New Benevity data shows companies that embrace an ‘impact mindset’ are building resilience in a polarized world
April 25 2024 - 7:00AM
Benevity Inc., the leading global provider of social impact
software, today released its annual State of Corporate Purpose
report, uncovering the top CSR, DEI and ESG trends influencing
businesses’ corporate social impact strategies.
Based on data and insights from Benevity’s community of nearly
1,000 leading companies, and a proprietary survey of more than 400
CSR leaders, the 2024 report from Benevity Impact Labs reveals that
after years of reacting and responding to crises and stakeholder
expectations, companies are increasingly tying their CSR strategies
back to their core values and sharpening their focus on generating
positive return on investment for their businesses and communities.
The report launched at Benevity Live!, the company’s flagship
conference, which brings together more than 700 purpose-driven
professionals to share insights and strategies about the future of
social impact.
“Between widespread polarization and rapid technological
developments, there’s no shortage of division and uncertainty right
now. To weather this sea of change, executives will be revisiting
their corporate strategies and embracing an enterprise-wide ‘impact
mindset’ to embed positive social and environmental impact across
their culture, brand and operations,” said Sona Khosla,
Benevity’s Chief Impact Officer and head of Benevity Impact
Labs. “This will enable companies to not only meet the
moment and the rising expectations that business should have a
positive impact on the world, but also build resilience into their
company, culture and community for the long-term.”
Key findings from this year’s State of Corporate Purpose report
include:
- ERGs (employee resource groups) are now business
critical: ERGs have evolved beyond their DEI origins and
are taking on an integral role in companies today. 81% of companies
say ERGs are being consulted more often by departments like HR,
communications and marketing, where they bring perspectives on the
needs of diverse communities, add authenticity to crisis responses
and influence social impact strategies, funding and
decision-making. By helping companies scale the power of grassroots
networks to drive inclusive workplaces they are adding tangible
value to the business. Four out of five companies say that ERGs are
increasing in significance, and more than half are increasing their
ERG budgets.
- Volunteer programs propel forward:
Volunteering has gained momentum as a critical tool to build
culture and employee engagement in the now-normal hybrid work
world. 59% of volunteers were new in the past year – a direct
result of companies investing in volunteering to build (or
re-build) their culture. The data shows, however, that 55% of
companies are evolving their volunteer programs further, investing
in ways to forge stronger employee connections and drive deeper
social impact through skills-based volunteering and nonprofit board
service programs.
- Companies cautiously use their voices:
Business leaders are becoming more experienced in learning when and
how to activate on potentially divisive social issues in a way that
is resonant, impactful and aligned with their corporate goals and
values. 80% of impact leaders say they must be more cautious about
which issues they support vocally – up 9% from 2023 – while 91% of
impact leaders say corporations should continue to be courageous
and willing to take a stand – up just 3% year-over-year.
- AI for good: Following a year of explosive
growth in the adoption of AI, companies are now striving to harness
AI’s power in ways that address social issues while mitigating a
potential divide. While 61% of companies are concerned about the
potential impacts of AI, 87% are optimistic about what AI can do
for philanthropy. Increasingly, companies are bringing a
human-centered approach to AI to ensure their practices are ethical
and responsible, and that access and opportunity for all is
prioritized.
- Outcomes-driven philanthropy advances: 89% of
leaders surveyed are being asked to show how the impact generated
by their CSR initiatives is being measured, proving the need to
further harness data to demonstrate outcomes and prove positive
return on investment. The greatest increase in CSR budgets this
year will be in data, measurement and reporting. Companies that
have proof that their social investments are driving both business
value and social outcomes will be the ones that sustain budgets and
leadership in the long run.
- ESG continues to evolve: In the lead-up to
2030 and the net-zero targets set by many businesses, companies are
increasing environmental investments through their philanthropic
programs. Grants made to natural resources conservation and
protection moved to the 13th rank in 2023, up from 42nd in 2021 out
of all the grants made on Benevity's platform. At the same time,
the distinction between the “E” (Environmental) and the “S”
(Social) of ESG continues to fade. All indications point to growing
regulatory, shareholder and stakeholder pressures that will have
companies measuring and managing the totality of their
environmental and social initiatives.
“The early 2020s were marked by companies highly focused on
responding to crises, which shifted budgets and approaches to
granting. While businesses are now taking a more strategic and
forward-looking approach – tying their strategies back to their
core corporate values – it’s inspiring to see so many businesses
embedding a crisis and DEI lens into the full range of their
granting programs, resulting in greater equity and resiliency over
time,” said Khosla.
To learn more about the corporate purpose trends influencing
companies in the year ahead read the State of Corporate Purpose
2024 here.
About BenevityBenevity, a certified B
Corporation, is the leading global provider of social impact
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 $15
billion in donations and 79 million hours of volunteering time to
support 470,000 nonprofits worldwide. The company’s solutions have
also facilitated 1.3 million micro-actions and managed 845,000
grants worth $16 billion. For more information, visit
benevity.com.
Media Contact:Zamira Tasneem│Media &
Communications Manager │ 1.416.451.6511 │ press@benevity.com