LONDON, Nov. 08, 2024 (GLOBE NEWSWIRE) — Benevity Inc., a global provider of proven corporate social responsibility (CSR) solutions, today unveiled new insights into the UK’s CSR landscape. The data shows that UK companies’ commitment to social and community impact initiatives is at an all-time high and is growing faster than the global average. The results were presented at the Benevity Forum London. This leading event brings together not-for-profit companies from the UK and Europe to share best practices for successful volunteering, charitable giving and sustainability programs.
Benevity’s annual The State of Corporate Purpose Report highlights the key CSR, DEI and ESG trends shaping companies’ CSR strategies today. Based on data and insights from Benevity’s global community of nearly 1,000 leading companies and a survey of more than 400 CSR leaders, the 2024 Global Report from Benevity Impact Labs, the company’s research laboratory, shows that companies are improving their CSR -Align strategies increasingly with their core corporate values and focus on achieving a positive return for their company and their environment.
At the forum, Benevity presented new analysis of results showing that UK companies’ corporate citizenship reached record levels in 2023. Employee participation in volunteer and charitable programs rose to 14% in the UK – a 25% increase year-on-year, outpacing the global increase of 23%. This increase is primarily due to employee participation in volunteer programs increasing by more than 300% compared to the previous year – the highest percentage increase of any region. Through the Benevity platform, employees in the UK donated £31 million, supporting almost 13,000 charities.
Benevity’s market-leading Enterprise Impact Platform offers integrated capabilities for social investing, employee giving, volunteerism, employee resource groups (ERGs) and sustainability reporting, enabling companies worldwide to become a force for good and turn social impact into business success.
“Companies have the unique ability to drive social change by involving their employees in their efforts. These results highlight the growing commitment of UK leaders to invest in social impact initiatives and how important these are to business success,” said Sona Khosla, Chief Impact Officer at Benevity and Head of Benevity Impact Labs. “As programs that have a positive impact on society mature, leaders in the UK are increasingly adopting a company-wide mindset that meets the growing expectations for companies to make a positive contribution to the world.”
Key trends in corporate purpose realignment in the UK:
- Companies are brave, but more cautious: As companies debate when and how to address potentially divisive societal issues, 87% of UK executives believe companies should be bold and willing to take a stand, while 78% say companies are becoming more cautious in choosing issues worth supporting should be. However, calls for caution are increasing three times as fast as calls for courage.
- ERGs are becoming increasingly important for companies: Employee Resource Groups (ERGs) are playing an increasingly important role in companies today. For example, they are consulted by the human resources department or the communications and marketing department, represent the needs of various stakeholders and influence strategies, financing and decision-making in the area of corporate social responsibility. 98% of UK companies agree that ERGs are important for bringing employees together in times of crisis. 61% of UK companies are increasing their ERG budgets, recognizing its growing role in helping companies become more diverse, inclusive and equitable, while helping to build better business structures.
- Volunteering on the rise: Volunteering has recently gained traction as an important tool for promoting company culture and employee engagement in the hybrid work world. However, the data shows that 63% of UK companies are further developing their volunteer programs and investing in opportunities to build closer relationships with their employees and achieve deeper social impact through skills-based volunteering and community leadership programs.
- Cautious optimism about AI: After a year of explosive growth in AI adoption, companies are now looking to harness the potential of AI in a way that addresses social issues while narrowing a potential divide. While 67% of UK businesses are concerned about the potential impact of AI, 87% are optimistic about AI’s potential to transform the not-for-profit sector.
- Results-Based Philanthropy on the Rise: Companies are increasingly being asked to demonstrate the value and return on investment of their CSR programs. With 59% of UK companies planning to increase their investment in impact reporting, optimizing data, impact measurement and impact reporting is expected to be a high priority in next year’s CSR budgets.
To learn more about global corporate purpose trends, view The State of Corporate Purpose 2024 report here.
Über Benevity
Benevity, a certified B Corporation, is the trusted global corporate social responsibility solutions provider, offering the only integrated corporate impact platform with social investment capabilities and employee, customer and nonprofit engagement capabilities. Named one of Fortune’s Impact 20 companies, Benevity provides cloud solutions that help many well-known brands achieve their goals by attracting, retaining and engaging today’s diverse workforce, embedding social action into their customer experiences, and have a positive impact on their communities. With software available in 22 languages, Benevity has processed more than $15 billion in donations and 79 million hours of volunteer work, supporting 470,000 nonprofit organizations worldwide. The company’s solutions have also enabled 1.3 million micro-actions and managed 845,000 grants valued at $16 billion. For more information, visit benevity.com.
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