Eileen Howard Boone, CVS Health’s Senior Vice President, Corporate Social Responsibility and Philanthropy and President, CVS Health Foundation, explains how creating a business culture focused on giving back affects employees and consumers.
In today’s competitive landscape, brands need to be purpose-driven if they want to outperform their competitors and increase their bottom line. The same rule applies if they want to keep their employees happy and their customers loyal.
By maximizing partnerships with non-profit organizations, companies can create opportunities that allow their employees and customers to also play an important role in the company’s purpose.
Here are some ways non-profit partnerships can pay off for both employees and customers:
Doing Good Improves Overall Happiness: According to a United Health Group study, U.S. adults who volunteer report that they feel better, both physically and emotionally, than adults who do not volunteer. At CVS Health, we’ve seen this firsthand with our colleagues who are passionate about our purpose of helping people on their path to better health and are always looking for ways to get involved in our philanthropic efforts. We take this a step further by providing even more support to the causes our colleagues care about with the company’s Volunteer Challenge grant program. These grants are awarded directly to the organization in recognition of the colleague’s volunteer or fundraising efforts, providing a great incentive to support their local community.
Talent Retention: It’s been proven time and time again that employees want to work for an employer that’s making an impact on the world and is committed to giving back. In fact, a recent survey revealed that 45% of employees state they would take a 15% pay cut for a job that makes a social impact. This is even more evident among millennials, soon to be the largest generation in the workforce, who say they want to work for a company that focuses on purpose.
Brand loyalty: Just as employees value an organization that makes a social impact, this also holds true for consumers. In a 2014 study by Nielsen, 55 percent of global online consumers said they’d be willing to pay more for products and services provided by companies that are committed to a positive social impact.
Power in numbers: Consumers are great allies in the support for non-profit organizations and their social causes. For example, we annually host in-store fundraising campaigns for Stand Up to Cancer and the American Lung Association’s LUNG FORCE initiative. Over the past three years, generous donations from customers and colleagues have helped us to raise over $25 million for these important causes.
By maximizing the partnerships we have with non-profit organizations, we’re able to bring our colleagues and customers together for one common purpose: helping people on their path to better health. And that leads to a more engaged workforce and healthier communities.
To learn more about CVS Health’s efforts to increase access to health care and improve outcomes through corporate giving, visit our Corporate Social Responsibility information center.