How Corporate Social Responsibility Benefits Stakeholders and the Fight Against Breast Cancer
Corporate social responsibility has become an essential part of doing business. More than ever, a company’s track record in giving back to the community is under a microscope. Customers and employees want to know businesses aren’t just in it to make a quick buck. They want to engage with and support organizations with a cause that resonates with their customer base.
While corporate participation in the community is essential, it can present some challenges. It is critical that the company does not appear to be jumping on the bandwagon or simply checking a box. Instead, the goal is to form meaningful corporate partnerships and take socially responsible actions that reflect your brand’s values. Ideally, the steps your company takes also match your clients’ and employees’ principles.
So how does a business invest its resources in communities and nonprofits in meaningful, impactful ways? We’ll look at a few of those below, along with what corporate social responsibility looks like and why it’s worthwhile.
What Is Corporate Social Responsibility?
Corporate social responsibility is about using a company’s resources to benefit society. Socially responsible initiatives that businesses champion can address environmental and socioeconomic challenges. Supporting ethical work and trade practices also fall under the umbrella of social responsibility. Community donations and nonprofit corporate partnerships represent additional opportunities to give back.
A nonprofit partnership can involve joining forces with an outside organization that addresses unmet needs in the community. Local food banks, shelters for homeless families, and organizations that help cancer patients financially may come to mind. Nonprofit corporate partnerships let companies make a difference while elevating brand visibility. These partnerships can also boost a nonprofit’s reach and community awareness of social challenges.
How Do Corporations Benefit From Nonprofit Partnerships?
Corporate nonprofit partnerships can positively impact a company’s bottom line. Research shows customers and job seekers care about corporate social responsibility. A global Ipsos study revealed 70% of consumers buy from brands with values similar to their own. And among U.S. respondents, 51% believe business leaders should speak out on social issues. Stepping up to support a cause is one way of speaking out.
When it comes to attracting and retaining good talent, corporate social responsibility is also an asset. An astounding 93% of employees think businesses should lead with purpose, while 88% don’t think it’s right for companies to profit at the expense of society. They want to know the organization they’re working for is benefiting all stakeholders, including the larger community.
Partnering with a nonprofit demonstrates a business is serious about meeting the public’s expectations. The key is to find partnership opportunities with long-term promise and alignment with your company’s mission. Again, you don’t want to check the corporate social responsibility box by supporting organizations at random. Think about what causes matter to your stakeholders and augment your brand.
What Things Should Companies Look at When Partnering With Nonprofits?
Brand alignment should be at the top of the list with regard to partnership opportunities. But it’s important to recognize alignment can include more than values. Alignment can also mean a match between what your company offers and the needs of the individuals a nonprofit serves.
Take nonprofit breast cancer organizations as an example. These nonprofits often provide financial assistance for cancer patients. While cancer patients may require help paying for medical care, they might also have additional needs during treatment. These could include legal, housekeeping, and transportation services.
Emotional support and nutritional advice are also within the scope of breast cancer patients’ needs. If your business provides these services, nonprofit partnerships are chances to extend them at little or no cost. By supporting a nonprofit, your company’s products and services can benefit those in need. Providing pro bono services is a chance to take more meaningful action than simply donating a percentage of your profits.
Besides brand alignment, you want to consider the expectations of both sides. Think through what a nonprofit organization expects from your company and vice versa. For instance, is the level of commitment attainable? And can the nonprofit deliver what your business seeks from the relationship, such as brand and product mentions?
How Do You Know Which Nonprofit Would Be the Best Fit for a Partnership?
One of the best ways to establish fit is by asking your stakeholders. The phrase “The customer is always right” may come to mind. Knowing your audience is crucial here. If there’s any doubt about their values, it’s time to step up your research.
Beyond customers, your staff members can be invaluable resources. Learn how they prefer to give back and what causes they care about. Matching employee donations to nonprofit organizations might be a great start. But what if your team members favor rolling up their sleeves and getting out into the community?
In this case, a nonprofit with ongoing local volunteer initiatives is a better fit. Your employees could volunteer as a group to assist community members who go to nonprofits for help. Or you can offer paid volunteer time when staff members assist nonprofits with various initiatives.
How Do You Set Up a Corporate Partnership?
Setting up a corporate partnership means ironing out legally binding agreements. It’s similar to partnering with a vendor. Initially, you reach out to promising organizations and get a feel for what opportunities exist. Holding introductory meetings, discussing mutual needs, clarifying deliverables, and signing contracts are par for the course.
Say you partner with a nonprofit that provides free money for cancer patients. Your agreement with the organization may stipulate a recurring annual donation. The funds you donate help the nonprofit provide money for patients’ expenses. Your contract may also include profits from selling specific products with the nonprofit organization’s logo.
Why Would Pink Fund Be a Great Corporate Partner?
As a nonprofit organization, Pink Fund helps breast cancer patients overcome the financial difficulties the disease can create. These hurdles are often more extensive than the costs of treatment alone. Lost wages, transportation costs, and other basic cost-of-living expenses insurance doesn’t cover can lead to a ripple effect.
Missed time from work means that paying for housing and putting food on the table become increasingly difficult. Pink Fund provides support for cancer patients and their families so they can cover their everyday expenses. A corporate partnership with Pink Fund is a meaningful way to donate to breast cancer patients. With Pink Fund’s assistance, patients can focus on the healing process instead of worrying about paying for their basic needs.