We’re Speeding Up Business Social Impact Adoption Across Suffolk, And Charities And Voluntary Groups Have A Lot To Gain
I was asked recently what the collective noun is for people that give to charity, and I had to confess I couldn’t answer. This wasn’t actually surprising because there isn’t one, though there should be. If there are nouns for groups of hippopotamuses, parrots and rhinoceroses – a bloat, a pandemonium and crash respectively – then those that selflessly make donations should be similarly recognised, although perhaps more affectionately than those mentioned!
Which brings me to the main subject of this blog. A recent survey by Charity Aid Foundation found that only 25 per cent of companies make donations to charities, with another piece of research revealing that corporate giving actually dropped 34 per cent in real terms over the ten years to 2024.
There are major commercial advantages to corporate giving, including enhanced reputation and brand image, improved CSR rating, positive employee engagement, employee motivation and retention, improved talent recruitment, and networking opportunities and I’m really pleased to see such an appetite from our local businesses here in Suffolk.
Yet what is more surprising is the similar slowness of UK businesses collectively, to implement more significant social impact programmes, a practice for which commercial return has unequivocally been shown to be very high.
To be fair, most smaller and medium sized companies mostly have enough on their hands with day-to-day trouble shooting, and ensuring that bottom line financial targets are met. But this in itself, overlooks the fact that there are quick win solutions to building social value, and also the sales and marketing assets that are created as a result.
It is worth remembering that in the case of SMEs, ‘First Adopter’ benefits are still to be had. The quickest to market with the positive credentials disproportionately influence both B2B and consumer buyers. In both markets, the commercial advantage has been shown to be considerable, and growing.
At this point it is reasonable to ask just why social credentials really are an asset. The biggest factor occurred during the first Covid lockdown, when something extraordinary happened to UK consumer thinking surrounding buying decisions. It changed from, ‘What will the brand / label / product do for me in terms of gratification or position in my peer hierarchy’, to ‘What are the implications of the brand / label / product for my family, friends and society?’ Buying motivation shifted from being about self, and moved to those closest and the wider community – typically family and friends, and environment and supplier workforce.
This discovery was made during Brandwatch software analytics studies of tens millions of social media discussions and posts that took place during enforced isolation. Analysis discovered attitude to buying had changed fundamentally, and incorporated the need to see social responsibility from brands, including fair work practices, ethical supply chain, social value contributions, and positive standards of environmental behaviour. Since lockdown, these criteria have grown in both depth and scope, and what is more, migrated headlong into business buying decisions.
There’s a huge amount of data that indicates buying decisions in nearly every market are influenced by social values.
As a recent extensive study by business intelligence firm Mintel, found that, ‘Modern consumers are looking to brands to be moral and ethical on their behalf,’ and Fleishman Hillard’s report on the influence of social impact and environment on B2B buying, finds 50 per cent of companies that switch supplier say the number one reason for this is social and environment credentials. There is no shortage of similar findings.
Undoubtedly, social impact programmes can significantly help companies commercially, but it is also good for charities and voluntary organisations. It can create partnerships with companies, co-working on projects, drive employee volunteering, and often leads to funding. But it could be so much better if the speed of adoption and development were increased.
There is little doubt that owners of Suffolk’s SMEs want to develop social impact, but often it is a matter of knowing how to go about it, and finding the right match between company purpose and cause. Ordinarily this takes time, and time is a commodity that is in short supply for SME owners. This is where Community Action Suffolk comes in. We can appropriately match companies with charities and voluntary groups, so that they can work together, save time, and all parties have a greatly increased chance of achieving their goals. Our dedicated pairing service can knock months, even years, off how long it takes to develop business social value programmes, and also make them more effective. That is to the benefit of everyone.
However, we can do better than that. One of the key aims of our forthcoming Outcomes For All conference on 29 October, is about providing businesses with the tools needed to kick start or enhance social impact strategy, offer shortcuts, and of course, help find the right charity and voluntary group partners.
And for charity and voluntary organisations, the conference provides the opportunity to engage with business counterparts, and better understand their needs and how to assist them. For all concerned, there will be workshops that explain the practical steps to take.
This element of Outcomes For All is one of several forthcoming initiatives that will enable Suffolk businesses to develop social impact faster and more easily. Watch this space for news of what is round the corner. It’s going to be good for everyone.
And talking of doing good, let me know if you can think of a name for the collective noun for those that donate to charities. The best suggestion gets a free ticket to Outcomes For All, and we’ll put all the ideas received on our social media channels. You never know, together we might create a new accepted collective noun.
