Corporate giving offers businesses a multitude of benefits, including creating a positive public image that can help attract customers, employees and investors while also increasing employee engagement and improving the company’s financial performance. Yet, some companies are unsure of the process to create a company-wide program and find themselves navigating several one-off requests throughout the year. There are a few key decisions companies must first consider when cultivating a thriving charitable-giving campaign.
Aligning Giving Priorities with the Company’s Values
With so many nonprofits and causes to choose from, companies may find it challenging to narrow down options. Aligning giving priorities with company values is an ideal approach when making final decisions about what to support. For example, it could make sense for a real estate company to align with nonprofits addressing homelessness, or for a restaurant to support organizations addressing health and food access. Considering company values and those causes most important to employees, stakeholders and customers will help create a program that truly impacts all involved.
Creating Revenue Streams for Charitable Giving
Once companies have identified the causes they would like to support, the next step is to decide how to fund this giving. Will the support come from encouraging employees to take advantage of paycheck giving? Or perhaps the company will offer an employer match on donations made by its employees? Another option is to offer cause marketing promotions for goods produced and sold. For example, a company selling cookies could choose to donate $1 for every box of chocolate chip cookies sold during a given month. Some companies may also choose to allocate and donate a percentage of annual product sales rather than a per sale endeavor. An example are those who joined the Pledge 1% global movement, pledging 1% of equity, product, profit and/or employee time to their communities.
Companies can also boost morale, commitment and camaraderie by turning fundraising into a friendly competition, and creating fundraising teams that compete to see who donates the most time or money can also encourage a more active giving strategy. Setting annual target amounts and providing consistent updates, both internally and externally, helps track charitable giving and meet or exceed the established goals.
Establishing a Giving Process
Deciding whether an open or closed giving process is right for a company is another key determinant of a successful program. Some companies may choose to build a program focused on pre-established causes and giving each year, while others may decide to offer application-based grants to eligible organizations based on community needs and impact. Companies should also establish a timeline to determine when giving will happen during the year, whether at a certain time of year or on a continuous schedule.
Giving Back Isn’t Just about Dollars
Corporate giving programs offer opportunities to provide more than just monetary gifts. Companies can choose to ask employees and stakeholders to engage in volunteer efforts. Volunteer events are a great way to boost employee morale, connect with the community, and support nonprofits through the gift of time and talents.
In-kind donations or services can also go a long way for nonprofits with limited resources. The goods and services companies offer might be better aligned with what a local organization needs at that time. For example, a catering company could provide free or heavily discounted meals for nonprofit events, or a law firm could offer pro bono legal services.
Whether a company wants to raise funds, embark on a volunteerism program or donate goods and services, doing something at the company level to support the local community goes a long way. Not only does it provide support to the organizations serving the most vulnerable populations, but it is also a higher-purpose opportunity to connect on a deeper level with employees while boosting morale, supporting hiring and retention, and elevating public perceptions.
Laura Kaiser is the chief corporate relations and brand officer at Valley of the Sun United Way. Businesses can discover how Valley of the Sun United Way is creating Mighty Change across Maricopa County and how their company can get involved at vsuw.org.
