Five trends for corporate-charity partnerships in 2024
As we think about the year ahead, we believe that purpose-driven partnerships have never been so important, because they offer companies and charities the opportunity to drive growth. This gives us hope for the future, so we want to share five important trends for corporate-charity partnerships in 2024:
- Demonstrate commercial value
In 2024, it is essential that charities and companies not only demonstrate their social impact, but also the commercial value that they deliver through their partnerships.
A successful partnership should be win-win for both partners. As David Cantin, President & CEO of Dave Cantin Group, said, “Charity partnerships are not just about giving money, they are about creating value for both parties. Charities can help companies achieve their commercial objectives, while companies can help charities fulfil their social mission.”
- Purpose
Purpose driven business is an important trend for the future. In our world of change, with every increasing content and the threat of climate change, it is purpose that has cut through. This is because as human beings we want our lives to be meaningful. And given that we spend one third of our waking hours at work, we want that to be meaningful too. And this is even more important for generations Y and Z.
Larry Fink, CEO of Blackrock, said, "Society is demanding that companies, both public and private, serve a social purpose. To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society."
This means that companies need to embrace purpose driven business. It is also a huge opportunity for charities, because the best way for a company to demonstrate its purpose is to partner with a cause where they have a shared purpose.
- Artificial intelligence (AI)
We believe that AI has the potential to transform the way companies and charities build successful partnerships. For example, you can use to find partners who align with your purpose and goals, to improve performance, track their activities, and achieve greater impact. AI can also help companies and charities to build stronger partnerships by coming up with bespoke fundraising ideas that meet the needs of both partners.
Andrew Ng, co-founder or Coursera, said, “AI is the new electricity. Just as electricity transformed almost everything 100 years ago, today I actually have a hard time thinking of an industry that I don’t think AI will transform in the next several years.”
- ESG
ESG (environmental, social, and governance) is a hugely important trend for 2024. In the UK companies with over 500 employees and/or £500m turnover are required by law to report on the ESG impacts. This puts doing good and being good at the heart of business strategy.
Hatem Dowidar, Group CEO of e&, said, “ESG is no longer just about a philanthropic desire to do good and be a good corporate citizen. It heavily influences the way that investors, customers, and potential hires look at us as well.”
Delivering ESG goals is essential for companies. It is also a huge opportunity for charities, because you can show companies how a partnership with your charity can help them achieve their ESG goals.
- Hybrid working
Companies are adapting to the ‘new-normal’ with many more colleagues working remotely. This means that charities need to offer fundraising and volunteering opportunities that engage and unite colleagues whether they are working remotely, in the office or a combination of both. This is an important opportunity to offer creative opportunities that that help companies overcome the challenges of hybrid working.
Mckinsey’s recent research on employee engagement said, “when helping employees better connect with their purpose, employers can reduce staff turnover. Research shows that people who are proud of their company are four times as likely to say they would turn down a job at another organisation, even if it offered higher pay”.
Conclusion
Embracing these trends will your organisation seize the opportunity of purpose-driven partnerships in 2024.
If you have feedback or questions please contact us: team@remarkablepartnerships.com.
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