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Executed well, social impact programs can transform how people live. Essentially the result of a wider planned environmental, social and governance (ESG) strategy, they can bring constructive and lasting social change in communities.

Social impact policies and programs might target housing and community services, health and wellbeing, the environment, or civil liberties. All aim to make society more equitable, sustainable, and secure.

Success means measurement

As discussed in our article on Taking a Strategic Approach to the ‘S’ in ESG, a successful social impact strategy should be aligned with an organization’s business strategy.

This means it should address the needs of key stakeholder groups over the long-term. If properly measured, it will allow companies to identify and manage the impact of their operations on employees, workers across their value chain, customers, and communities. 

The ability to measure social impact is fundamental to success. It involves the use of both qualitative and quantitative data, with the timing of data collection and the use of tools for data evaluation playing a significant role.

Engaging stakeholders in the process, building their trust and putting a value on social impact programs are also important aspects of social impact measurement.

Also, as we highlight in our article on Measuring what matters – Navigating the path to meaningful social impact, the measurement of social impact is not just a means of assessing past performance. It should also be a forward-looking tool that empowers organizations to continuously learn, adapt, and innovate.

Benefits of a social impact strategy

High performing organizations align their social impact strategies with the United Nations Sustainable Development Goals (UNSDGs) which were set up to address numerous global issues including climate change, poverty, hunger, clean water, and gender inequality[1].

These challenges can affect economic growth and business value. A failure to address them can limit productivity, constrain consumer spending and growth, destabilize supply chains and trigger political instability. It can also jeopardize a company’s social license to operate.

Some social development issues have been exacerbated by global trends including geopolitics and pandemics. For example, global inequality has been accelerated by the COVID-19 pandemic. It has widened the equality gap, leading to greater structural inequalities, and setting back decades of social and economic progress. Poorer nations have suffered disproportionately, as their governments lacked the resources to provide extensive social safety nets.

A strong social impact strategy can not only contribute to organizational success but also help ensure both short-term and long-term benefits which can alleviate hardships and drive real-world change.

Organizational benefits

As social challenges increase globally, a social impact strategy becomes essential for organizations aiming to make a positive societal impact. It advances an organization’s ESG agenda and transforms operations. By evolving relationships with the workforce, suppliers, communities, and customers, organizations can gain competitive advantage and build trust, thereby safeguarding their license to operate and long-term value. Potential benefits include:

New profits streams: Organizations can unlock new revenue streams through partnerships, collaborations, and developing products or services that address social issues and generate profits.Reputational benefits through increased transparency and accountability: Demonstrating progress allows organizations to build trust with their stakeholders, which is essential to the success of any social transformation. It also enhances accountability. Organizations that are transparent about their social impact initiatives often see a 4-6 percent increase in their market value[2].Trust engages customers and improves employee performance: These practices are increasingly important to consumers and enable deeper consumer engagement. 65 percent of customers[3] will switch brands if they do not trust the brand image, highlighting that trust directly impacts customer loyalty and sales. Additionally, workers who trust their employers report 50 percent greater productivity at work[4], leading to higher efficiency and better business performance, driving financial success.Attracting and retaining talent: A commitment to social change and tangible results from initiatives attracts high-quality talent and improves employee engagement. Research has found that 76 percent of millennials now consider a company’s social and environmental commitments before joining a company[5], important as millennials constitute over a third of the global workforce[6].Operational efficiencies: More sustainable practices can lead to greater efficiency and cost savings, such as reduced energy consumption, less waste. They can also contribute to the long-term resilience of businesses, ensuring they can thrive in a rapidly changing global environment.

Focus areas

Addressing social impact also involves a change in mindset, as organizations are often not used to thinking in this way. Employing a defined strategy forces a shift based on new perspectives, new definitions, and new tools.

While the practice of understanding, measuring, and managing natural capital is gaining traction, a consolidated understanding of social capital, i.e., the value of resources and relationships provided by people and society, is in its infancy.

By focusing on clear objectives, aligning with business strategy, engaging stakeholders, and leveraging data for continuous improvement, organizations can develop a more mature approach and achieve significant outcomes.

Risk management

One key focus area for a successful social impact strategy is addressing and factoring in risk. Failure to provide evidence of ESG performance and falling short of key ESG targets and expected standards escalates reputational risk and may harm investment, sales, and recruitment.

If an organization does not understand and measure the full range of social risks within their supply chains, project, or products, it is likely that these risks are not being responsibly managed.

Case Studies

Journey Towards Enhancing Reputation & Futureproofing: Swedish Multinational Conglomerate

Risk was top of mind for a Swedish multinational conglomerate which has embarked on a journey to future-proof its operations by initiating a 10-year strategy for social sustainability.

Aiming to mitigate potential supply chain risk in the fact of an increasingly uncertain global operating environment, they aimed to identify human rights, working conditions, and environmental risks in their processing and raw material value chain.

The company undertook a comprehensive risk assessment, identifying the most common risks globally. By adopting a more proactive approach to risk management, they achieved a better understanding of their current operating environment and also the ability to make more informed decisions on future priorities for risk mitigation.

Approach

For each risk, the company identified geographic hotspots and category-specific risks. They then categorized these risks into those which were “inbound,” i.e., potential threats within the organization’s supply chain, and “outbound”, defined as potential threats that could impact the company’s customers or affect stakeholders. The identified risks were then prioritized based on their likelihood of happening and continuously monitored using a tracking and monitoring system.

The benefits of this strategic approach were:

By proactively identifying and addressing potential risks, the company demonstrated its commitment to social sustainability and reduced the chance of reputational damage that could occur if these risks had not been addressed.This approach has increased accountability within the organization as processes and standards are now much clearer. By setting clear goals and tracking progress, the company is holding itself accountable for its social impact.By its long-term commitment to social sustainability, the company has positioned itself favorably in the eyes of potential partners and customers who value corporate social responsibility, potentially opening up new business opportunities.

