8 Trends in Corporate Philanthropy for 2024: How to Tap In

Corporate philanthropy programs like matching gifts, volunteer grants, employee giving campaigns, and corporate sponsorships evolve constantly to meet the needs of companies, nonprofits, and supporters. But external factors are at play that impact trends in corporate philanthropy, too.

For instance, when the economy seems rocky, many worry that corporate matching gifts will be negatively impacted. But luckily, that’s not been the case this year. Instead, many corporations have historically expanded their giving programs in the face of economic downturns to help combat the negative effects on nonprofits.

In this guide, we’ll dive into this year’s CSR trends—particularly those pertaining to workplace giving. We’ll take a close look at what we’re currently seeing and what we expect to continue into the future. Specifically, we’ll cover:

• 8 Trends in Corporate Philanthropy To Pay Attention To
• Recent Industry Developments in Matching Gifts
• How Nonprofits Can Tap Into These Corporate Philanthropy Trends
• What These CSR Trends Mean For Companies

If you’re looking for the Too Long; Didn’t Read version, it’s this⁠: corporate philanthropy programs like matching gifts are thriving, and we don’t expect them to go away anytime soon. For a more in-depth look, however, keep reading to find the latest industry developments and what they mean for your nonprofit.

8 Trends in Corporate Philanthropy To Pay Attention To

With the explosive growth of giving initiatives comes a number of new patterns and trends in corporate philanthropy worth exploring. Here’s what’s currently shaping the corporate philanthropy landscape:

1. More small and mid-sized companies are participating.

Historically, primarily enterprise-level corporations have offered programs like matching gifts. Companies needed a big budget to get started⁠, not to mention the time and energy required to run the program.

Today, our analysis shows that over 65% of Fortune 500 companies still provide matching gifts⁠, but the number of small and mid-sized businesses following suit is also growing rapidly. The introduction of a number of dedicated corporate giving platforms designed for smaller teams has made this change possible for organizations with limited budgets.

Now, just about any employer can hop in on this corporate giving trend, get started with matching gifts, and see a substantial return on their investment! All in all, that means organizations are seeing more match-eligible donors⁠, with 26+ million individuals working for companies that match employee gifts thanks to this CSR trend.

2. Year-round giving programs are becoming mainstream.

In the last few years, an increasing number of companies have expanded their corporate philanthropy programs—going from one-off annual giving campaigns to year-round employee-matching programs.

This is due in part to an increased focus on corporate social responsibility from both employees and consumers. U.S.-based consumers have realized the need for philanthropy and want the companies the work for and buy from to take part. Additionally, businesses realize that the benefits of year-round corporate philanthropy on their bottom line are significant!

That said, we can expect to see continued growth in year-round and recurring corporate giving. In fact, according to studies, 94% of major U.S. corporations plan to heighten or maintain their current level of philanthropy in the next few years. With the workplace giving trends we’re seeing, we estimate that a notable portion of that increased giving will be contributed through employee-driven initiatives, like matching gifts. This means your donors will be in the driver’s seat—so keep up your outreach!

3. Nonprofits are proactively seeking matching gifts.

Even with an increasing number of companies offering matching gifts, eligible employees being unaware of the programs available to them remains a significant roadblock. Research even shows that less than 19% of companies include adequate information on matching gift programs in easily accessible employee-facing materials.

The result? 78% of donors do not know whether their company matches gifts. Thus, available matches are going unclaimed⁠—so nonprofits are taking it upon themselves to promote matching gifts to their audiences proactively. That way, they can grow awareness and be on the positive side of this workplace giving trend. Education can take many forms but often consists of:

• Internal matching gift training
• Efforts to integrate matching gift information directly into the donation process
• Using matching gift software to uncover available opportunities
• Sending personalized follow-ups post-donation

With these efforts and other strategic matching gift outreach, nonprofits can increase the number of donors who are aware of their employers’ corporate philanthropy programs—therefore boosting the amount of matched donations they receive.

