July 24, 2023
This paid piece is sponsored by MarketBeat.
MarketBeat, a Sioux Falls-based financial media company, recently launched an employee-led philanthropy program, showcasing its commitment to making a positive difference in the community.
MarketBeat’s philanthropy program empowers employees to engage in corporate philanthropic activities while actively upholding its values.
MarketBeat philanthropy committee
As requests for sponsorships and contributions were trending upward, it became apparent that MarketBeat would benefit by defining its philanthropic goals and developing a strategy and process to guide its decision-making. MarketBeat sought the expertise of Cindy Peterson, CEO of Maximizing Excellence LLC, a Sioux Falls firm dedicated to helping organizations improve their effectiveness and make a significant impact, with a strong focus on nonprofit organizations and the philanthropic community.
Through facilitated conversations, Peterson guided MarketBeat in defining priorities for giving that are in alignment with its core values and also provided valuable tools to help MarketBeat establish expectations and evaluate requests, creating intentionality when responding to requests.
Additionally, Peterson explored employee engagement with the MarketBeat team with the goals of building a team culture through philanthropy, elevating board service and community exposure, and encouraging employees to be generous with their own time, talent and treasure for causes and organizations important to them. One of the outcomes of the philanthropy strategy was to establish a rotating committee of MarketBeat employees to help make philanthropic decisions.
“Cindy has been an incredible resource as we embarked on this journey,” said Arin Gonseth, MarketBeat chief financial officer. “By helping MarketBeat better understand our professional and corporate giving behaviors and priorities, we’ve developed a strategy and matrix to guide philanthropic investment decisions. We’ve also established a more effective and efficient process for reviewing requests, with an added element of employee engagement.”
The employee-led philanthropy program features a five-member committee tasked with reviewing funding requests and selecting local causes to support. While the committee is in charge of reviewing requests up to $5,000, all requests must go through the application process and are considered quarterly. Find information on the process here.
Committee members independently review and score applications requesting charitable giving or corporate support before meeting. Final decisions are reached through guided discussions, considering criteria such as mission alignment, the potential to educate and inspire others, past and potential involvement and visibility, coupled with personal passion and impact.
MarketBeat employees volunteer at a Dress For Success closet sale.
MarketBeat’s philanthropic contributions encompass a diverse range of support, including general contributions, event sponsorships and the valuable investment of employees’ time and skills.
This year, MarketBeat’s philanthropic efforts have impacted several organizations in the community, including ongoing support of Startup Sioux Falls and a recently announced partnership with the Washington Pavilion’s Kirby Science Discovery Center.
Organizations MarketBeat has supported in 2023
“We value the unique perspectives and passions of our employees. This program allows them to make a tangible difference in the causes that matter most to them,” said Matt Paulson, MarketBeat founder and CEO.
This strategic decision goes beyond merely supporting community needs. It has sparked a transformative shift among employees, fueling their passion and commitment.
“By dedicating a portion of MarketBeat’s philanthropy to the discretion of their team, Matt has empowered employees to learn more about community needs and become advocates of the organizations they are passionate about,” Peterson said. “Over the past six months, I have witnessed MarketBeat employees grow their critical thinking skills, improve their communication and find great pride in their collective impact.”
MarketBeat’s employees have expressed their enthusiasm for the employee-led philanthropy program and its impact on both the company and the community.
“The committee has provided a new way to see successful collaboration within our team,” chief of staff Maureen Ohm said. “Through discussions and reviewing applications together, my own opinion has changed. It’s rewarding to have the opportunity to shape MarketBeat’s charitable giving.”
MarketBeat’s commitment to giving back and supporting the causes that are important to its employees is further demonstrated through its charitable matching program. For every $250 contributed by a MarketBeat employee to a local 501(c)3 nonprofit organization, the company matches the contribution dollar for dollar. New this year, if an employee volunteers for a minimum of 10 hours at a local 501(c)3 nonprofit organization within the calendar year, MarketBeat will contribute $250 to that organization. MarketBeat will contribute up to $2,000 per calendar year per employee and has paid out matching donations totaling over $4,000 so far this year.
MarketBeat’s unwavering dedication to community engagement and social impact, as well as allowing employees in on the decision-making process, sets a compelling example for businesses seeking to make a positive difference in their communities.
“Through the launch of the employee-led philanthropy program, we have instilled a sense of ownership among our employees, enabling them to actively champion MarketBeat’s philanthropic initiatives while contributing to the betterment of the Sioux Falls community,” Paulson said. “Our model, with Cindy’s guidance, holds valuable lessons for any business grappling with a high influx of donation requests.”
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