupled with employee input on topics that matter to them. “When Values Align: Corporate Philanthropy and Employee Turnover,” by Anthony Rice and Christoph Schiller (September 13, 2023), discusses how corporate philanthropy affects employee retention and productivity.
“…economic theory argues that an organizational mission that is aligned with employee values can help attract and motivate employees (Besley and Ghatak,2005). For example, Prendergast (2007) and Jones, Willness, and Madey (2014) present models in which corporate philanthropy allows employees to associate themselves with a “good” organization, hence fostering a greater sense of purpose, commitment, and pride. In a recent survey, 83% of respondents stated that they would be “more loyal to a company that helps them contribute to social and environmental issues.”
It is becoming evident that small, medium, and large corporations are carefully selecting and managing their corporate giving. Human Resource Directors and Employee Experience Managers are incorporating employee feedback when choosing nonprofit donations and employee volunteer time.
Corporate Giving and the Impact on Employee Retention
Forbes.com explains, “Corporate giving can also have a positive impact on employee morale and engagement. Many employees today are looking for more than just a paycheck; they want to work for companies that are making a positive impact in the world. By offering employee volunteer programs and supporting charitable causes, companies can help create a sense of purpose and meaning for their employees, leading to higher job satisfaction and employee retention.
To create successful employee volunteer programs and foster a sense of purpose in the workplace, companies can align volunteer opportunities with their mission and values, offer flexibility and variety, provide incentives and recognition, encourage leadership and team building, and communicate impact.”
How to Create a Corporate Giving Mission
Creating a corporate giving mission encourages the exploration of possibilities to encompass a company’s goals and passions. The most crucial component is engaging all employee levels. Deciding which charities to donate to can be achieved in numerous ways, such as:
- Surveying employees to uncover charities and organizations that are important to them or that they have personally contributed to.
- Forming a committee to facilitate engagement with all employees and discovering charities employees are passionate about.
- Providing options to ignite the discussions by introducing local charities or organizations that support the communities in which your employees live and work.
Time.com shares a unique and accurate perspective on corporate giving. “Probably the most important thing for donors is aligning the causes they give to with their values, passions, and interests,” says Una Osili, professor of economics and philanthropic studies at Indiana University’s Lilly Family School of Philanthropy. “That’s what leads to sustained engagement with a cause,” she says, “which will help your giving become more intentional and deepen your relationship with a given charity.”
Sharing your Company’s Corporate Giving Mission
Spreading the news about your company’s giving mission brings light to the nonprofit organizations you are supporting and highlights the culture within your business. Communication can be shared in multiple ways:
- Social media posts can highlight fundraising events and volunteer opportunities and perhaps bring light to nonprofits your community may be unaware of.
- Encourage a matching program or challenge to engage other local businesses to participate.
- Contact news outlets and local publications, including your Chambers of Commerce. These outlets love to engage with the public on efforts and events that support local nonprofits and work to create a better community.
How do you manage and monitor your corporate giving mission?
An integral part of the corporate giving mission is to monitor and manage the nonprofits you have chosen. Donors find it challenging to discover new charities they want to support. Using a program to manage your corporate giving demonstrates a commitment to your employees that you accept and embrace their input and, in turn, are planned and purposeful with donations and fundraising for nonprofits.
Knitt creates partnerships between businesses and nonprofits seeking funding for their causes in their communities. Knitt accomplishes this by empowering the discovery, nurturing, and building of relationships between nonprofits and companies based on shared values, beliefs, and an overarching mission to give back.
Resource: Forbes.com, Article: When Values Align: Corporate Philanthropy and Employee Turnover, Time.com