4. Companies are being more generous with matching gifts.

Today’s businesses recognize that matching gift programs incentivize employees to be charitable, and being as generous as possible can inspire greater participation in workplace philanthropy. That’s why generosity in matching gifts has gradually become a corporate philanthropy trend.

We’ve noticed that more companies are experimenting with these strategies:

• Matching donations at higher ratios
• Lowering minimum donation amounts
• Increasing maximum donation amounts

By simply promising to match donations at higher rates, companies can grow employees’ impact and make it more worthwhile for employees to submit a match request. Currently, our CSR research shows that around 93% of companies have a minimum match requirement of less than or equal to $50. Having fairly cheap match requirements lowers barriers to participation since even modest donations will be eligible for matching.

The same goes for increasing maximum donation amounts. Our corporate giving statistics page explains that when companies match larger employee donations, more employees will engage. In fact, programs with $1,000 maximums see a 12% employee engagement rate, those with maximums between $1,001 and $10,000 have an 18% engagement rate, and any maximum beyond $10,000 sees an engagement rate of up to 40%.

5. Companies are prioritizing disaster relief and crisis response.

Many companies’ giving initiatives have prioritized disaster relief philanthropy. According to Candid’s analysis of public corporate announcements, companies donated $3.6 billion to disaster-related funding in 2020, and recent trends in corporate philanthropy indicate that it’s still a top priority.

With this year’s increase in climate-related emergencies like hurricanes, wildfires, and droughts, there’s clearly a need for this kind of philanthropy. Companies and their employees alike are making an effort to provide relief by participating in crowdfunding, volunteering, and matching gift initiatives.

6. More companies and nonprofits are forming partnerships.

Corporate philanthropy initiatives like matching gifts involve a few key stakeholders—namely, the companies offering the programs and the nonprofits receiving associated funds. To make the process as simple and direct as possible, the two parties are forming tighter partnerships.

One example of this corporate philanthropy trend is our innovative matching gift auto-submission functionality. Auto-submission within 360MatchPro enables employees at forward-thinking companies like Checkr, Innovative Discovery, and more to submit their matching gift requests right from their favorite organizations’ giving pages. Check out this overview of how this feature works for nonprofits:

 

It’s quick, it’s easy, and it’s all handled behind the scenes⁠. Thus, it minimizes complications for nonprofits, companies, and donors alike, driving more matching gifts to completion and contributing to this workplace giving trend.

7. Employees want greater value, flexibility, and transparency in workplace giving.

Flexibility and support are emerging as essential for employee engagement in workplace giving. An employee giving study from Fidelity Charitable uncovered this trend in workplace giving. Employees who are active in workplace giving programs enjoy participating but cited the following as ways to improve these programs:

• 40% want an increase in the value of the benefit (e.g., higher corporate match)
• 39% prefer their employers to offer a wider variety of programs
• 39% wish companies would allow greater flexibility in when employees can participate
• 36% want greater flexibility in the causes they can support
• 34% wish employers would provide more information about their programs and how to get involved
• 30% want greater transparency about how donations are used

Employees want more than a paycheck from their employers. They want to feel like they’re making a difference. Meanwhile, employees are also balancing a lot, both in and out of the workplace. To inspire participation in workplace giving, companies need to be flexible with the opportunities they offer, ensure those workplace giving options are valuable, and regularly report on impact. That way, they can hop in on this trend in workplace giving expectations among employees.

8. Businesses are using volunteering to grow employee skills and satisfaction.

Corporate volunteering is a wonderful way to grow workplace satisfaction and lower turnover rates for companies. In fact, 87% of employees who engage in corporate volunteering reported an improved perception of their employer. And this isn’t all for nothing! According to that same resource, 92% of HR executives encourage volunteering since it can improve employees’ professional skills.

For this CSR trend, let’s take a look at a real-world example. Bombas is a comfort-focused premium basics brand and a wonderful example of a socially responsible company. Their company is so committed to using workplace philanthropy as a way to increase employee satisfaction that it was actually named one of the best places to work in the U.S.