This case study demonstrates how aligning social impact strategies with global trends can mitigate risks, enhance reputation, drive accountability, and support long-term business success.

Supply chain and procurement

ESG issues in an organization’s supply chain can be one of the easiest to identify but the hardest to address. With ongoing disruption facing global supply chains, transforming them, and adapting procurement processes should be central to any social impact strategy.

Typical focus areas should include increasing supplier inclusion and diversity, gender equality and supporting minorities in business, and protecting human rights including addressing modern slavery risks.

Embedding more ethical and sustainable thinking and processes into procurement so that it becomes business as usual should also be a priority and can support with regulatory compliance and due diligence.

Transforming Procurement for SMEs to Boost Economic Development and Business Opportunities

A municipal government in Taiwan sought to enhance procurement opportunities and industry competitiveness for SMEs and startups. This initiative was driven by the need to promote economic development and create a more inclusive market environment. Recognizing the potential impact on local businesses and the broader community, the government aimed to establish a strategic plan that would connect stakeholders and foster sustainable growth.

To achieve this, they collaborated with experts to design a comprehensive action plan. The plan involved establishing a procurement task force to oversee the initiative, developing a policy brand to promote the program’s objectives, capacity building for SMEs, and consolidating procurement data to ensure transparency and efficiency. Leveraging expertise in impact assessment and stakeholder engagement, the initiative shaped the strategy and its implementation.

The initiative yielded significant positive outcomes:

By creating new procurement opportunities for SMEs and startups, the program stimulated local economic growth and enhanced industry competitiveness.The strengthened policy and cooperation platforms fostered a more collaborative environment, enabling businesses to thrive, improving the business skills and building sustainable business models.The initiative’s success enhanced the reputation of the municipal government as a proactive supporter of local business development.The collaborative approach built stronger relationships between the government and the local business community, promoting ongoing dialogue and cooperation.Additionally, the demonstrated success of the initiative attracted attention from other municipalities and organizations interested in replicating the model, highlighting its potential for scalability and long-term impact.

This case illustrates how a strategic procurement initiative can stimulate economic development and create business opportunities, demonstrating the far-reaching benefits of integrating social impact strategies into public sector projects.

Conclusion

Embracing social sustainability is not just a moral imperative; it is a strategic business opportunity that creates value for both society and the organization. A strong social impact strategy can drive positive change and secure long-term success.

Social impact initiatives allow companies to build on existing strengths and address particular strategic and operational gaps. Measurement tools will ensure that the strategy remains effective and relevant over time.

Important steps might include:

Identifying internal and external drivers. Impact efforts need to align with broader business goals and address key market and regulatory influences. This enhances accountability and builds trust with stakeholders, leading to long-term value creation.Engaging with stakeholders. Impact initiatives need to be adapted to address real-world challenges and a better understanding of community needs. This approach leads to improved collaboration, enhanced reputation, and brings partnership opportunities.Adopting a long-term, data-driven approach. Regular data collection and analysis is crucial and will enable more informed decision-making and continuous improvement.

It has been shown that better business values driven by ESG initiatives such as social impact, builds trust and loyalty in organizations, improves employee morale, and creates a culture of positivity – all are not easy to achieve. Social impact goals not only drive business growth, but they make the organization feel good too.

Appendix

KMPG firms have numerous case studies which demonstrate the tangible benefits of social impact strategies when social impact strategies are employed. These examples demonstrate how organizations have addressed the diverse challenges faced by many societies today, which strategic approach to social impact was adopted and the main result achieved. They also highlight just how diverse and significant and effective social impact strategies can be.

Case StudyChallengeSocial Impact Strategy AdoptedKey Outcomes/ BenefitsDanish RetailerNumerous health & safety concerns posing significant reputational risks.Launched a comprehensive strategy including detailed document review, rigorous on-site monitoring, and structural examinations.Enhanced health and safety in supply chain operationsImproved worker engagementEnhanced reputationSpanish Apparel CompanyChallenges in implementing regulatory frameworks within the supply chain.Initiated a comprehensive strategy involving qualitative and quantitative impact studies, detailed document reviews and field-level assessments.Critical insights led to relevant control measuresOptimized socio-economic conditions of smallholder farmersImproved compliance with local regulatory frameworksFederal Government Broadband InitiativeUnderstanding the economic and socio-economic impacts of broadband projects/ investments in historically underserved communities.Used a macro and micro model to quantify the economic and social impacts, assessing indicators like GDP, employment, sectoral output, and community health outcomes.Demonstrated increased employment and economic activityProvided data to support future investment and policy decisions.Leading Canadian Telecom Company Aimed to lead in social capitalism – defined as value of resources and relationships provided by people and society – by contributing to community welfare and sustainability.Implemented a comprehensive social capital strategy, including financial contributions and volunteer programs focused on community welfare.Donated $150 million and one million volunteer hoursEnhanced community welfare through various programsRecognized as the most giving company and received awards for sustainable development

 

To view this article on kpmg.com, please click here.
 

References

[1] United Nation Sustainable Development Goals

[2] “The value of Corporate Social Responsibility (CSR) – and how to get it right” Rice, L, Qualtrics, January 23, 2020

[3] Brand Trust: What It Is and Why It is Important. Qualtrics (2023)

[4] “The Neuroscience of Trust”, Harvard Business Review, February 2017

[5] “The value of Corporate Social Responsibility (CSR) – and how to get it right” Rice, L, Qualtrics, January 23, 2020

[6] United Nation Sustainable Development Goals

NEW ORLEANS, July 19, 2024 /3BL/ – United Way of Southeast Louisiana (UWSELA), Verizon, Hyfi, New Orleans City Council, community partners and residents gathered Thursday at the J. Wayne Leonard Prosperity City (2041 Canal Street) to celebrate the rollout of a new technology for stormwater detection in the greater New Orleans area. In a press conference to honor the event, representatives presented the sensor’s functionality, benefits to the community and plan for installation of the sensor devices and digital platform. Additionally, UWSELA facilitated a series of community information sessions on stormwater management, disaster preparedness and details of the program for residents to become educated on stormwater safety and the capabilities of the new program.

