Collaborations between businesses and philanthropic organizations are more common than ever. The strongest partnerships that communities can rally behind are long-standing, strategic relationships between corporations and nonprofits. But the dynamics of these relationships are evolving. Communities are calling on corporations to provide a more comprehensive and consistent support strategy to address growing needs and limited resources.
Through a combination of financial support, activism, volunteerism, advocacy and other mutual benefits, companies and nonprofits are coming to the table to redefine how they can create lasting and meaningful impact, together.
Raising the Bar for Corporate Social Responsibility
It is not a secret that socially responsible businesses attract passionate and purpose-driven employees, leading to cohesive teams, increased efficiency and higher employee retention. And we know these same businesses boast elevated brand loyalty and customer satisfaction. But some companies are operating on prior notions of community expectations and not those of a NextGen consumer.
Generational and cultural shifts have caused corporate social responsibility — more commonly known as CSR — to look different from that of previous years. Employees and customers now hold corporations to a higher standard in which they expect companies and CEOs to not only support but champion social change that is important to them.
As Gen Z and millennials continue to make up larger portions of the current market, workforce and donor network, traditional giving methods and CSR strategies are being redefined. This dynamic and socially conscious group of young people demand more from the businesses that they support and are no longer satisfied with annual “one and done” fundraising events as the entirety of a philanthropic culture.
Integrating Philanthropy into Company Culture
While the importance of one-time giving through annual grants or other charitable support has not diminished, employees and customers have come to expect these as a baseline, not the totality of a corporate giving strategy. A growing emphasis is being placed on opportunities to support causes throughout the year utilizing varied and intentional engagement and fundraising.
With increasing emphasis being placed on the power of advocacy and engagement, in addition to monetary contributions, consumers are putting their dollars behind companies that demonstrate a consistent and dynamic alignment with their core values and those causes that matter most to them.
Similarly, employees continue to stay loyal to employers who are willing to grow alongside their community, not only with the products and services they provide to customers but also the company culture they create, their use of corporate influence and the causes they choose to support financially.
Implementing Tangible, Purpose-Driven Change
Together, corporations and nonprofits have the power to tackle and eliminate some of the most urgent needs within the community. And when both sides come together to reevaluate, strategize and expand their collaboration, they make greater strides in facing these needs head on.
By utilizing more proactive and continuous corporate-initiated programs such as payroll giving campaigns, monthly collection drives and incentivized volunteer and community outreach programming, companies and nonprofits can more effectively provide critical resources and community support.
Having an ongoing awareness of the expanding philanthropic landscape and areas of opportunity allows businesses to continue to help nonprofits maximize their impact while also demonstrating their community alignment and progressive business practices.
When corporations and community partners align in authentic and meaningful ways, both achieve success through synergy.
Sam Leyvas is the vice president of corporate relations and social responsibility at Valley of the Sun United Way. Valley of the Sun United Way is creating Mighty Change throughout Maricopa County and invites businesses to get involved.