100% of its employees reported feeling good about how the company contributes to the community. One of the top ways the company gives back is by organizing 10 to 15 volunteering opportunities for employees each month.

For companies, follow in Bombas’ footsteps if you want to get in on this trend in corporate philanthropy. Nonprofits can tap in by looking for companies like this and forming partnerships when their missions align with the business’s CSR initiatives.

Recent Industry Developments in Matching Gifts

Tons of companies contribute to these corporate philanthropy trends by matching employee gifts. Our matching gift database contains records of over 24,000 companies’ program guidelines.

We work to provide the most comprehensive, accurate, and up-to-date source of information on the topic, and recently, we can attest that programs’ potential is continuously trending upward⁠. Specifically, new, reinstated, and expanding matching gift initiatives are driving growth. Let’s take a closer look at these developments.

New programs

New companies are rolling out matching gift programs every day! Check out these examples of businesses that have recently incorporated matching gifts into their ongoing corporate giving strategies:

• Russell Reynolds Associates: In 2022, Russell Reynolds Associates established RRA Gives Back, a philanthropic program that encourages RRA colleagues to support charitable causes and get their contributions matched by the company.
• Kraft Group: The Kraft Group and its subsidiaries have long participated in various philanthropic activities. One of their newest initiatives is matching employee donations, doubling employees’ impact when they donate.

Another trend in corporate philanthropy we’re seeing more and more of is employees advocating for matching gift programs to their employers. So if a number of your donors are not eligible for matching gifts, don’t fret! Instead, provide resources that can help them champion gift-matching on your behalf.

Knowing their employees want a matching gift program can be a significant motivator for rolling out such an initiative. In exchange, companies can look forward to increased employee engagement, productivity, and retention.

Reinstated programs

Thanks to the significant value that companies see in their corporate social responsibility efforts, many businesses have recently reinstated their matching gift programs. Companies recognize philanthropy as an integral aspect of their businesses.

For example, here are a few companies that are matching gifts again after a brief intermission in their programming:

• Booz Allen Hamilton: Previously suspended in 2021, Booz Allen Hamilton’s matching gift program is once again live as of 2023. Both full-time and part-time team members are encouraged to join the company in supporting their favorite charitable causes.
• Kimray Inc.: Kimray Inc. resumed matching donations of up to $2,000 per team member per year to eligible nonprofit causes. Though they’ll match many organizations and educational institutions, Kimray places a special emphasis on missions related to youth programming, culture, and their local communities.
• International Business Machines (IBM): IBM paused match operations while switching to a new system. However, the program is now live, and IBM employees are able to request matching gifts of up to $10,000 per year!
• United Parcel Service (UPS): Though it stopped matching employee gifts for a period, UPS has been back and matching since late 2022. Facilitated through the UPS Foundation, UPS’s matching gift program is designed to empower team members to make a difference through workplace giving.

These companies may have reinstated their programs because they’re in a better place financially, but it’s also likely that they recognized that matching gifts are a long-term investment in their communities. Regardless of the reasoning, we’re glad these companies are back!

Expanding programs

Companies with existing matching gift programs are also expanding their efforts⁠ by increasing their matching gift ratio and/or upping their maximum match amount per year. Here are a few examples of companies recently making these changes:

• American Eagle Outfitters: Quadrupling their maximum match amount (from $500 to $2,000 per team member per year), American Eagle continues to offer a best-in-class matching gift program! They also upgraded from a paper request form to an online submission portal⁠, making it simpler than ever for employees to get involved.
• The Hartford: With an increasing match ratio from 0.5:1 to matching on a dollar-for-dollar basis, The Hartford Financial Services Group, Inc. empowers employees to give by doubling individual donations.
• Chicago Community Trust: Not only did the Chicago Community Trust increase its matching gift ratio from 2:1 to 3:1⁠ (effectively quadrupling individual donations⁠), but it also heightened the maximum gift amount to $7,500.

