5 Strategies Towards Purposeful Corporate Philanthropy
By Pivot Energy July 9 2020
Author: Hannah Erwin
Internal Operations Associate
In a world with climate change, a global pandemic killing more than 500,000 people, and a re-energization of racial equity protests, it is now more important than ever to ensure that your business has plans in place to support your community and employees. Here are five strategies that your business or organization can implement:
Create a Corporate Giving Framework
There is a misconception that charitable giving does not correlate with revenue. However, a strategically aligned statement has the potential to maximize the growth and impact for both your company and industry. Creating a document that outlines corporate giving commitments will streamline the facilitation of funds. A successful framework includes a giving mission statement, proposed budget, and clearly defined parameters for what triggers a donation.
Including an employee donation match in your company benefits package signifies a culture of caring and is attractive to job applicants. In a research study conducted by Yale University, a donation match of any sort “increases the revenue per solicitation by 19 percent. In addition, the match offer increases the probability that an individual chooses to donate by 22 percent.” A donation match program encourages employees to give more or more often by amplifying the impact of an individual’s donation.
There is nothing that says “family” quite like having a catalog of employee-directed donations. Pivot has matched employee donations to nonprofits like Protect our Winters, The National Bail Out, and The Trevor Project – all reflecting the unique passions of our team members.
Support Industry Groups
The solar industry is leading the charge for new legislation that enables and or incentives renewable energy development at the local, state, and federal levels. Organizations such as SEIA, CCSA, Vote Solar, and SEI are fighting to ensure that solar developers are not halted by regulatory barriers while providing a variety of opportunities for all industry players to maximize their impact. It is essential to support industry organizations because they lobby for the growth of solar and educate the public, all while creating a common goal among competitors.
Some of Pivot’s best team bonding happens during company volunteer events. It can be overwhelming to think about leaving the office to volunteer when an important deadline is approaching. However, providing employees with many weeks’ notice and time expectations is a vital component of the planning process. Also, consider how you can involve stakeholders in volunteer events to increase engagement. Doing so will convey to others that your company values its broader community.
Use B Corporations as a Template
B Corporations (B Corps) are third-party certified organizations that meet strict environmental and social expectations. B Corps challenge business as usual and provide the framework to instead use business for good, creating a positive impact on people, planet, and profit. Here are a few additional resources on B Corp best practices:
- On #GivingTuesdayNow and Throughout the Year, B Corps Help Businesses Be a Force for Good
- Best For The World Companies Create Positive Impact for All Stakeholders
- Vote With Your Wallet: Consumer Power as Activism
- How Each of Us Plays a Role in Getting from Now to the Next Economy
The steps above establish a strong foundation for corporate philanthropy, but a real business for good goes one step further, continuously innovating and listening to employees, the community, and stakeholders to do better.