Wildfires in Maui. Hurricane Idalia in Tampa. Tropical storm Hilary in California. They are just a few of the events in today’s era of natural disasters, with 2023 poised to be a record year for US climate and weather catastrophes.
61% of US companies have raised their total philanthropy giving for natural disasters levels in recent years—and they expect this trend to continue. Despite increased spending, fewer than half of firms conduct planning exercises to prepare for natural disasters, or routinely evaluate the impact of their efforts. And only 28% collaborate with other peer companies in their natural disaster efforts.
At the same time, the new report reveals employees—ahead of the CEO and C-Suite—have the broadest influence shaping corporate disaster response efforts, influencing the response at 93% of firms. Moreover, companies say employees will exert an even bigger influence in the years ahead.
“Businesses need to consider natural disasters a core business risk and prepare accordingly. That means identifying risks to the company, its suppliers, customers, and other stakeholders; mapping the company’s resources to address disaster needs; conducting scenario planning; and coordinating with government and other companies to prepare for and respond to disasters,” said Paul Washington, Executive Director of The Conference Board ESG Center. “Writing checks and deploying volunteers after a disaster strikes is necessary, but insufficient today.”
Produced in collaboration with emergency financial relief provider E4E Relief, the report presents insights for companies to enhance their disaster response capabilities. Informing the insights are the findings of a survey, conducted by The Conference Board, of 100 major US and multinational companies about their disaster philanthropy practices.
Additional findings and insights include:
Most companies have increased their disaster philanthropy budgets and response levels in recent years—and they…
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