The power of sharing the impact a company is having on its community cannot be overstated, especially in today’s world where consumers and stakeholders are more socially conscious than ever before. Impact Storytelling is so important to us, and to the purpose-driven organizations we work with, that we devoted an entire panel to this very topic at EVERFI Impact Summit. Leaders in Corporate Social Responsibility (CSR) joined us to share insights on how their organizations are leveraging impact storytelling to make a difference.
Jillian Peat Hamilton, Senior Director for Corporate Social Responsibility at TIAA and Dennis Duquette, President and CEO of the MassMutual Foundation sat down with EVERFI from Blackbaud President and Co-Founder, Ray Martinez, to discuss what it means for brands looking to build trust and loyalty through purpose-driven initiatives.
Defining Purpose and Mission
Both organizations have a deep-rooted purpose tied to their founders’ philanthropic visions. The Teachers Insurance Annuity Association of America (TIAA), aims to provide retirement security for those in the academic, research, medical, and government fields, who previously lacked access. MassMutual‘s mission emerged from a community-driven initiative in 1851, focused on financial resiliency and well-being. For these organizations, helping people is their purpose and at the heart of their mission, and something that both companies are intentional about when it comes to their social impact initiatives.
Evolution of Brand Messaging
TIAA’s recent campaign, “Retire Inequality,” focuses on addressing gender and racial disparities in retirement savings and addresses the retirement crisis in America. This campaign is a shift in their approach, aiming to reach new and diverse audiences. MassMutual’s “Live Mutual Project” emphasizes extending its promise to communities left behind.
Listening to Employees and Consumers
Both organizations place significant importance on feedback from their employees and consumers. MassMutual actively engages employees in business planning to align CSR goals with organizational objectives. TIAA prioritizes understanding the needs of its primary clients in higher education, aiming to set the next generation up for financial success.
Measuring Impact
Establishing KPIs is crucial in measuring impact and demonstrating the ROI of CSR initiatives. Some tactics businesses can take to establish metrics include:
- Transition HR-related metrics to marketing-based metrics to better align your organization’s CSR initiatives with overall brand strategy.
- Track micro and macro level data to gauge the efficacy of programs.
- Focus on additional program areas, including employment, network-building, and access to services.
Collaboration for Greater Impact
In a landscape with numerous financial services firms committing to significant community investments, the panelists emphasized the importance of collaboration over competition. By sharing insights, best practices, and resources, organizations can amplify their collective impact. (Which coincidentally, is one of the perks of EVERFI Impact Summit!)
Looking Ahead to 2024
The power of impact storytelling lies in its ability to bridge the gap between purpose-driven initiatives and their intended audiences. By listening to employees, consumers, and communities, organizations can refine their strategies and measure their impact effectively. Through collaboration, brands can amplify their efforts and drive positive change in the world. As we look ahead to 2024, the future of impact storytelling promises even greater potential for positive transformation.