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Why Business/ Nonprofit Partnerships Produce Big Win - Wins for Businesses and the Community
November 29, 2018
Probably the most Important component of Corporate Social Responsibility is business / nonprofit cooperative partnerships that benefit a community. Businesses vitally need healthy growing communities to expand. Nonprofits play an extraordinary role in making communities more attractive to live in, because all successful nonprofits bring a needed problem-solving mission to some aspect that improves the quality of life and draws talent to live there. In a real sense, those missions are the lifeblood of a community which greatly impacts the opportunity for business success in the region.
For instance, a range of development programs for children such as little league, girl or boys clubs, exposure to the arts, special needs tutoring; helping the poor with food, shelter, clothing and health care; adult development with theater, concerts or museums; or schools, hospitals or addiction treatment help all families with needs, to mention a few. Most impact the families of the rich and poor alike. Their existence and help are of critical importance to attracting talent and their families to a community.
Today times have changed – people want to know the company they work for is supporting their community. Today more and more people of talent are making job acceptance decisions based on their employer’s participation in supporting their community. No community support, the more “no thank yous” to company job offers. Studies clearly show people of talent are increasingly no longer willing to work for a company that only sits on the side lines.
A Forbes October 2016 article notes: “50% of Millennials would take a pay cut for work that matches their own values. This generation seeks to work for companies that are socially responsible and value a positive impact on society.” Why is that impactful? More than one-in-three American labor force participants (35%) are Millennials (those born between 1981 and 1996), making them the largest generation in the U.S. labor force, according to a Pew Research Center analysis of U.S. Census Bureau data.
A 2017 study from the Stanford Graduate School of Business revealed that 90 percent of MBAs from business schools in Europe and North America prefer working for organizations committed to Corporate Social Responsibility.
In addition to their interdependence, for-profit and nonprofit organizations have in common that they are free enterprise activities. Both have to raise their own money and both have to have a loyal constituency (customers). Without both of these characteristics they will fail. Both need each other to be sustainable. Recognizing this, many companies are becoming more active and giving financial support (as well as leadership) to one or more nonprofits of their choice. They choose to support given nonprofits for a variety of reasons including business needs, personal needs, family needs, or filling the needs of some aspect of the community.
Increasingly today, it is being recognized that businesses and nonprofits, although independent, have a great need for each other and the well-being of the community is dependent on such successful partnerships. That is why businesses are more responsive today to Corporate Social Responsibility and to financially partnering with nonprofits for the greater good of the community. Nonprofits in turn are very pleased to have the leadership and financial influence of business helping them achieve their community problem-solving goals.
The Winter-Spring 2018-2019 Scholars Intern Program
The inaugural Satell Scholars Summer Intern Program was an outstanding success, and the Institute is currently completing its Winter-Spring Cohort selection. Designed for full-and part-time graduate students, the 2018-2019 Satell Scholar Program will also provide inspiring hands-on nonprofit experiences for the selected cohort.
For more information visit https://www.satellinstitute.org/about/intern-program/