HealthTech employees are highly altruistic, and many have previously worked at non-profits (similar to EdTech). Also, HealthTech is a young industry that is recruiting a lot of millennial talent. It's a perfect storm for employee bases eager for opportunities to give back.
CSR, or Corporate Social Responsibility, is now recognized as a core business strategy for leading-edge companies. And, generally, this trend is industry agnostic; doing good is good for business, any business. However, our work has recently revealed certain outliers - businesses where employees are “hyper”-socially conscious and the ROI from CSR is above average. One of these outliers is HealthTech companies, which (to stay on theme) carry a “super-CSR mutation”.
We first noticed this mutation in clients like Visibly & Candid, and have since confirmed its presence industry-wide. Here’s what we know:
Why companies are increasingly prioritizing philanthropy:
Moral Compass: Giving back is the right thing to do, and feels good. Giving is scientifically proven to increase happiness.
Brand Reputation: Desire to be seen as a leading corporate citizen.
Evolving Business & Talent Environment: America's top 181 CEOs just confirmed what we all know to be true: business impact must extend beyond the boardroom. Also, today’s talent CARES. 88% of millennials say their job is more fulfilling when given opportunities to positively impact social causes.
Markers of the HealthTech super-CSR mutation:
Mission Alignment: HealthTech companies that exist to save lives and improve the health of populations, a mission they share with many non-profits. This alignment creates empathy and more effective non-profit partnerships.
Employee Engagement & Retention: HealthTech employees are highly altruistic, and many have previously worked at non-profits (similar to EdTech). Also, HealthTech is a young industry that is recruiting a lot of millennial talent. It's a perfect storm for employee bases eager for opportunities to give back.
Business Development: Companies often support their client’s favorite causes, and HealthTech companies can cut out the middleman in that strategy because their clients often are causes. There are 5,261 Community Hospitals in the US, and 56.4% are non-profit. As such, workplace giving campaigns could support actual clients, and volunteer programs could enable employees to serve actual clients in a new, positive way.
So, if you’re a HealthTech company reading this, we’re curious to know how you’re leveraging philanthropy? And if you’d like help capitalizing on your super-CSR mutation, schedule a meeting with our team of experts below.