The high-tech, low-cost flood sensors are made possible by startup platform Hyfi, winner of Verizon’s Inaugural Climate Resilience Prize competition. The sensors pair with an associated digital platform designed to provide stormwater managers with an unprecedented level of information through a real-time map that infers flood conditions.

“Storms don’t discriminate, and with the rising frequency of natural disasters, it’s more important than ever that we work together to save lives and strengthen our systems. I’m proud to support this groundbreaking initiative which brings New Orleans state-of-the-art, cost-effective stormwater sensors, a testament to the power of strategic partnerships and cutting-edge technology. This will revolutionize how we predict and respond to flood conditions,” said Congressman Troy A. Carter, Sr. (LA-02).

“There is an essential link between disaster preparedness and financial well-being, and in Orleans Parish, half of all families lack the means to rebuild and recover financially after a flood,” said President and CEO of UWSELA Michael Williamson, “This partnership has the power to stabilize our struggling neighbors, making them less vulnerable to flood damage and unexpected costs that can send them into financial ruin. Ultimately, the ability to combine our century of experience with Verizon and Hyfi’s technology has huge implications for the city as a whole.”

United Way’s ALICE in the Crosscurrents: An Update on Financial Hardship in Louisiana, released in May, identified 34,183 households living in poverty in 2022 in Orleans Parish, as well as 47,799 defined as  ALICE (Asset Limited, Income Constrained, Employed), earning above the Federal Poverty Level but less than what’s needed to survive in the current economy. In the last 12 years, the number of ALICE households and those living in poverty in New Orleans has risen by 12%, demonstrating that the number of families financially impacted or unable to recover from a flooding event has continued to increase.

“Our top priorities during any flooding event are to keep our residents safe and respond efficiently to the issue at hand,” said Mayor LaToya Cantrell. “This new technology will help us both increase public awareness and enhance our ability to respond to flooding events more quickly and effectively. I commend the collaborative efforts of Hyfi and the City’s Office of Homeland Security and Emergency Preparedness’ Hazard Mitigation Branch to design the sensor network, choosing sensor locations through the examination of the drainage network, traffic patterns and topography. As we approach the nineteenth anniversary of Hurricane Katrina, the City is proud to be included in this initiative alongside United Way of Southeast Louisiana and Verizon. Our community is at its most resilient when we have the resources and the partnership to enact tangible, long-lasting solutions for the people of New Orleans.”

Hyfi technology consists of wireless, solar-powered water level sensors that inform a web-based app which is continuously updated with the latest water level readings. The cylindrical devices use a series of ultrasonic sound pulses to detect changes in the distance between the sensor and the closest waterline. In turn, this data is delivered to the Hyfi digital platform, or Hyfi app, where it renders a dynamic, real-time map that displays flood conditions in the surrounding area. Following a full-scale, citywide installation of the sensors, the platform will be available to emergency preparedness officials. Eventually, the goal is to extend this app to the public and help residents access real-time flood updates for their own neighborhoods.

“Flooding accounts for 75% of all presidential disaster declarations nationwide – there’s no doubt this is an issue that deserves more innovation and investment,” said Donna Epps, Chief Responsible Business Officer at Verizon. “New Orleans was an obvious candidate not only for the benefits to the community, but for the data and information on local flooding that can inform and influence the program’s effectiveness in other communities across the country.”

The initial sensor, installed in Algiers at the corner of General Degaulle Drive and Wall Boulevard, is the first of at least 20 sites throughout Orleans Parish, including the West Bank and New Orleans East. The sensor requires only a common hardware bracket for installation and pairs with the Hyfi app for full functionality. Use of the app also enables Hyfi analytics for continuous quality control, minimizing or eliminating the need for stormwater professionals or emergency responders to manually calibrate the sensor in the field or in the midst of a major weather event.

“Modern technologies significantly lower the barrier to providing timely flood information for stormwater managers and first responders while making storm data more accessible to the public,” said Brandon Wong, CEO of Hyfi. “New Orleans embodies resilience especially and we believe that is thanks in large part to its local officials, its community leaders, and its residents. This partnership promises to equip the city with next-generation tools that we hope will be embraced and leave a sustainable positive impact for generations to come.”

As the program enters the installation phase, UWSELA and Verizon are working together to provide communities with educational opportunities to help residents make informed decisions and stay safe in emergencies during hurricane season. The public is encouraged to register for upcoming disaster preparedness workshops on August 8 at noon at the J. Wayne Leonard Prosperity Center (2401 Canal Street) and at 5 p.m. at the Prosperity Center – New Orleans East (8324 Morrison Road) for an overview of the program, how to connect to the product and essential practices on disaster preparedness.

For more information on the UWSELA and Verizon partnership, the Hyfi program or to register for an upcoming community information session, visit UnitedWaySELA.org/Verizon.

Editor’s Note: High resolution photography and video are available via Dropbox here.

