Diverse, Equitable, Inclusive
The Business of Adapting Your Giving Strategy For More Meaningful Impact
Over the past year the words diversity, equity, and inclusion (DEI) have been thrust to the forefront of everything we do. While these practices are by no means new, the business case for a systematic business-led approach to DEI is stronger than ever. A study conducted by McKinsey & Company in partnership with The Society for Human Research Management (SHRM), evaluated the performance of companies with different levels of workplace diversity. They found that companies that exhibit gender and ethnic diversity are, respectively, 15% and 35% more likely to outperform less diverse peers. The same study found that organizations with more racial and gender diversity bring in more sales revenue, more customers, and higher profits.
Beyond good business, creating an inclusive, equitable, and diverse company culture is both ethical and socially responsible. When it comes to corporate giving, consumers expect the brands they engage with to take measurable action to cultivate a thriving, equitable society. This not only includes your internal policies and practices but your external as well, meaning whom you partner with and where your philanthropic efforts and dollars are invested.
In our recent survey of leaders in CSR, 93% of respondents pledged in 2020 to invest in social equity and contribute to driving change. While well-intentioned, practices for defining, tracking, and executing strategic advances in DEI against meaningful goals and metrics is an ever-evolving task.
57% of CyberGrants clients felt they completely or somewhat completely lived up to their pledge. "So," you ask, "what are companies like mine doing to evolve their strategies around diversity, equity, and inclusion?"
The challenge is, there is no right answer, only that doing nothing is no longer acceptable. When adapting your giving strategy to incorporate social justice, diversity, equity, and inclusion, you must consider what is in line with your mission, company culture, and local environment.
Top 5 ways companies have evolved their social justice and diversity initiatives:
|Featured Partner Nonprofits
Highlight specific, vetted partner nonprofits that focus on social justice issues in your local area.
|Engaged Extended Community
Amplify your message with programs that include employees, consumers, and community members.
Reevaluate your budget and resources to see where you can reallocate funds or advocate for an increase.
Established Special Matching Gift Opportunities
Enabled Employee Resource Groups
76% of respondents say they will continue investing in social justice initiatives. As you continue your investment in DEI initiatives and build a robust DEI data set our unified analytics tool, CyberGrants Insights gives you the power to explore and pivot your giving, volunteering, and employee engagement programs in real-time. One multinational conglomerate corporation operating in worker safety, US health care, and the consumer goods industry said that Insights, “Aligns perfectly with how we've been trying to analyze our diversity and inclusion”.
Steps for setting meaningful DEI giving metrics:
- Determine which DEI measures you will monitor
- Establish baselines measures
- Set targets and/or goals
- Track and analyze results
- Report results and outline new initiatives
- Review metrics regularly
With these steps in mind, the work of data collection begins. As a true partner in your mission, CyberGrants’ integrated platform allows you to seamlessly add data collection points throughout your giving, volunteering, and employee engagement programs, allowing you to fill gaps in your diversity, equity, and inclusion information.
To learn more about evolving your corporate giving strategy to take measurable action towards cultivating a thriving, equitable society, for more diverse and inclusive funding and engagement Contact us today.