CHAMBER OPINION CHAMBER OPINION


Charity partnerships are good for business


Steve Statham (pictured), CEO at St Luke's Hospice Plymouth, on how helping others can help your bottom line


Working to benefit a worthwhile cause is good for the soul, and research indicates it is also good for the bottom line. Supporting a charity can help your business in a variety of ways. A report by Forresters, following a survey of


1,100 people, showed that most consumers think businesses should support charities and, when faced with a choice between two companies offering a similar service or products for the same price, 82% said that their decision would be influenced by whether or not a company engaged with charities and its local community. Recent studies suggest that


Could a partnership with a charity lead to


‘You’ll get the most from your


millennials have driven the social responsibility movement, with 70% of them reporting that they’ll spend more with brands supporting causes. These figures are quite startling, and indicate that when appealing to consumers or other businesses, supporting a charity will give you a distinct advantage. Indeed this charitable element of your organisation could be the cornerstone of your brand, showing the community that you walk the talk when it comes to being ethical and trustworthy. But forming charity partnerships businesses


do more than enhance their brand, image and reputation. Some 87% of corporates state that their charity partners have helped them improve their understanding of social and environmental issues, and 59% say their partner has helped them improve their business practices. A partnership with a charity will help you


develop an engaged and more motivated workforce. Employers want to work for organisations that take their corporate social responsibility seriously; they respect companies that care for their community. According to a 2016 Deloitte study on volunteering, millennials were twice as likely to rate their corporate culture as very positive if their company participated in workforce volunteer activities.


charity partnership if you select a good match – a


charity that shares your ethos and values’


improved job performance? According to a study by the University of Southampton, it can! Its research showed that when staff are given social incentive, such as a charitable donation linked to their job, performance increased by an average of 13% rising to 30% among those who were initially the least productive. Many companies now select an annual charity partner staff can get behind. This partnership fosters a sense of unity, with staff seeing that their joint efforts make a difference. Ultimately, any such relationship with a charity will help attract quality staff, enhance employee retention and can create a platform for promoting innovation within


the workplace. Successful charity partnerships should be about much more than just cash in order to deliver real


benefits for both parties. For example,


corporate volunteer days are one way of getting staff together who would not normally see other during a typical day. These opportunities create unity among employees as they work towards a shared mission and common goal. Of course, sharing stories of your partnership


can help to raise your profile further, and social media offers numerous channels for this. Media coverage can reinforce to staff that they made a good choice in working for your company, and demonstrate to clients and business partners that your leadership team is dedicated to supporting your community.


It is also worth noting that many investors –


both private and institutional – now factor corporate social responsibility into their decision- making, so your positive engagement with a charity can help you stand out from the competition. It is also clear that such engagement can also give you the all-important edge in business award applications. Charity partnerships represent a big


opportunity for both sides. When it works well, charities get an enormous marketing boost, presence in untapped sectors, access to workforces and hopefully a financial boost to help them continue to deliver much needed services. Corporates can become an employer of choice, enhance their own social responsibility and improve commercial success. You’ll get the most from your charity


partnership if you select a good match – a charity that shares your ethos and values. So, pick a cause that you believe in and


make your community a better place to live. It’s good for business.


Visit www.stlukes-hospice.org.uk


THE POLITICAL POLICIES THAT AFFECT THE REGION


March/April 2018 Chamber Profile 13


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