Many companies are increasingly partnering with arts organisations to address social challenges, including racism and other forms of inequality, according to a new report.
The survey, carried out by The Conference Board and Americans for the Arts found that 75% of companies continue to support the arts, despite the toll inflicted by the pandemic. Moreover, 72% plan on maintaining their current level of funding for the arts over the next three years; and 8% plan on increasing it.
In fact, 62% of companies are using the arts to increase diversity and prioritise ESG goal of addressing racial inequality. Among them, most are supporting both organisations that serve communities of colour and arts organisations led by people of colour. The report’s insights reflect survey responses from more than 100 corporate citizenship and philanthropy professionals at public and private companies.
ADDRESSING RACISM
The top ways respondent companies are addressing racism through their support for the arts include:
- Providing funding, making in-kind contributions, and/or offering volunteers to arts organisations that serve racially and ethnically diverse communities (77%).
- Making in-kind contributions, providing funding and/or offering volunteers to arts organisations with diverse leadership (61%).
- Providing funding, making in-kind contributions, and/or offering volunteers to arts programmes that serve diverse communities that are operated by major institutions (59%).
Additionally, 53% of firms are addressing the diversity of the arts organisations they fund; but only 10% require diversity before making a grant. The top ways companies are helping arts organisations increase the diversity of the staff, leadership and board, include:
- Considering diversity when making a grant (36%).
- Including staff, leadership, and board demographic data questions on grant applications (31%).
- Requiring diversity when making a grant (10%).
- Adjusting its non-profit board employee placement programmes (10%).
ADVANCING RACIAL EQUITY
“Companies that are looking to support the arts in ways that advance racial equality and other social goals may wish to join forces with other companies to increase their impact,” stated Robert Schwarz, a Senior Researcher at The Conference Board ESG Center and report author.
According to the report, supporting the arts serves DE&I and workforce goals. Still, the top reason companies support the arts is to strengthen arts appreciation in general. The top three reasons companies fund the arts, include:
- Strengthening appreciation for the arts in general (56%).
- Enhancing and complimenting its diversity, equity and inclusion efforts (48%).
- Helping to develop creativity and critical thinking in the future workforce (39%).
ART SUPPORT OUTLOOK
The outlook for arts funding over the next three years is largely stable. The research revealed that:
- 72% of respondents plan to maintain their level of support over the next three years.
- 8% plan to increase their level of support.
- 20% plan to decrease their level of support.
- Despite the economic fallout from Covid-19, 75% of respondents continue to support the arts.
“Building genuine partnerships between the arts and business communities based on shared values, vision and core mission areas benefit every participant in the arts and culture ecosystem,” commented Nolen V Bivens, President and CEO of Americans for the Arts. “I am very pleased that 75% of businesses support the arts; and 62% use the arts to increase diversity, creativity and innovation. It is clear that businesses are taking seriously their role in strengthening communities. The arts are a way to do this. Businesses also use their support for the arts as a means to address key local issues such as education, the economy and public discourse. When we support the arts, we are getting more than cultural benefits; we are also building healthier communities that we want to live and work in.”
ESG PRIORITIES
Many companies (62%) are planning to use the arts to help achieve diversity goals; such as exposing people to various cultures. They are also planning to use the arts to support community enrichment and economic development goals. Over the next three years, companies plan to use some or all of their arts programme resources in an effort to use the arts to help meet their corporate citizenship goals in the following areas:
- Diversity, equity, & inclusion (41%).
- Community vitality and enrichment (39%).
- Business and economic development (25%).
- Mental health and wellbeing (7%).
“We know from a recent report by The Conference Board that attracting and retaining talent is the number one internal priority for CEOs globally; and that racial equality is a top-two ESG-social priority for US CEOs. Given the role that arts can play in addressing both those challenges, CEOs – including those whose companies have stopped funding the arts – should ask their corporate citizenship teams how partnering with arts organisations can help their DE&I initiatives by sparking conversations about different cultures; and competing for talent by offering employees more creative outlets,” highlighted Paul Washington, Executive Director of The Conference Board ESG Center. Click here to download the report.
Business experts urge CEOs and leaders “not to be silent” on matters of racial double standards and inequality. Click here to read more.
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