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About United Way of Southeast Louisiana 
For 100 years, United Way of Southeast Louisiana (UWSELA) has been a leader and trusted partner in improving lives and making a lasting difference. We fight to eradicate poverty by preparing people for quality jobs, growing incomes, and affording better health and education opportunities throughout Jefferson, Orleans, Plaquemines, St. Bernard, St. Tammany, Tangipahoa, and Washington parishes. We have a bold vision of equitable communities where all individuals are healthy, educated, and financially stable – and we have a plan. United Way of Southeast Louisiana’s Blueprint for Prosperity guides all strategic investments in programs, initiatives, collaborations, volunteerism, and advocacy aimed at tackling poverty. For more information, please visit UnitedWaySELA.org. Find us on social: @UnitedWaySELA. 

Join United Way. GIVE. ADVOCATE. VOLUNTEER. CONNECT. 

About Verizon 
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizongenerated revenues of $134.0 billion in 2023. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores. 

About Hyfi 
Headquartered in the Great Lakes region, our co-founders at Hyfi grew acutely aware of the importance of natural water resources to recreation, conservation, and community resilience. We launched Hyfi to make it easy to use technology for flood response, stormwater management and safe recreation. We are obsessed with providing a seamless user experience and believe technology should be second nature when managing watersheds and stormwater systems. To learn more, please visit hyfi.io.

UNITED WAY OF SOUTHEAST LOUISIANA CONTACT: Meagen Moreland-Taliancich, 803-429-2703, meagen@gambelpr.com 

Why does making a difference matter? 

Wesco’s Day of Caring is a celebration and something deeply rooted in the company culture.

The company’s Day of Caring events encouraged employees to give back to the community and learn about local opportunities to do so. Employees learned more about the company’s matching gifts and paid volunteer time off programs, as well as corporate giving support of the American Red Cross, Habitat for Humanity, and other local charitable organizations.

Wesco team members shared their experiences giving back to their communities and the organizations that mean the most to them.

Watch the video above or click here to learn more.

Learn more about about Wesco Cares here.

Authored by Garrick Gibson, Donald N. Bernards

Baker Tilly’s podcast series specifically for professionals in the multifamily housing industry

On this episode of BuzzHouse, hosts Don Bernards and Garrick Gibson give an update on the multifamily housing development space as of Summer 2024. Don and Garrick explore subjects such as DOT loan programs like TIFIA and RRIF, 501(c)(3) bonds, the Greenhouse Gas Reduction Fund and more. Listen in to hear all the latest topics in multifamily development.

Multifamily housing resources

For articles, webinars and additional resources for developers, housing authorities, property managers, state housing credit agencies and lenders, visit Baker Tilly’s multifamily housing page.

For more information on this topic, or to learn how Baker Tilly specialists can help, contact the team.

Julia Binder, professor of sustainable innovation and business transformation at IMD Business School, and Manuel Braun, director of Systemiq and lecturer at the Technical University of Munich, join co-host Andie Wood to share how businesses can integrate circularity into existing frameworks, illustrated by successful, real-world case studies.

Listen Now

Looking for more? Subscribe to the ESG Talk podcast on Apple, Spotify, and YouTube.

ESG Talk is brought to you by Workiva, the world’s only unified platform for financial reporting, ESG, audit, and risk. Learn more at workiva.com.

Diversity, equity, and inclusion (DEI) are not just words but values that are exemplified through our culture at Cadence. In the DEI@Cadence blog series, you’ll find a community where employees share their perspectives and experiences. By providing a glimpse of their personal stories, we celebrate our One Cadence—One Team culture and the importance of sustaining it as we learn from diverse perspectives.

It was my pleasure to join other Cadence Cork employees in volunteering our time teaching programming to 3rd to 6th grade students at St. Anthony’s Boys National School, Ballinlough. While this was the first for me, it was the second consecutive year Cadence Cork undertook this initiative. The idea was to teach students the basics of Scratch and Python using the innovative micro:bit, giving them a sneak peek into the world of electronics and programming.

As a technical communication engineer currently on an eight-month internship, I discovered that Cadence encourages community involvement by offering employees five days as volunteer time off per year. Then, when I received the email about teaching kids these exciting programming languages, I thought it was a perfect way to engage with the community and make a positive impact. There were 12 Cadence employees, including myself, who participated, with three of us visiting the school one day (except Friday) in the week over the course of seven weeks. This ensured the students received personalized attention. Thanks to this initiative, we had the privilege of interacting with over 100 eager students.

For our teaching sessions with all grades, we harnessed the power of micro:bit, an educational tool that introduces kids to coding. We chose this because it is not only suitable for various age groups of different skill levels but also incredibly accessible. A micro:bit can be used on any device, be it a laptop, tablet, or desktop. All you need is a USB port and access to the Internet.

To make our coding curriculum engaging for the students, we decided to introduce Scratch to 3rd- to 5th-grade students as it provides an intuitive and user-friendly introduction to coding that is apt for their first experience. On the other hand, we chose Python for the 6th-grade students as they had already experimented with Scratch last year, and Python would provide them with a new, exciting challenge. I was with the 4th-grade students, and we used the micro:bit to gain coding skills with Scratch.

Here’s a quick overview of how we progressed through the weeks. All the different grades performed the same tasks, but the programming language they used was different depending on their grade.

