The Why, What and How of Purpose Led Corporate Giving This is part 1 in a three part series distilling our research and what we’ve heard around three key questions 1. WHY should corporates adopt a purpose led approach to giving? 2. WHAT does best practice, purpose led corporate giving look like? 3. HOW can corporates embed social purpose within their organisations?
BUILDING A TANGIBLE BUSINESS CASE 3. Solving the most pressing problems of our time “The Dollar” is the universal language that solving the problems we’re emotionally connected their video received over two million views, along resonates with the executive, however putting a to. From a workforce engagement perspective it is with many comments that demonstrate their dollar figure on solving some of the most pressing important to give employees targeted choice to consumer loyalty and recognition as an employer problems of our time can be extremely difficult. support the causes closest to their heart. of choice. With many concerned about the longevity of However to achieve large scale impact, Just like Air New Zealand, Larry Fink, head of Australia’s Great Barrier Reef, a 2017 Deloitte Corporates have the unique opportunity BlackRock told chief executives to “understand the study aimed to put a value on it by assessing to focus on a flagship cause of strategic societal impact of your business”, otherwise they the economic, social and icon asset value of this significance. The most impactful corporates are would lose society’s support and their “liecense to natural wonder. They calculated that it supports those who have identified problems that are big operate” 17 . 64,000 jobs and contributes $6.4 billion to the Australian economy, and along with its cultural significance could be valued at $56 billion 16 . in scale, neglected, and relevant to their industry, offering or organisational capability. Take Air New Zealand for example. They have With this in mind, leading corporates are aligning themselves with the United Nations Sustainable Development Goals, and are coming together to While an interesting statistic, long before this made a commitment to tackle global climate form partnerships with other organisations and study had been conceived many had dedicated change with a long standing partnership with the NFPs to help address the world’s most pressing efforts to address the health of the reef. New Zealand Antarctic Research Institute. Not only problems. In many cases these partnerships will 12 The underlying reason we all rally around causes of social and environmental significance is because we all want to make a difference in do the provide monetary support, they are raising awareness during one of the dullest parts of their customer’s experience – the safety demonstration (see following YouTube video). In just a few days strengthen individual business cases, but when asked why they are doing this, leaders respond “put simply, it’s the right thing to do” 18 .
Why should you care? EFFECTIVE PARTNERSHIPS WILL HELP SOLVE THE MOST PRESSING PROBLEMS OF OUR TIME 13