In an ever-evolving world, fraught with issues ranging from economic crises to climate change, businesses are increasingly called upon to be a force for good. In 2024, corporate philanthropy and corporate social responsibility (CSR) has arguably never been more important. Businesses must now step up their commitment not only to profitability but also to community, purpose, people, and the planet.
The Expectations on Modern Businesses
Amidst global challenges like cost-of-living crises, climate change, social justice issues, and a post-pandemic revival of the global economy, the role of businesses has transformed. Modern businesses cannot afford to overlook social aspects such as diversity, equity, inclusion, and the well-being of employees.
Consumers and employees expect businesses to tackle climate action head-on, as political landscapes trend toward mandatory climate reporting. Purpose-led and impact-driven organisations are increasingly seeing their primary mission as creating meaningful socio-environmental and economic changes .
Corporate Philanthropy vs Corporate Social Responsibility: What Can Businesses Do?
While corporate social responsibility encompasses a broader scope of a company's overall impact on society at large, corporate philanthropy focuses specifically on the act of contributing to charitable causes. Below are ways businesses can make an impactful difference.
Embed Impact in Your Operations Through:
- Procurement: Utilise your buying power responsibly.
- Equity Pricing: Equity pricing can ensure products and services reach marginalised or underrepresented groups.
- Partnerships: Partner with others to scale social and environmental outcomes.
- Policies and Procedures: Foster flexibility, inclusion, and well-being in the workplace.
- Finance and Profit Management: Align them with your purpose and values.
- Corporate Philanthropy: Develop charity giving strategies to support the community meaningfully.
- Talent Management: Attract and retain employees through impact-related KPIs and activate volunteering.
ESG and Social Impact Movements by Australian Businesses
Looking for some inspo on how to create purpose and turn your business into a force for good? Check out the below examples.
B Corp Movement
Businesses are proving their commitment to people, purpose & planet with B Corp submissions and certifications on the rise according to our friends at B Lab Australia & NZ .
B Corp Certification is a journey to better business, constantly striving to make the world a better place and always looking for new ways to grow impact. B Corps "Benefit" all and use business as a force for good.
Social Enterprise Impact
The 12,000+ social enterprises in Australia are having a significant impact on the economy with 518 Social Traders certified social enterprises producing an annual revenue of $2.2 billion, making up 31,000 employees and directly supporting $250million for people with disability.
If you’re a social enterprise, we can help you secure social enterprise grant funding to boost your growth!
Family Friendly Workplaces
Companies are increasingly being recognised for creating family-inclusive workplaces, demonstrating that employee well-being is prioritised alongside profitability. Family Friendly Workplaces is a national recognition framework to certify companies as employers who are family inclusive.
Corporate Philanthropy Structures
Businesses are setting up long-term giving structures such as ancillary funds , displaying a commitment that extends beyond immediate profit margins.
Commitment to Charitable Giving
Leading companies are subscribing to charity giving commitments, pledging 1% of their profits, time, product or equity for good, a movement that started out of San Francisco in USA. Atlassian is committed to ' Pledge 1% ', aligning their success with their societal contributions.
Climate Action
Finally, businesses are taking decisive action on the climate front , committing to pledge 1% for the planet like Patagonia or measuring, reducing, and offsetting their greenhouse gas emissions, with many working towards net zero and gaining carbon-neutral certifications with Climate Active .
BlueRock Philanthropy Can Help Implement Your Corporate Giving Strategy
Research is showing that partnerships and collaboration make all the difference in having an impact. The State of Social Impact Report (2023) and Philanthropy Australia’s Better Philanthropy Telescope Report (2024) both reinforce the need to partner for impact. You may wish to partner with BlueRock as your philanthropy manager.
The corporate philanthropy and CSR landscape in 2024 is both challenging and rich with opportunity. By embedding impact into your operations, supporting social impact movements, and establishing robust philanthropic infrastructures, businesses can position themselves as true forces for good within society.
Our philanthropy consultants can assist you in various ways to not only enhance your brand reputation, but contribute to a healthier, more equitable, and sustainable world for all.