Week one: We completed the “beating heart” project. Using the LEDs on the micro:bit, the students made a flashing heart, and learned to adjust the timing to make the LEDs blink faster or slower. They also designed a personalized name tag using similar coding techniques. For the first session, I was nervous at the beginning, but the students were cooperative and eager to learn, and I developed a rapport with them quickly. The students were forthcoming, and I managed to keep them engaged throughout the session.Week two: Our budding coders created an emotion badge. The students programmed the micro:bit buttons to display different emoticons when pressed. In addition, they developed a Sunlight Sensor, which used a sensor on the micro:bit to detect the light levels and display an image of the Sun. It was so much fun observing the students as they moved the micro:bit from on the table to under it multiple times and comparing it with others around them. I enjoyed teaching the lesson and helped the students as needed.Week three: As we progressed, the students created digital compasses. This required programming their micro:bit to show ‘N’ when facing North, and adding code to display ‘S, E, and W’ for the other compass points. The session was entertaining as students were moving in circles to try and view all the points on the compass. We also did basic mathematical calculations to figure out the different degrees that were needed for each point, which led to us using the compass app on my phone to ensure the correct results.Week four: We helped the students create a step counter. They attached the micro:bit to their shoes with a battery pack to count their steps over a period. In addition, they modified the code so that the steps would be displayed only when a button was pressed. The students were finding it fun—they were walking around the room, and stomping their feet, so that they could increase their steps and make all the noise that they could!Week five: The students explored radio signals to send emoticons back and forth between each other by pressing certain buttons. They also switched partners and guessed who their new partner was based on the signal received. This class allowed the students to be creative as they were given more freedom to change what they wanted, leaving more room for asking questions on how things work. This made for an engaging interaction, and I was happy to answer them to the best of my knowledge.Week six: The students created a stopwatch. They programmed it to start and stop with a button press. Code was added to display the duration and pause the stopwatch. This lesson was entertaining as they were trying to see how fast they could stop the stopwatch. I then explained why they were getting errors on their micro:bit. It also challenged them as they had to complete multiple parts of code before they could test it.Week seven: For the grand finale, the students collaborated in groups to make a virtual duck move between their micro:bit. This was my favorite to teach as it required applying all the programming skills they had acquired up till now. They were also able to change the duck into other icons and add members to their group, which led to more conversations.

This comprehensive and fun-filled coding journey proved to be both educational and inspiring for our young programmers. Through these sessions, the students were able to appreciate how coding can be used to do a wide range of tasks. The lessons equipped them with basic computer skills, deepening their interest in the fascinating world of technology and exploring the boundless possibilities of electronic design and programming.

For the Cadence employees, including myself, it was a fantastic experience to connect with young minds and inspire the next generation of coders. This volunteer program exemplifies Cadence’s commitment to giving back and fostering a love for STEM in our local communities. I’m thankful to Cadence for giving me this opportunity and making my internship experience all the more enriching.

Learn more about life at Cadence.

In 2018, Cisco made a historic pledge and bold commitment to address homelessness in Santa Clara County. We committed $50 million in grant funding over five years – the largest corporate donation of its kind at the time – with the aim to:

Make homelessness rare, brief, and non-recurring in Santa Clara CountyDevelop a model that could be replicated outside of Silicon Valley, andEncourage other companies to step up and join us in combating homelessness

Fast forward to 2024. What has been accomplished?

Cisco’s six-year housing journey by the numbers (full article)

Interactive Story Map

Check out the interactive story map showcasing all the great progress made in addressing homelessness across Santa Clara County and beyond. Dive deep into our work with Destination: Home, Covenant House, Habitat for Humanity, Westhab, LifeMoves, and others. Find out how we’re deepening and scaling our impact, and how you can help.

$50 Million Commitment

In 2018, Cisco made a historic pledge and bold commitment to address homelessness in Santa Clara County. We committed $50 million in grant funding over five years – the largest corporate donation of its kind at the time – with the aim to:

1) Make homelessness rare, brief and non-recurring in Santa Clara County 

2) Develop a model that could be replicated outside of Silicon Valley 

3) Encourage other companies to step up and join us in combating homelessness 

In the last six years, we have far exceeded our original commitment and geographic scope – investing over $130 million to address housing and homelessness around the world.

Addressing homelessness in Santa Clara County

Cisco’s funding focused in three areas:

1. Accelerating the development of supportive and extremely low-income housing. 

Cisco’s flexible, private funding was used alongside public funding designated for affordable housing (Measure A Housing Bond), which allowed us to move faster and create more housing than any one of us would have done otherwise. Cisco’s funding has leveraged over $1.5B of other funding to support the development of over 3,380 new homes across 35 developments in Santa Clara County.

2. Homelessness Prevention

Cisco supported the pilot and scale of a county-wide program to prevent episodes of homelessness and maintain housing stability for at-risk residents. The program focuses on the highest risk individuals and families, providing a range of support to prevent homelessness. The early-stage philanthropic capital allowed Destination: Home and its nonprofit partners to test and refine the model, measure results and prove the impact of this approach, which has paved the way for increased investments and support from the public sector to scale and sustain the program long-term. This month, the homelessness prevention program will be fully adopted and managed by the County of Santa Clara and will be part of the ongoing services available to all residents at risk of homelessness in Santa Clara County.

3. Technology Optimization

Cisco’s funding also focused on closing the digital divide by increasing equity and access to connectivity for those receiving services. This has included:

Creating and launching a client-facing information management portal called MyConnectSV, which allows those experiencing homelessness to have greater access to their own information.Installing in-home Wi-Fi access at supportive housing sites across Santa Clara County, to ensure access to vital information and resources. Erika’s story is just one example.Launch of the TECHquity Fund, which provides small grants for nonprofit partners and individuals in need to procure the technology tools necessary to access resources, build capacity and fully participate in the digital economy.

Cisco…has demonstrated how a corporation can leverage both its financial and human resources to have a truly catalytic impact. Private sector leadership is critical, and Cisco’s transformational partnership has allowed us to move from scarcity to abundance, an exceedingly rare perspective when it comes to homelessness. 

Jennifer Loving, CEO of Destination: Home

Creating a model that can be replicated outside of Silicon Valley

While Cisco can’t make the same size commitments in every community, our hope was that we could create a model that could be used by others looking to launch similar efforts in their area. In late 2021, we published a Practical Guide highlighting the partnership, key learnings, elements of success, and a blueprint for replication.

