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I N S I D E T H I S I S S U E : Entrepreneurship / Tech Strategies / Economy Central by Falcon Bank DOING GOOD
Meaningful Action It’s no longer just a preference that companies give to important causes. It's becoming a requirement. By Carl Newbanks
To develop a shared commitment — and to build toward successful outcomes — companies are increasingly aligning their values with the very things that motivate employees and customers. They’re tapping into people’s altruism and empathy, their personal connections to a
orporate giving in the United States grew to $21 billion in 2021, an increase of 24 percent over the prior year. Nested within that growth are these impressive 2021 statistics: • Three-fourths of U.S. businesses made charitable contributions. • A full two-thirds of companies provided a match for employee contributions to their giving programs. Across the nation, among companies of all sizes, corporate giving programs are on the rise. There are a myriad of reasons for the upward momentum, including a sweeping recognition that corporate giving programs are
now common and a testament to good business practices. More importantly, though, is a growing expectation among stakeholders — employees, vendors, investors, and customers — that companies are vested in programs that generate meaningful action through financial donations, volunteerism, or both. Building a Culture of Generosity As businesses develop and grow their giving programs, it is essential they build a genuine and authentic culture of generosity—one that connects stakeholders’ heads and hearts to the mission of the program and its charitable actions.
Carl Newbanks is the director of development for the Initiative Foundation. Learn more at ifound.org.
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leadership, and its stakeholders, fosters a shared commitment to the program's objectives. It also provides a basis for determining the size and scale of a giving program and the financial resources that will be needed to deliver meaningful results. To sustain a culture of generosity, businesses should
Businesses with a natural connection to a cause have a distinct advantage in shaping their goals and objectives, crafting their mission and engaging stakeholders. cause, and their desire for social change. They’re taking into consideration personal satisfaction and fulfillment, peer influence, social norms, and they are leveraging their good work to gain recognition and publicity. They’re also likely to realize tax benefits. Aligning Values Businesses with a natural connection to a cause have a distinct advantage in shaping their goals and objectives, crafting their mission and engaging stakeholders. When the connection isn’t so obvious, linking the effort to stakeholder values is crucial. Aligning the philanthropic motives of the business, its
explore practical ways to strengthen engagement by: • Creating and communicating clear pathways to participation. • Enlisting stakeholders in the process of selecting where charitable donations are directed. • Celebrating the impact of the giving program through internal and external communications. Giving programs are now seen as an essential part of any successful business, and cultivating a strong culture of generosity is the key to making it work. By intentionally investing time and resources, businesses can position their giving programs for long-term success, resulting in meaningful and lasting contributions to society.