A New Definition of Generosity & Consequences for a Lack of Generosity Revealed in Groundbreaking 2024 goBeyondProfit Business Generosity Report

goBeyondProfit

Tuesday, June 4th, 2024

Today, goBeyondProfit and Georgia CEO released the 2024 Business Generosity Report exploring the current mindset of employed adults and executives running businesses. First initiated in 2019, it reveals a remarkable shift in employee attitudes: 96% of Georgians now consider it important for their employers to be not just good, but generous—a significant rise from 47% in 2019.

The 2024 goBeyondProfit Business Generosity Report underscores the critical role of business generosity in retention, employee satisfaction, and financial success. Not only that, but this year’s report uncovered real world consequences for a lack of generosity, as the number of employees who regard business generosity as very or extremely important has surged to 81%, compared to just 20% in 2019.

https://gobeyondprofit.org/research/rethinking-business-generosity-analyzing-the-impact-of-a-new-definition/?utm_medium=web&utm_source=gaceo&utm_campaign=2024release

Key Findings of the 2024 Report:

Business Generosity Redefined. According to executives and employees, the concept of business generosity has evolved beyond traditional charitable contributions and acts of service. Today, it encompasses employee well-being and integrates into the totality of business operations—from internal practices and company purpose to product sourcing, vendor relationships, and consumer engagement. This broader definition has profound implications for both employees and consumers.

Generosity Drives Action. Generosity has become a powerful motivator, prompting direct actions from employees and consumers. Over half (51%) of Georgia’s employed adults have left a job due to insufficient generosity toward employees. Additionally, 27% left due to a lack of generosity in business operations, and 28% due to a lack of community generosity.

Employees across all age groups are willing to make sacrifices for a generous and high-quality work environment: 67% of employees currently are or would be willing to accept lower compensation for an improved quality of life, with this figure rising to 72% among those under 35.

Closing the Disconnects: Investing in What Employees Truly Value. When asked to identify the most important demonstration of generosity, employees prioritized flexible work (34%) and mental health support (18%). However, significant gaps remain between what employees value and current business investments, particularly in maternal health services and childcare support. Despite 85% of employees emphasizing the importance of maternal health services, only 21% of executives currently offer this benefit. Similarly, 83% of employees consider childcare support important, yet only 15% of executives provide it. The report explores the economic impacts of these disparities and potential solutions.

Perceived Threats to Company Culture: Politics and Flexibility. Flexible work remains the top priority for employees (94%). The data suggests that a hybrid approach, balancing flexibility with in-person interaction, is key to maintaining a positive company culture. Those on a hybrid schedule rated their company culture the highest (97%). 

Meanwhile, politics emerged as a significant threat, with 56% of executives and 45% of employees expressing concern over its potential to disrupt company culture.

Financial Rewards: Generosity is Good for Business. An overwhelming 92% of executives are committed to generosity investments, with 60% planning to increase generosity toward employees and nearly half aiming to enhance generosity in business operations and the community. Executives cited a direct correlation between generosity and improved employee satisfaction and financial performance.

The report also compares trends in Georgia with national data, showing that Georgia’s employees align closely with national sentiments on the importance and definition of generosity. 

The findings make it clear: generosity matters, and employees are prepared to seek opportunities elsewhere if they do not experience it in their workplace.

The 2024 report is based on concurrent surveys that were conducted between March 12 – April 28. To see the full methodology, click here. 

goBeyondProfit is a statewide alliance of more than 2,100 business leaders committed to corporate generosity and improving people’s lives. 

Georgia CEO is a network of local websites focused on business growth, innovation, and performance in 14 Georgia cities.