2023 BUSINESS GENEROSITY REPORT:
Unanimous Agreement - Generosity is Critical to Business
Generosity Helps Solve Top Business Concerns
In 2019, goBeyondProfit launched a first-of-its-kind business generosity survey comparing the priorities of Georgia’s top executives and their employees. In this year’s survey, executives shared that labor shortages tops the list of business concerns, followed closely by inflation and recessionary risks. In light of these concerns, this report reconfirms the relevance of business generosity, offering data to help identify and prioritize the most effective generosity efforts.
The Importance of Generosity Continues to Climb
Every year, we ask employed adults in Georgia if business generosity efforts impact their choice of workplace, and the response continues to be a resounding yes. In 2019, business generosity was most valued by the younger cohort of workers, with only 47% of the employees saying they consider it important. By 2021, that number had risen to 60% of all employed adults.
In this year’s study, 99% of employed adults in Georgia say it is important that the company they work for is generous, with a full 75% saying it is very or extremely important. Due to the high value employees place on business generosity, strategic investment in it continues to bring solid returns.
Executives Detail Generosity’s Core Business Benefits
In the post-COVID era of dispersed work, executives see an engaged, connected culture as the number one benefit of their company’s generosity.
Specifically, 91% of executives at mid-sized companies (100-499 employees) name generosity as a compelling factor in their culture and ability to attract/retain employees.
Leaders of large companies (500+ employees) are more likely to see the potential for business generosity to improve profitability. Additionally, leaders of both small (fewer than 99 employees) and large companies are more likely to say that business generosity helps them gain customers.
Investment in Generosity Shows Signs of Slowing
Given the direct correlation to business success, 91% of leaders continue to report their intention to maintain (58%) or increase (33%) their company’s generosity efforts in 2023. However, recessionary fears appear to be cooling generosity investments, with the percentage of executives signaling their intent to decrease them reaching 9% – the highest percentage reported since this survey began.
In contrast, in 2019, the first year of this report, 60% of executives planned to increase their generosity investments, and only 1% mentioned plans to decrease them.
Of note, younger leaders (under 55) are twice as likely to increase their generosity efforts this year as leaders over 55.
While leaders face challenges balancing economic pressures and hiring and retention needs, business generosity may not be a wise place to make cuts. Given that 99% of current and prospective employees factor in generosity when choosing an employer, this report suggests re-evaluating your current offerings and ensuring their alignment with what employees truly value today. [See You Need People, But What Do People Need?]