Empact, a Singapore-based social enterprise and member of Points of Light’s Global Network, recently hosted a webinar on COVID-19 and corporate response entitled, “Rethinking Corporate Volunteering to Support our Social Sector.”
Empact serves as an intermediary to bridge the gap between grant makers, corporate partners and volunteers with the needs of the social sector. By collaborating with stakeholders, Empact channels its talents, skills and resources to co-create innovative solutions for capacity building. Empact not only seeks to address the need of capacity building for organizations in the social sector, but also contributes at least 20% of its distributable profit to charities and social enterprises.
As a leader in the social space, working primarily with Asian headquartered companies, their perspective on COVID-19 response is one of cross-sector collaboration.
Uniquely, Empact calls for corporate response to support the nonprofit sector, but also the corner of the market filled by social enterprises. In fact, Empact stresses the importance of social enterprises as they address societal, unmet needs through a market-driven approach highlighting their role in economic recovery post COVID-19.
As both nonprofits and social enterprises experience decline in their overall operations, the following insights, based on 151 responses from their network of nonprofits, social enterprises, and the Global Points of Light Network, can guide the corporate community in their response:
|Needs on the Ground: Impact of COVID-19 on the Social Sector||- 21% reported more than a 50% reduction in ability to provide services and programming
- 28% reported a significant decline (50% or more) in available funding or expected incoming revenue
|- 19% experiencing a reduction in cash flow
- 18% experiencing a decline in sales of products or services
- 13% expecting to have an impact on their human resources
|Corporate Call to Action Reported by Respondents||- More funding to cover emergency costs and operations
- Leniency on existing KPIs for grants
- Technology and digitization support
-Shared best practices for what is working or isn’t working in response efforts
- Skilled volunteers to help with program delivery and strategic planning
|- Grants for emergencies
- Financial backing to tide through cash flow problems
- Real-time case studies on how small, growing business can respond and rebound after crisis
- Desire to co-create resources/strategies with volunteer business consultants or SMEs for strategic planning
|How Skills-Based Volunteering Can Help||- Implement support in the area of technology, digital marketing, and talent management
- Share best practices contextualized to the social sector
|- Skilled-volunteers in critical business needs (finance, sales, business model, forecasting, and supply chain management) can help offset costs|
|How to Implement Skill-Based Volunteering Through Crisis/ COVID-19||- Webinars
- Team-based, pro bono consulting
|- Virtual business clinics
- Needs assessments
For a deeper dive into Empact’s recommended strategy, click the link below to watch the live recording of Rethinking Corporate Volunteering to Support our Social Sector.
Additionally, the webinar slides can be found here.