Businesses must play a more strategic and integral role in efforts to solve the most pressing problems of our local, national and global communities. So believes Larry Fink, chairman and CEO of international asset management and investment giant Blackrock. His colleagues in the business community are taking note.

Research shows that 78 percent of U.S. consumers want companies to address important social justice issues. Eighty-seven percent will purchase a product because a company advocated for an issue they cared about and, conversely, 76 percent will refuse to purchase a company’s products or services if it supports an issue contrary to their beliefs. These results are found in the 2017 Cone Communications CSR Study.

Business philanthropy is a key component of any corporate social responsibility strategy. This includes providing meaningful employee volunteer experiences. Opportunities to volunteer are expanding and diversifying to meet unique employee skills and company cultures.

No matter the size of the company, the community or the contribution, businesses increasingly understand that a reputation as a good corporate citizen helps them recruit, engage and retain employees; create better relationships with vendors and regulators; satisfy investors’ objectives, and deepen ties with customers.

Read the full article about strategic corporate philanthropy by Bruce Deboskey at Boulder Jewish News.