Cisco and Destination: Home are now part of a national effort underway to replicate our Homelessness Prevention model and public-private partnership with the federal government, with an aim to replicate in 10 cities/jurisdictions across the United States in the next year.

Encourage others to join the effort

Cisco’s commitment in March 2018 came with an urging from CEO Chuck Robbins for other companies to step in and help. Over the following two years, we saw scores of tech companies and leaders announce massive commitments to housing and homelessness.

What we didn’t anticipate? That this challenge would create a movement within Cisco, inspiring and mobilizing employees around the world to get involved. 

Erin Connor, Director of Social Impact and Cisco Crisis Response

The last six years have shown us the power of leadership speaking out and taking a stand on this issue. This not only catalyzed a slew of commitments from the tech sector, but empowered employees across Cisco and beyond Silicon Valley to get involved. We have seen a groundswell of employee-driven initiatives, supporting those experiencing homelessness and the organizations serving them – from pro bono engagements to annual Sleep Outs, hosting events to pack household items or hygiene kits, mentoring unhoused youth or volunteering with move-ins.

Covenant House

Cisco’s partnership with Covenant House is an example of an employee-driven, grassroots movement that continues to expand and deepen. Their annual Sleep Out experience and flagship fundraiser has provided a way for Cisco employees to engage in cities across Canada, Latin America and the United States.

The deep engagement has led to $3.85 million in additional grant funding from Cisco for Covenant House sites; $3.4M in product grants to Covenant Houses across the US, and employees serving on Covenant House boards, volunteering as mentors, advising on network design and technology needs, as well as introducing Networking Academy courses to Covenant House youth in 10 sites.

Time and time again, Cisco has stepped up for Covenant House to help provide access to safe and long-term housing opportunities for youth facing homelessness. There is a tremendous need and opportunity to help young people out of homelessness and into employment and supported by a community that really cares about them, and I know we can count on Cisco to be with us every step of the way.

Bill Bedrossian, President and CEO Covenant House International

Habitat for Humanity

Cisco employees around the world continue to organize builds, volunteer their time and unlock Cisco donations and matching gifts to support families served by Habitat for Humanity around the world.

Comunità di Sant’Egidio

Cisco leadership in Italy championed a replication program in Rome, committing $1M over five years to pilot a Housing First program in Rome with nonprofit partners Comunità di Sant’Egidio and fio.PSD. In 2024, Cisco Foundation awarded a follow-on grant to support replicating this program in Milan and Naples.

Product Donations

Cisco has been able to engage not just with funding and volunteering, but with our own technology. Access to secure connectivity is vital – and Cisco has prioritized support for nonprofit organizations supporting those facing homelessness, as well as connectivity for those accessing services and housing.

Westhab

Since 2020, Cisco has partnered with Westhab to provide technical guidance and donations of nearly $3M in Cisco equipment to equip 11 sites across the New York area, ranging from shelters to supportive and affordable housing developments for low-income and formerly unhoused residents. The equipment has provided Wi-Fi for over 2,000 residents, and more robust security and networking systems for Westhab staff to better manage their workload and support the residents. The Cisco in-kind donations have also allowed Westhab to unlock public funding to support installation costs.

LifeMoves

For over two years, a group of networking engineers have volunteered with LifeMoves to help envision and implement the ways Cisco technology could improve their operations and the services they provide. The engagement has resulted in $2M+ of product donations to support LifeMoves offices and housing sites.

Our partnership with Cisco has been transformative. The Cisco team went above and beyond traditional volunteerism, taking the time to truly understand our toughest challenges and co-creating solutions that empower our clients on their journey out of homelessness and the efficiency of our staff.

Paul Simpson, CFO of LifeMoves

Haven

Cisco employees came together in 2022 to form the “Homelessness Action Volunteering Education Network”, or Haven, an employee resource group focused on raising awareness, educating our employee communities, fundraising and volunteering to drive action on behalf of the unhoused and vulnerable in our own communities and around the world.

In the last six years, Cisco has invested $130+ million dollars – over $110 million in cash and product donations – to address housing and homelessness around the world.

Erin Connor, Director of Social Impact and Cisco Crisis Response

What’s Next?

We know this work is hard. We are facing a worsening homelessness crisis across the United States and the world, as housing costs grow faster than wages and affordable housing development is not funded or prioritized. Stemming this tide takes unwavering commitment, collective action and deep partnerships.

We also know the solutions that work: increased housing production, supportive housing with wrap-around services, comprehensive homelessness prevention programs, and digital access and inclusion.

As we look at the next phase of Cisco’s support, we intend to apply these proven solutions to deepen, replicate and scale our impact around the world.

We will continue to invest in these partnerships and communities, leveraging the breadth of Cisco’s resources – our people, technology, financial resources, influence, job trainings and pathways – to power an inclusive future for all.

How Can You Help? 

Donate to housing and homelessness efforts or volunteer with homeless service organizations – click on the links below to explore Cisco’s nonprofit partnersCovenant House Destination: Home Habitat for Humanity Westhab LifeMoves Get involved locally and advocate in your community simply by visiting YIMBY Action Learn more!Blog: Three things we have learned about homelessness, by Erin ConnorA practical guide: Working together to address homelessness

View original content here.

In 2018, Cisco made a historic pledge and bold commitment to address homelessness in Santa Clara County. We committed $50 million in grant funding over five years – the largest corporate donation of its kind at the time – with the aim to:

Make homelessness rare, brief, and non-recurring in Santa Clara CountyDevelop a model that could be replicated outside of Silicon Valley, andEncourage other companies to step up and join us in combating homelessness

Fast forward to 2024. What has been accomplished?

Cisco’s six-year housing journey by the numbers (full article)

Interactive Story Map

Check out the interactive story map showcasing all the great progress made in addressing homelessness across Santa Clara County and beyond. Dive deep into our work with Destination: Home, Covenant House, Habitat for Humanity, Westhab, LifeMoves, and others. Find out how we’re deepening and scaling our impact, and how you can help.

