Big business bucks economic trend on community front
Leading international companies are maintaining their investments in local communities and helping more people, despite the tough economic climate.
New data on corporate community investment just published by LBG, the international standard for measuring and benchmarking corporate community investment, shows companies are contributing a greater proportion of their profits, giving staff more paid time off to volunteer and increasing their support for education and young people.
According to LBG’s 2013 Annual Review, annual community contributions have reached a total of £1.7bn ($2.6bn; €2.0bn) among participating companies and on average the companies contribute 1.7% of pre-tax profit, equivalent to £428 per employee ($527, €677); and 17% of employees volunteer in paid time.
A quarter of total contributions go to support education and young people (26%) and a similar amount to health (24%). LBG says an estimated 95m people in more than 130 countries benefit from the corporate programmes with some 77,000 partner organizations.
Pam Webb from Zurich Community Trust and chair of LBG, commented: “Companies using the LBG model are making a big difference to their communities. By adopting a strategic approach, they build strong relationships with not-for-profit partners, encourage their employee engagement, build business value and achieve a long term impact in the community.”
Over 300 companies around the world use the LBG standard to improve their management, measurement and reporting, with 109 companies participating in this year’s survey.
Picture credit: © Karen Foley | Dreamstime.com