In recent months, companies operating in the financial services sector in the City of London have experienced unparalleled economic challenges. In the midst of a recession, as companies come under increasing pressure on costs, the temptation might be to reduce corporate contributions to local communities.
However, to cut back on this important aspect of corporate responsibility would be a mistake. Corporate reputations would suffer and charities would be adversely affected at a time when demand for their services is rising.
Against this background, the need to demonstrate the business case for corporate investment in community support has never been more urgent. To respond to this need, the City of London Corporation commissioned Corporate Citizenship to undertake a research study to identify both the skills development and financial benefits of employee volunteering programmes in the area of education.