While economists point to a shrinking workforce, companies — both national and local — are looking to obtain and retain qualified employees. Good benefits and competitive salaries have always been attractions, but over the past few years another variable is coming into play — a shift in what employees say they prefer in company core values. Most notably, employees are looking to work for community-conscious, proactive and transparent companies with philanthropic programs. According to SalesForce, “82% of medium and large companies say their employees have inquired about starting a workplace giving and volunteering program.”

Not only does corporate giving seem to be on prospective and current employees’ minds, it’s also on stakeholders’ and customers’ minds, reported a recent Forbes article. “If you’re targeting a younger demographic, you need to embrace corporate charity programs. Your customers expect nothing less. Both millennials and Gen Zers grew up in a world that encouraged recycling and social good,” stated the article, which also outlined the many advantages of corporate philanthropy, including fostering long-term loyalty, encouraging purchases and creating a strong internal culture — not to mention the great PR.

So, what does this mean for companies? Simply put, having a charitable or philanthropic component to your business isn’t just nice, it’s becoming necessary. And, while large, national corporations tend to give nationally, they are also realizing the importance of giving back locally. The pandemic only underlined the need for community support from businesses — 65% of surveyed employees said the pandemic made them more sensitive to their community’s needs and 90% of employees surveyed say they want to give back to their community.*

One of the easiest ways to make an impact in your community is to set up a corporate advised fund through the Community Foundation of Anne Arundel County. The community foundation can work with corporations to establish a charitable giving fund, eliminating administrative burden so companies can focus on business while also allowing owners, managers and employees to have a voice in philanthropic decision making. How corporations structure their giving is totally up to them — CFAAC provides the due diligence, community nonprofit knowledge, guidance and assistance to identify and implement a company’s goals for charitable giving.

And giving back isn’t only for large corporations; medium to small businesses can also give back in many ways. For example, many local businesses have helped to organize food drives, form volunteer programs and set up customized, corporate advised funds. One of those companies is the Baum Jackson Investment Group, a division of RBC Wealth Management. Partners Patti Baum and Margie Jackson established the Baum Jackson Investment Group Charitable Foundation, a corporate advised fund at CFAAC, in 2012. The fund supports youth through education, financial literacy and self-esteem building programs, aligning with the mission of their business.

Through this fund, Baum Jackson has provided financial support to many local programs and funds including CFAAC’s Community Crisis Response Fund, Anne Arundel Women Giving Together, Seeds 4 Success, Girls on the Run, STAIR and Anne Arundel County Public Library Foundation. The company also participates in many of the organizations’ events.

“Why we established this fund was two-fold,” said Patti Baum, certified private wealth advisor and managing director at RBC. “Obviously, one was to be able to identify local programs, which align with our personal values, and to support them. Second, it’s a team building experience — it’s a way for people on our team who aren’t able to be as philanthropic as they would like to be, to participate in and make decisions about our grant making. We meet a couple of times a year to collectively decide where we want our funds to go to have maximum impact.”

“The community foundation knows firsthand where there is need in the community,” she said. “They make it easy. If one of your main objectives is to make a difference and have impact in your local community, I think there’s no better way than through a community foundation.”

Mary Spencer is the president and CEO of The Community Foundation of Anne Arundel County.

This story was originally printed in the March 21, 2022 edition of the CAPITAL GAZETTE.