How Companies Can Strategically Build Purposeful Corporate Social Responsibility Programs In Five Steps
Cheryl GoodmanForbes Councils MemberForbes Communications CouncilCOUNCIL POST| Membership (fee-based) Leadership
Despite the economic challenges of 2020, corporate giving didn’t slow down last year. According to a survey by The Conference Board, 61% of major global companies spent more on philanthropy in 2020 than budgeted, with 58% of respondents using incremental funds for Covid-19 efforts, and 54% of respondents using incremental funds to help address racism in the United States. Additionally, over two-thirds of the surveyed companies said they plan to maintain or increase their total level of giving in 2021.
With this increased activity, companies can make a significant impact while boosting their brand visibility. There is an undeniable symbiotic relationship at play—corporate giving benefits communities and helps companies reach their business objectives. A 2017 Cone Communications CSR study found that 87% of respondents will purchase a product because a company stood behind an issue they cared about. And a 2016 Cone Communications study on millennial employee engagement found that 64% of millennials consider a company’s social and environmental commitments when choosing a worplace.
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