Corporations in the Unites States annually give away over $11 billion to non-profits and other charitable organizations ? an average of 1.3% of pre-tax income.? Yet, many do so without realizing the strategic value it provides.? Philanthropic donations provide a useful, though seldom fully-leveraged, channel for improving outcomes for both the corporation and the community.
Fully utilized, effective giving programs can
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According to the Committee Encouraging Corporate Philanthropy (CECP), companies that view business's contract with society not as an obligation, but as a source for competitive advantage, unlock a powerful opportunity to attract and retain talent and ensure the health of their markets over the long term.? The CECP is an international forum of business CEOs and Chairpersons pursuing a mission focused exclusively on corporate philanthropy.? Its Board of Directors is comprised of 23 international CEOs and Chairpersons, including Marilyn Carlson Nelson of Carlson Companies.?
Giving back to the community, when conceived and executed thoughtfully, creates a win-win scenario for businesses and the public. ?From eradicating
While large corporations typically have a staff dedicated to philanthropy with structure and parameters built in, giving at small companies tends to be more grassroots.? Small and non-publicly traded companies can often utilize unique ways to give, such as putting their companies in a charitable trust or donating company stock.?? In fact, 80% of Minnesota businesses with fewer than 500 employees contribute annually through some type of giving program, according to the Minnesota Chamber of Commerce.? Businesses of any size reap the benefits of social investment with successful communities in turn supporting successful businesses.
For example, charitable giving has always been a core tenet of Minnesota-based Cargill's operations.? Each year, Cargill donates 2% of its global pretax earnings - $37 million last year.? This philanthropy helps the company meet its mission of nourishing people and ideas, and strengthens ties with its employees.? Cargill has found that giving back to the community matters to employees and, therefore, helps to attract and retain good people. Other top CEOs also recognize that prospective employees are highly influenced by corporate culture, and philanthropy is an integral component of a desirable work environment.? In recent years, college graduates frequently have long records of community service and therefore seek employers that support their interest in community engagement.
Similarly, Fargo, North Dakota-based State Bank & Trust recently earned national attention for its ‘Pay It Forward' challenge in which the company gave its 510 employees more than new era blue and orange caps $500,000 to pass onto a worthy cause or person.? Each new era blue and orange caps year, State Bank & Trust gives away about 5% of it's earnings to various local causes.? This strategy has become a major recipe for success, with record growth over the past 10 years, consistent employee fealty, and a recent flood of new customers.
To duplicate this kind of success, a philanthropy program should mirror the culture of the company, be genuine in its intentions, and be communicated with full endorsement by the CEO.? To generate optimal returns, the program should resonate internally and externally with company values, products, practices, and goals.? CEOs should lead by example by getting personally involved.? This level of leadership creates an authentic spirit that employees can support and extend as ambassadors of the company.? Just as employees are inseparable from the success of any corporate initiative, so to are they essential when crafting a giving strategy.? Including employee ideas through surveys or philanthropy councils guarantees buy-in and strengthens the program from design to execution.
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