$50 Million Commitment

In 2018, Cisco made a historic pledge and bold commitment to address homelessness in Santa Clara County. We committed $50 million in grant funding over five years – the largest corporate donation of its kind at the time – with the aim to:

1) Make homelessness rare, brief and non-recurring in Santa Clara County 

2) Develop a model that could be replicated outside of Silicon Valley 

3) Encourage other companies to step up and join us in combating homelessness 

In the last six years, we have far exceeded our original commitment and geographic scope – investing over $130 million to address housing and homelessness around the world.

Addressing homelessness in Santa Clara County

Cisco’s funding focused in three areas:

1. Accelerating the development of supportive and extremely low-income housing. 

Cisco’s flexible, private funding was used alongside public funding designated for affordable housing (Measure A Housing Bond), which allowed us to move faster and create more housing than any one of us would have done otherwise. Cisco’s funding has leveraged over $1.5B of other funding to support the development of over 3,380 new homes across 35 developments in Santa Clara County.

2. Homelessness Prevention

Cisco supported the pilot and scale of a county-wide program to prevent episodes of homelessness and maintain housing stability for at-risk residents. The program focuses on the highest risk individuals and families, providing a range of support to prevent homelessness. The early-stage philanthropic capital allowed Destination: Home and its nonprofit partners to test and refine the model, measure results and prove the impact of this approach, which has paved the way for increased investments and support from the public sector to scale and sustain the program long-term. This month, the homelessness prevention program will be fully adopted and managed by the County of Santa Clara and will be part of the ongoing services available to all residents at risk of homelessness in Santa Clara County.

3. Technology Optimization

Cisco’s funding also focused on closing the digital divide by increasing equity and access to connectivity for those receiving services. This has included:

Creating and launching a client-facing information management portal called MyConnectSV, which allows those experiencing homelessness to have greater access to their own information.Installing in-home Wi-Fi access at supportive housing sites across Santa Clara County, to ensure access to vital information and resources. Erika’s story is just one example.Launch of the TECHquity Fund, which provides small grants for nonprofit partners and individuals in need to procure the technology tools necessary to access resources, build capacity and fully participate in the digital economy.

Cisco…has demonstrated how a corporation can leverage both its financial and human resources to have a truly catalytic impact. Private sector leadership is critical, and Cisco’s transformational partnership has allowed us to move from scarcity to abundance, an exceedingly rare perspective when it comes to homelessness. 

Jennifer Loving, CEO of Destination: Home

Creating a model that can be replicated outside of Silicon Valley

While Cisco can’t make the same size commitments in every community, our hope was that we could create a model that could be used by others looking to launch similar efforts in their area. In late 2021, we published a Practical Guide highlighting the partnership, key learnings, elements of success, and a blueprint for replication.

Cisco and Destination: Home are now part of a national effort underway to replicate our Homelessness Prevention model and public-private partnership with the federal government, with an aim to replicate in 10 cities/jurisdictions across the United States in the next year.

Encourage others to join the effort

Cisco’s commitment in March 2018 came with an urging from CEO Chuck Robbins for other companies to step in and help. Over the following two years, we saw scores of tech companies and leaders announce massive commitments to housing and homelessness.

What we didn’t anticipate? That this challenge would create a movement within Cisco, inspiring and mobilizing employees around the world to get involved. 

Erin Connor, Director of Social Impact and Cisco Crisis Response

The last six years have shown us the power of leadership speaking out and taking a stand on this issue. This not only catalyzed a slew of commitments from the tech sector, but empowered employees across Cisco and beyond Silicon Valley to get involved. We have seen a groundswell of employee-driven initiatives, supporting those experiencing homelessness and the organizations serving them – from pro bono engagements to annual Sleep Outs, hosting events to pack household items or hygiene kits, mentoring unhoused youth or volunteering with move-ins.

Covenant House

Cisco’s partnership with Covenant House is an example of an employee-driven, grassroots movement that continues to expand and deepen. Their annual Sleep Out experience and flagship fundraiser has provided a way for Cisco employees to engage in cities across Canada, Latin America and the United States.

The deep engagement has led to $3.85 million in additional grant funding from Cisco for Covenant House sites; $3.4M in product grants to Covenant Houses across the US, and employees serving on Covenant House boards, volunteering as mentors, advising on network design and technology needs, as well as introducing Networking Academy courses to Covenant House youth in 10 sites.

Time and time again, Cisco has stepped up for Covenant House to help provide access to safe and long-term housing opportunities for youth facing homelessness. There is a tremendous need and opportunity to help young people out of homelessness and into employment and supported by a community that really cares about them, and I know we can count on Cisco to be with us every step of the way.

Bill Bedrossian, President and CEO Covenant House International

Habitat for Humanity

Cisco employees around the world continue to organize builds, volunteer their time and unlock Cisco donations and matching gifts to support families served by Habitat for Humanity around the world.

Comunità di Sant’Egidio

Cisco leadership in Italy championed a replication program in Rome, committing $1M over five years to pilot a Housing First program in Rome with nonprofit partners Comunità di Sant’Egidio and fio.PSD. In 2024, Cisco Foundation awarded a follow-on grant to support replicating this program in Milan and Naples.

Product Donations

Cisco has been able to engage not just with funding and volunteering, but with our own technology. Access to secure connectivity is vital – and Cisco has prioritized support for nonprofit organizations supporting those facing homelessness, as well as connectivity for those accessing services and housing.

