Integration Will Enable More Reliable Corporate ESG Reporting on the "S"
CHICAGO, Aug. 24, 2022 /PRNewswire/ -- The Impact Genome Registry™, the world's leading impact verification platform, announced it has partnered with Benevity, the leading provider of global corporate purpose software. The partnership will make the Impact Genome Registry available to the 940 companies who rely on Benevity's corporate purpose platform to manage their social impact initiatives. Once implemented, Benevity clients will be able to search for, verify and report on the social outcomes achieved through their corporate philanthropy and employee and consumer engagement products.
"By offering a standardized, independent registry for verifying social impact, Impact Genome Registry is solving a major ESG challenge for corporations – reliably measuring and reporting on the 'S' in ESG," said Jason Saul, CEO, Impact Genome. "Through this partnership, Benevity is enabling more companies to measure and report on their social impact with the same specificity and confidence currently used for reporting environmental impact."
The Impact Genome Registry enables companies to objectively evaluate social impact outcomes of any grant, partnership or corporate initiative. Outcomes are standardized, verified and benchmarked using quantifiable cost-per-outcome and efficacy metrics. The Impact Genome Registry is built on peer-reviewed standards that enable positive social outcomes to be reported in ESG scores. This approach provides a significant advantage over reporting static ESG indicators such as dollars granted or volunteer hours spent. The Impact Genome Registry is widely used by corporations, governments, nonprofits and philanthropic foundations.
Benevity's corporate purpose software is a holistic and integrated solution used by some of the world's most iconic brands including Microsoft, Google, Pfizer and UPS to manage their community investments and grants, drive DEIB (diversity, equity, inclusion and belonging), engage their employees and customers in supporting the causes they care about and measure impact. To date, Benevity's clients and their people have donated more than $10 billion and volunteered over 46 million hours to support 326,000 nonprofits worldwide.
"We are thrilled to be partnering with Impact Genome to enable more companies to understand, measure and report on their impact in a way that is less manual and burdensome to nonprofits than ever before," said Sona Khosla, Benevity's Chief Impact Officer and Head of Benevity Impact Labs. "As more businesses embed purpose into their overall business objectives, they are being asked to report on their total social impact, which has not been possible in a tech-enabled, scalable way that is efficient for both nonprofits and companies until now. We look forward to being able to provide the only complete reporting solution on the 'S' to companies who want their employees, customers and broader stakeholders to know they are serious about being a force for good."
The partnership was first announced in June during Benevity's Goodness Matters 2022 Conference. A video of Saul's keynote presentation can be viewed here.
The Impact Genome Registry allows users to precisely identify the causes they want to support and to objectively predict which programs will have the most significant outcomes based on the goals the company wants to achieve, allowing users find and support nonprofit organizations based on their precise outcomes, size of impact, cost-effectiveness and beneficiaries, among other criteria. The Impact Genome Registry provides standardized, comparable impact data on more than 2 million charities.
The Impact Genome Registry enables companies to verify and report on social impact with a level of rigor and confidence commensurate with measurement of environmental impact (or 'E') in ESG. The Impact Genome Registry's common data model enables industry-wide outcomes benchmarking and portfolio impact reporting. Users are able to report verified social impacts to ESG ratings and ranking firms, improving investor/stakeholder confidence and ESG data quality.
Importantly, the Impact Genome Registry also benefits and provides efficiencies for nonprofits. Using the Impact Genome Registry, nonprofits are able to generate a verified impact report for all donors, freeing up time spent writing individualized reports for every different donor. In addition, the Impact Genome Registry makes nonprofits more discoverable by donors seeking precise outcomes and beneficiaries, improving access to funding and lowering the cost of capital for charities. This new level of discoverability will help nonprofits of all sizes compete for funding based on their ability to consistently and reliably deliver outcomes.
The Impact Genome Registry enables nonprofits and funders to report standardized, verifiable data on 132 common social impact outcomes. It was created through a public-private research initiative that included leading social scientists, economists, statisticians, and evaluators. The Impact Genome Registry has standardized impact data for 2.2 million social programs and has verified more than $3.5 billion in social spending for Fortune 500 companies, foundations, and leading government agencies. Learn more at impactgenome.org and follow us on LinkedIn.
Benevity, a certified B Corporation, is the leader in global corporate purpose software, providing the only integrated suite of community investment and employee, customer and nonprofit engagement solutions. Recognized as one of Fortune's Impact 20, Benevity offers cloud solutions that power purpose for many iconic brands in ways that better attract, retain and engage today's diverse workforce, embed social action into their customer experiences and positively impact their communities. With software that is available in 22 languages, Benevity has processed more than $10 billion in donations and 46 million hours of volunteering time to support 326,000 nonprofits worldwide. The company's solutions have also facilitated 530,000 positive actions and awarded 1.2 million grants worth $12 billion. For more information, visit benevity.com.
SOURCE Impact Genome Project
