Benevity’s annual State of Corporate Purpose Report uncovers key societal shifts over the past year and how they have changed the future of work, corporate philanthropy and ESG
CALGARY, Alta., June 03, 2022 (GLOBE NEWSWIRE) — Benevity, Inc.a leading global enterprise software provider, today released its second edition of The state of the corporate purpose of companiesa report of Benevolence Impact Labs which takes an in-depth look at proprietary data and research on the key industry trends shaping the future of corporate social responsibility (CSR), their environmental, social and governance (ESG) initiatives, as well as the future of work. Published on the occasion of Goodness Matters, the company’s flagship conference and corporate goals event of the year, the report details how companies are addressing key issues such as social and racial justice, diversity, equity, inclusion and belonging (DEIB), ESG and the changing landscape of corporate philanthropy. The report further highlights the impact that corporate purpose has had on employee and customer sentiment towards the companies.
Companies and their employees have notably demonstrated a desire to change society in more sustainable ways, and in 2021, high levels of donations and volunteer hours were maintained as employees and companies continued to give and make volunteering. A total of $2.3 billion in donations and nearly 8.9 million volunteer hours (an increase of 28% from 2020) were counted through the platform.
Benevity’s report is the largest study of its kind, drawing insights and trends from 850 of Benevity’s enterprise clients, their 20 million employees and hundreds of millions of their customers, who have supported more than 218,000 organizations non-profit in 2021.
The report highlights the top five trends shaping the future of corporate purpose in 2022: the need for businesses to grow in tough times, the search for purpose behind the Great Resignation, new autonomous approaches to DEIB, the transformation of corporate philanthropy into stakeholder philanthropy, and the rapid rise in the importance of corporate purpose and ESG to investors, shareholders and boards of administration.
“The Great Resignation is due in part to the fact that employees expect more from the companies they work for: they are looking for more flexibility, autonomy and better quality jobs. But implicitly, we believe that more and more people are looking for purpose, meaning and impact in every aspect of their lives, especially at work,” commented Sona Khosla, Benevity’s Director of Impact and Head of from Benevity Impact Labs. “Stakeholders want and expect companies to care about and act on social, environmental and cultural issues as much as they do. Forward-thinking companies have taken note and are leading the change becoming central figures in building community, catalyzing positive action and responding when it matters. »
- Companies have changed the way they have a meaningful impact, moving from defining moments to local investments: in 2021, companies have changed the way they make social investments – they have moved away from corporate grants during times of emergency to respond to opportune needs related to social and racial inequalities (eg Black Lives Matter protests ), providing grants to community organizations working at the local level to address systemic issues that cause inequality and injustice. This is supported by data from Benevity on the main categories of grantmaking causes:
- Category: Community Improvement and Capacity Building — In 2020, this category was ranked 9th. In 2021, she reached 6th place.
- Category: Civil Rights, Social Action and Advocacy — In 2020, this category was ranked 11th. In 2021, she moved up to 16th place.
- In 2021, companies donated $2.95 billion through 109,500 grants.
- The prioritization of the social object is at the center of the Great Resignation : The acceleration of the Great Resignation in 2021 has brought to the fore concerns of employee retention and engagement, and highlighted the need for companies to prioritize what is most important to their employees, and the employees of ‘today prefer brands that allow them to have a positive impact.
- More and more companies have offered “volunteer acts of kindness” as a way for people to give time and support without being tied to a specific nonprofit, and in 2021 this concept has really taken off: 40 % of volunteer hours counted in 2021 were voluntary acts of kindness.
- Companies have redefined the way they engage their employees in social action : With the shift to remote work and hybrid working in 2020, companies have quickly adapted their social purpose programs to include virtual volunteering and other opportunities for learning and positive action.
- In 2019, virtual volunteering accounted for 23% of volunteer hours, and increased to 78% of hours in 2020. In 2021, virtual volunteering accounted for 73% of volunteer hours, revealing that virtual volunteering is destined to last.
- Positive actions, as well as learning opportunities, are also used by companies to empower their employees to do good. In 2021, there was a 66% increase in companies promoting learning and positive action, as well as a 98% growth in the number of positive action opportunities.
- Diversity and social justice causes received a higher share of donations : 2021 has shown us that companies and their employees continue to support race and justice causes at higher levels than ever.
- From January 2019 to April 2020, social and racial justice causes averaged 3.3% of total donations. After peaking at the height of the Black Lives Matter movement, the average total donations to these causes increased to 5.2% from September 2020 to December 2021, resulting in a 58% increase in donations to these types of causes .
- While many of those causes that gained some support in 2020 remained in the top 10 in 2021, they were also joined in 2021 by Asian and LGBTQ+ affirmation causes.
- The associations “Chinese for Affirmative Action” (ranked 335th in 2020 and 4th in 2021) and “Asian Americans Advancing Justice” (ranked 196th against 5th in 2021) saw significant growth in their support in 2021, as did “The Trevor Project ”, a leading LGBTQ+ organization (ranked 29th in 2020 from 9th in 2021).
- ESG is how investors understand corporate purpose: environmental, social and governance policies and strategies have become increasingly important to shareholders and boards of directors and have now proven to be on their own values and major value drivers. This will only remain the case if companies remain resolutely committed to the desire to do well.
The corporate purpose is no longer optional: it is essential for companies, enabling them to make meaningful changes on key issues such as social and racial justice and DEIB, influencing the attraction and retention of employees, creating customer preference and loyalty, and generating tangible business results for investors, customers and employees.
To stay relevant in this new purpose-driven world, companies are investing more in their corporate purpose programs. Benevity provides the vision, platform, and community to power the next generation of purpose-driven businesses.
The state of the corporate purpose of companies 2022 is available here.
Benevolence, a Certified B Corp, is a global leader in enterprise software, providing the only integrated suite of community investment and engagement solutions for employees, clients and nonprofits. Fortune magazine’s Impact 20 ranking, Benevity delivers cloud-based solutions that leverage the social purpose of many iconic brands to better attract, retain and engage today’s diverse workforce, embed social action into their customer experience and positively impact their communities. With software available in 22 languages, Benevity has processed more than $8 billion in donations and 43 million volunteer hours to support 326,000 nonprofits around the world. whole world. The company’s solutions have also facilitated 530,000 affirmative actions and awarded 1.2 million grants worth $12 billion. For further information, please visit the website benevity.com.
About Benevity Impact Labs
Benevolence Impact Labs is an incubator and resource hub bringing new data, research, and insights to help businesses, nonprofits, and individuals maximize their impact and authentically live their purpose. With unparalleled access to the world’s most iconic brands, Benevity Impact Labs combines Benevity’s robust data and insights with third-party research to report on key trends shaping corporate purpose and measure the scale the impact of their strategies and investments.
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Benevity reveals the top five trends that will shape the future of corporate purpose in 2022
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