Corporate Philanthropy

Companies who “do good” experience higher employee retention and satisfaction

In recent years, corporate philanthropy, and more broadly, corporate social responsibility (CSR), have gained serious traction. This phenomenon is impassioned by a work force who are increasingly driven to work for companies that “do good”.  A 2019 study by Imagine Canada found that “Canadian employees who thought their employer was highly committed to their community were 1.5x as likely to intend to stay with the employer, 1.9x as likely to be satisfied with their job, 2.6x as likely to recommend their employer, and 3.0x as likely to say the company has a purpose they believe in”.  Regarding corporate philanthropy specifically, this study found that “employees who report their companies as having a payroll giving program, a workplace giving campaign, and matching gifts were 67% more likely to donate to charity than at a workplace with none of these”. From these findings we can deduce that the Canadian workforce has higher job satisfaction when employers are trying to “do good”, and they can often become more personally motivated to give when their employer is philanthropic itself.

This phenomenon has only increased during the COVID-19 pandemic amongst businesses willing and able to assist those in need. An article by Joanna Pachner for The Philanthropist Journal, detailed how “a  global report by Charities Aid Foundation (CAF) America found that almost three-quarters of corporations surveyed increased their donation budgets in the first few months of the pandemic compared to the same period in 2019”. Although not measured with the same precision in Canada, Pachner reports that Canadian corporations’ responses to the pandemic have been “widespread and generous”. The results of such responses are two-fold: most importantly, helping communities heavily impacted by the pandemic, but also helping the companies involved to demonstrate for all stakeholders their desire to provide for their communities.

Clearly corporate philanthropy is an important contributor to employee retention and engagement. However, beginning your corporate philanthropy journey can be a daunting task. This is where Benefaction can help! We make it easy to establish a charitable giving program that embodies your mission to support social causes, and that will allow you to engage your employees and other stakeholders in the process. When you establish a Donor Advised Fund with Benefaction, we will help to design and implement a giving strategy with clear objectives and a defined process to help ensure your vision succeeds.  Learn more about the Benefits Of Establishing A Donor Advised Fund For Your Corporation