Not to mention, the number of matching gift programs that will match to any nonprofit continues to grow, while programs that only match to a particular mission type have severely declined. This CSR trend continues to reflect a broader shift toward more inclusive corporate philanthropy as companies empower their employees to support causes that matter to them.

How Nonprofits Can Tap Into These Corporate Philanthropy Trends

Now that you’re up to date on all the latest trends, let’s dive deeper into what they mean for your nonprofit. Ultimately, these workplace giving trends are positive and mean that your nonprofit can continue to see the benefits of corporate philanthropy. But there’s more you can do to tap in!

Our number one piece of advice for leveraging these trends in corporate philanthropy is to take a proactive approach in marketing matching gifts to your audience. 

Remember, your donors may not be aware of their companies’ matching initiatives. To maximize funding and engagement from these programs, it’s crucial to spread the word across your marketing channels. Let donors know how to check their eligibility, why they should submit match requests, and how much impact they can make with matching gifts. Check out this video for more tips on how to promote matching gifts to your donors:

On top of increasing your matching gift marketing, use these additional tips to tap into corporate philanthropy trends:

• Invest in matching gift software. With software like 360MatchPro, you can greatly simplify the matching gift request process for donors. When you employ functionalities like matching gift auto-submission, your team can sit back and enjoy matching gift revenue trending upward.
• Expand your promotion of disaster relief campaigns. If your nonprofit participates in crisis response or disaster relief efforts, promote these campaigns directly to corporate audiences. Reach out to businesses and let your donors know their employers can magnify their impact on aiding disasters.
• Seek out corporate partnerships. Companies want to partner with organizations like yours! Take advantage of this corporate philanthropy trend by continuing to develop relationships with specific businesses, seeking out sponsorship opportunities, and tracking companies that frequently match your donors’ gifts.

Taking these steps will help your organization get the most out of corporate philanthropy and raise more funds for your mission.

What These CSR Trends Mean For Companies

Staying on top of trends in workplace giving isn’t only essential for nonprofits. Companies should also monitor the landscape and pay special attention to their employees’ engagement with their programs. That way, they can stay connected with increased expectations from their employees, prospective workers, investors, and customers.

Based on the corporate giving trends we’re currently seeing, this is what we suggest companies do to make a genuine impact:

• Be generous with workplace giving programs. It’s not enough to simply engage in corporate giving. Instead, businesses should provide a wide variety employee giving opportunities, including everything from matching gifts to volunteer opportunities to charitable giving stipends.
• Form partnerships with nonprofits. Consistently supporting one nonprofit can help grow impact while also indicating the company’s values. Companies should select reputable nonprofit partners that align with their missions.
• Put special emphasis on matching gifts. Corporate matches are one of the most convenient yet powerful ways to give back. Companies should develop a generous program with low minimum donation requirements, high maximum donation requirements, and generous ratios. Then, they should make sure employees know about the opportunity.

Being serious about corporate giving is a great way for businesses to show they recognize their duty to give back to the communities that support them. While these tips reflect current CSR trends, we don’t expect these standards to change anytime soon.

Trending Onward & Upward

Corporate philanthropy continues to be a priority for businesses and employees everywhere. Thus, we encourage nonprofits to make the most of the opportunities at hand.

Interested in learning more about corporate philanthropy trends to be aware of? Check out these additional Double the Donation resources:

• Corporate Giving and Matching Gift Statistics. Dive deeper into the research behind the current matching gift industry. Browse successful match totals, unclaimed funding, donor awareness statistics, and more.
• Top Matching Gift Practices | Actionable Insights & Examples. Explore tried-and-true best practices from some of the world’s leading nonprofit fundraisers⁠. Plus, see how they’ve incorporated matching gifts in their strategies.
• Alternative Fundraising Avenues: Recouping After Lost Funding Sources. Lost a fundraising avenue? Don’t worry⁠! We share 10+ methods for recouping lost funds and an in-depth look at our favorite opportunity: matching gifts.

Interested in learning more about how to continue fundraising through difficult times? Check out our immersive webinar on the topic!