Global Fortune 500 Companies Challenged to Spend More CSR $ on Education
Global Fortune 500 businesses spend 13 percent—$2.6 billion—of their $19.9 billion CSR budgets on education-related activities. Less than half of the 500 companies—218—spend anything on education-related CSR. Those are the key findings of research by the Varkey Foundation, commissioned as part of the Business Backs Education campaign. That campaign is challenging businesses to increase their funding for education to 20 percent of their CSR budgets, the level that UNESCO suggests for governments. The Varkey report notes that 132 U.S. companies make up the largest number of the Fortune Global 500. Their average educational spend is 10 percent. It’s time for U.S. companies to focus more dollars on educational efforts to guarantee the skilled workforce of the future.
John Howell, Editorial Director