Westhab

Since 2020, Cisco has partnered with Westhab to provide technical guidance and donations of nearly $3M in Cisco equipment to equip 11 sites across the New York area, ranging from shelters to supportive and affordable housing developments for low-income and formerly unhoused residents. The equipment has provided Wi-Fi for over 2,000 residents, and more robust security and networking systems for Westhab staff to better manage their workload and support the residents. The Cisco in-kind donations have also allowed Westhab to unlock public funding to support installation costs.

LifeMoves

For over two years, a group of networking engineers have volunteered with LifeMoves to help envision and implement the ways Cisco technology could improve their operations and the services they provide. The engagement has resulted in $2M+ of product donations to support LifeMoves offices and housing sites.

Our partnership with Cisco has been transformative. The Cisco team went above and beyond traditional volunteerism, taking the time to truly understand our toughest challenges and co-creating solutions that empower our clients on their journey out of homelessness and the efficiency of our staff.

Paul Simpson, CFO of LifeMoves

Haven

Cisco employees came together in 2022 to form the “Homelessness Action Volunteering Education Network”, or Haven, an employee resource group focused on raising awareness, educating our employee communities, fundraising and volunteering to drive action on behalf of the unhoused and vulnerable in our own communities and around the world.

In the last six years, Cisco has invested $130+ million dollars – over $110 million in cash and product donations – to address housing and homelessness around the world.

Erin Connor, Director of Social Impact and Cisco Crisis Response

What’s Next?

We know this work is hard. We are facing a worsening homelessness crisis across the United States and the world, as housing costs grow faster than wages and affordable housing development is not funded or prioritized. Stemming this tide takes unwavering commitment, collective action and deep partnerships.

We also know the solutions that work: increased housing production, supportive housing with wrap-around services, comprehensive homelessness prevention programs, and digital access and inclusion.

As we look at the next phase of Cisco’s support, we intend to apply these proven solutions to deepen, replicate and scale our impact around the world.

We will continue to invest in these partnerships and communities, leveraging the breadth of Cisco’s resources – our people, technology, financial resources, influence, job trainings and pathways – to power an inclusive future for all.

How Can You Help? 

Donate to housing and homelessness efforts or volunteer with homeless service organizations – click on the links below to explore Cisco’s nonprofit partnersCovenant House Destination: Home Habitat for Humanity Westhab LifeMoves Get involved locally and advocate in your community simply by visiting YIMBY Action Learn more!Blog: Three things we have learned about homelessness, by Erin ConnorA practical guide: Working together to address homelessness

View original content here.

CINCINNATI, July 19, 2024 /3BL/ – Fifth Third is proud to announce it has been named “U.S. Best Super-Regional Bank” by Euromoney in the magazine’s 2024 Awards for Excellence.

The 2024 Euromoney Awards for Excellence program evaluates bank performance from Jan. 1-Dec. 31, 2023, and recognizes banks that bring the highest level of service, innovation and solutions to their customers. During 2023, Fifth Third acquired Big Data Healthcare and subsequently launched two new healthcare focused solutions for Commercial clients. Dedicated to innovation, the bank acquired Rize Money, Inc. in May 2023 which led to the launch of Newline™ by Fifth Third, an API platform that enables enterprises to launch and scale payment, card and deposit products.

Fifth Third’s Momentum Banking provides a suite of products to serve customers’ banking needs. The full benefits of Fifth Third Momentum products are available on the Bank mobile app where a more powerful version of virtual assistant Jeanie® debuted in 2023.

“Our simple, well-diversified portfolio and balance sheet means we are better positioned to navigate uncertainty while continuing to deliver innovative services for our customers when they need us most,” said Tim Spence, Fifth Third’s chairman, CEO and president. “I’m proud of the team for earning this recognition and always putting our customers at the center of everything we do.”

The Euromoney team of editors, journalists and researchers undertake a thorough analysis of all award entries and score applications according to criteria specific to research categories. For more than 30 years, Euromoney has recognized the achievements of banks and bankers worldwide. Euromoney’s pioneering and comprehensive awards program remains the industry benchmark globally today. Euromoney Awards for Excellence are recognized worldwide for their exhaustive and informed decisions.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.” Investor information and press releases can be viewed at www.53.com.

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CINCINNATI, July 19, 2024 /3BL/ – Fifth Third is proud to announce it has been named “U.S. Best Super-Regional Bank” by Euromoney in the magazine’s 2024 Awards for Excellence.

The 2024 Euromoney Awards for Excellence program evaluates bank performance from Jan. 1-Dec. 31, 2023, and recognizes banks that bring the highest level of service, innovation and solutions to their customers. During 2023, Fifth Third acquired Big Data Healthcare and subsequently launched two new healthcare focused solutions for Commercial clients. Dedicated to innovation, the bank acquired Rize Money, Inc. in May 2023 which led to the launch of Newline™ by Fifth Third, an API platform that enables enterprises to launch and scale payment, card and deposit products.

Fifth Third’s Momentum Banking provides a suite of products to serve customers’ banking needs. The full benefits of Fifth Third Momentum products are available on the Bank mobile app where a more powerful version of virtual assistant Jeanie® debuted in 2023.

“Our simple, well-diversified portfolio and balance sheet means we are better positioned to navigate uncertainty while continuing to deliver innovative services for our customers when they need us most,” said Tim Spence, Fifth Third’s chairman, CEO and president. “I’m proud of the team for earning this recognition and always putting our customers at the center of everything we do.”

The Euromoney team of editors, journalists and researchers undertake a thorough analysis of all award entries and score applications according to criteria specific to research categories. For more than 30 years, Euromoney has recognized the achievements of banks and bankers worldwide. Euromoney’s pioneering and comprehensive awards program remains the industry benchmark globally today. Euromoney Awards for Excellence are recognized worldwide for their exhaustive and informed decisions.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.” Investor information and press releases can be viewed at www.53.com.

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