How Companies Can Partner with Nonprofits

Fifteen years ago, if Goldman Sachs went looking for financial advice, a small, green nonprofit might be the last place it looked. Today, the firm and a host of other Wall St. giants don’t think twice about partnering with JUST Capital, a nonprofit that provides third-party data, tools, and insights to help measure and improve corporate performance on stakeholder and ESG issues.

The partnership is part of a growing trend in which for-profit firms are finding value in partnering with ESG-minded nonprofits they once may have shunned. And why not? The very best nonprofits have much to teach corporations. They have a purpose-driven focus that permeates their DNA — something corporations are increasingly seeking out for themselves.

Nonprofits also have constant dialogue and connection with their stakeholders, and effectively engage their boards. In contrast many corporations struggle in these areas. Only 20% of organizations believe they successfully communicate their strategy to a broad set of external stakeholders. And only 60% say that their boards understand their core technology and business model.

Unfortunately, many corporations don’t know where to start. What contact they have had with nonprofits has usually been through their corporate giving or Corporate Social Responsibility Programs — or even their PR department in cases where they are deflecting criticism from NGOs. Recently, we set out with the help of Giulia Siccardo, a partner at McKinsey & Company, to sketch out the areas of opportunity for corporations to partner with nonprofits.

To be absolutely clear, nonprofit partnerships are not a substitute for foundational change. To truly accelerate a corporate ESG journey, nonprofit partnerships need to go way beyond PR or branding. Corporations need to ensure their core businesses deliver holistic impact while they engage nonprofits on the issues and business lines where they aspire to develop and deepen influence.

Source: News Formal (newsformal.com)

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