How to revamp your corporate philanthropy policies for 2022

As organizations look back on their year, they need to make sure they’re giving back, too.

Employees are placing greater importance on volunteering and corporate philanthropy when it comes to where they’ll work, and if they’ll stay. Seventy-one percent of employees say it’s “imperative” to work for a company that is supportive of giving back, according to a survey by America’s Charities. Younger generations in particular are foregoing job opportunities and salary boosts to work for companies that are more focused on social responsibility.

Read more: Corporate volunteering programs shift gears to adapt to a virtual world

But corporate philanthropy provides benefits for all, says Lynn Margherio, CEO and founder of Cradles to Crayons, a nonprofit that provides basic essentials to young children. Not only does the community and nonprofit sector benefit from corporate involvement, but organizations can get a leg up in the competition for talent.

“People place such a high importance on how a company is perceived out in the community,” Margherio says. “It’s important for promoting its own products and services, for attracting and retaining the kinds of employees it's hoping to have, and for being that caring corporate citizen in their community that employees can be really proud to say they work there.”

While it’s tempting to tie in volunteering and give-back opportunities to the end of the year, Margherio says this practice needs to be a year-round commitment. One effective way to do this is to partner with one nonprofit organization that aligns with the corporate mission, and the personal values of employees.

“Providing financial support through matching funds for a nonprofit is a great way to start,” she says. “Start with a nonprofit and ask them, what are your annual goals? And then tell them what you want to do and see if it’s helpful to them. Then you have a relationship that works for both sides.”

Read more: Why employers should consider adding volunteer time off benefits

Margherio also encourages employers to offer paid time off for employees to take part in volunteer programs, though just a quarter of employers offer this benefit, according to SHRM. Additionally, volunteering as a collective group can foster a sense of teamwork and happiness beyond the day of giving. Ninety-three percent of employees who volunteered with their company report being happy with their employer, and 54% say they feel more engaged.

While many of these programs have been put on the back burner during the pandemic, the need for help has never been greater, and organizations are learning to adapt, Margherio says.

“The nonprofit sector needs that financial support and there are new virtual engagement opportunities for people to make donations and connect donors directly to those people in need,” she says. “There’s also a need for skills-based support at nonprofits, so leveraging your talent for social media, for example, can be an asset so a nonprofit has that voice.”

At Cradles to Crayons, Margherio works with corporations like Bank of America and Blue Cross Blue Shield. While these are large companies with the resources available to give back in big ways, smaller employers and individual employees should recognize that their contributions — whatever they are — are meaningful.

As the holiday season approaches, employers can use this time to contemplate how to best use their resources, motivate their teams and make a difference in their communities. There’s no better time to start than right now, Margherio says.

“Volunteer service is a critical training tool in building kindness and empathy,” she says. “The more that nonprofits and companies work together to exercise that skill, the better our communities, children and future generations will be.”