The face of philanthropy is fast evolving. It's no longer confined to the generosity of high-net-worth individuals or families; welcome to the era of corporate philanthropy. It's about businesses investing, both financially and through volunteering, to make a positive impact in their communities.
In this article we look at some key philanthropy reports from the last 12 months and the giving trends at play in 2024.
Unveiling The Power Of Corporate Community Investment
Recent research reports have shed light on fascinating trends in corporate giving for 2023/2024. In its 9th annual 'GivingLarge' report, Strive Philanthropy unveils an insightful view of community contributions made by 150 private and ASX-listed public companies across various sectors.
The report revealed a heartening increase of 15% in corporate giving, totalling to $1.4 billion. Interestingly, a shift in focus was observed with increased support for Indigenous and environmental issues, alongside continued funding for health, education, and social welfare causes. This report provides a valuable overview of corporate giving, encapsulating everything from cash, time, and pro bono services to in-kind contributions.
A Surge Of Corporate Volunteering
Another noteworthy trend is the surge in corporate volunteering, a powerful facet of corporate community investment. According to Benevity's 'State of Corporate Volunteering 2024' report , which includes global data from across 18 countries, there has been a 57% increase in volunteering participation since the pandemic.
With an above-average participation rate, Australian corporates are driving the corporate volunteering wave, offering a variety of opportunities for their employees to make a difference. The benefits? Enhanced employee morale, improved retention rates, and a stronger organisational culture fostered by shared purpose and teamwork.
Investing In Corporate Purpose
Benevity's 'State of Corporate Purpose 2023' report offers a fresh perspective on how businesses are embracing corporate philanthropy. It documents a 10% year-on-year increase in active volunteering programs among the surveyed companies, demonstrating their commitment to Corporate Social Responsibility (CSR).
Companies today are embracing an expansive view of corporate philanthropy, investing in employee volunteer programs, climate action initiatives, social micro-actions, Diversity, Equity & Inclusion (DEI) initiatives, and more. This marked shift is reshaping the corporate philanthropy landscape, making it more dynamic and inclusive.
Are You Ready To Join The Corporate Philanthropy Movement?
The corporate sector in Australia is setting a global benchmark in community investment, from sharing profits to volunteering time and resources. Is your business prepared to make a difference?
Our philanthropy consulting team is here to guide you in developing and implementing a strategic giving plan to maximise your impact. Let's redefine what it means to be a business in the 21st century together.
