Four in five consumers (84%) and employees (86%) believe that stakeholders should have a say in how a business allocates charitable funds
Submitted by Benevity
CALGARY, Alberta, May 17, 2022 /CSRwire/ - Benevity Inc., a leading provider of global corporate purpose software, today released results of a new survey measuring public sentiment on corporate philanthropy. The findings highlight a growing interest in and expectation of employees and consumers to be involved in corporate philanthropy and call on businesses to consider a new approach that is more stakeholder driven. Businesses that evolve toward this new model of stakeholder philanthropy will benefit financially, with respondents saying they are more likely to buy from, work for and stay with companies who engage them.
Benevity’s Engagement in Corporate Giving study found that four of five consumers (84%) and employees (86%) believe they should be able to have a say in how a business allocates its charitable funds. Additionally, 73% of consumers would purchase from a business and 78% of employees would work for a business if it sought their input into the charitable causes it supports. Furthermore, 84% of consumers and 85% of employees say the more a business engages its consumers and employees in charitable giving decisions, the more trust they have in that business.
“Corporate philanthropy is the longest-standing way that businesses have given back, but there is a re-imagining happening in the wake of stakeholder capitalism,” said Sona Khosla, Benevity’s Chief Impact Officer. “Brands who choose to engage stakeholders — notably employees and customers — in their corporate philanthropy strategies have a clear opportunity to create a more trusted relationship, helping to attract and engage today’s purpose-driven talent and customers.”
Over the past two years, stakeholders have become more invested in where and how corporate philanthropy is distributed and are calling for a more empowered, inclusive grassroots approach in which diverse groups — including employees, customers, local community members, partners and investors — are engaged in the decision-making regarding the allocation of corporate charitable funds to communities and nonprofits.
Key Survey Findings
Stakeholders want a voice
Transparency and trust
Employee engagement and retention
Impact on bottom line
“As stakeholder capitalism takes root, stakeholder philanthropy is clearly emerging as a new trend in corporate giving. Corporations are being asked to engage a variety of stakeholders to make corporate giving more democratized and authentic than ever before,” added Khosla.
About the survey: Wakefield conducted the survey, Engagement in Corporate Giving: How Companies Can Involve Consumers and Employees in Financial Donations, on behalf of Benevity between February 25 and March 6, 2022. The survey asked 1,000 North American adults their thoughts on corporate philanthropy, including community investment and granting, and how a greater impact can be made.
Benevity, a certified B Corporation, is a leader in global corporate purpose software, providing the only integrated suite of community investment and employee, customer and nonprofit engagement solutions. Recognized as one of Fortune’s Impact 20, Benevity offers cloud solutions that power purpose for many iconic brands in ways that better attract, retain and engage today’s diverse workforce, embed social action into their customer experiences and positively impact their communities. With software that is available in 22 languages, Benevity has processed more than $8 billion in donations and 43 million hours of volunteering time to support 326,000 nonprofits worldwide. The company’s solutions have also facilitated 530,000 positive actions and awarded 1.2 million grants worth $12 billion. For more information, visit benevity.com.
Senior Manager Public Relations
Benevity's microdonation software is the engine for socially responsible businesses to engage their customers, employees and others (such as their supply chain or advertisers) in optional charitable giving. Benevity lets companies embed user-directed, tax-receiptable donations and corporate matching programs into their existing transaction environments, using their own brands and systems. Benevity makes it easy for companies to build authentic and impactful cause marketing, workplace giving and other social responsibility initiatives that increase engagement, brand differentiation and return on investment, while tying directly to business activities that drive the company's bottom line. Benevity's goal is to help build user-driven giving opportunities into all types of existing online interactions to involve customers and employees in giving to causes they care about; building greater loyalty, differentiation and customer and employee stickiness. Benevity wants to help companies and their customers, employees and partners turn "feel good" into real good, and change the landscape of philanthropy in the process.
More from Benevity