Home CATEGORIES Business Ethics & Philanthropy Cognizant Commits to Spend $250 Million for its CSR Initiatives

Cognizant Commits to Spend $250 Million for its CSR Initiatives

The COVID-19 pandemic has rendered many jobless, homeless and without any protection of social services. The governments of the world are struggling to tackle the crisis and are doing their best to help pick up the economy which will help in the improvement of lives of the people.
However, the governments cannot afford to look at only short term recovery. They have to focus on long term solutions by establishing systems and institutions that will ensure proactive and preventive actions against such calamities. With its limited resources and teams, the process will be gradual if done in isolation. In order to speed up the process, they have invited corporates and citizens for collaboration and work towards the common goal – development.
The COVID-19 pandemic and the restriction in movements imposed to contain it, opened up new avenues for a handful of corporates who were able to make handsome profits in the previous year. However, most of the corporates across the world suffered losses in their businesses, not allowing them to spend too much on CSR.
Amid such uncertain times, the US-based Tech Giant Cognizant has made an announcement and committed to spend $250 million to global corporate social responsibility initiatives. As part of this, it will expand its grant-making from the US and India to include new markets, including the UK.
The company has recognised that business cannot afford to ignore purpose-led consumption anymore. The majority of consumers now expect companies to take a stand on current and broadly relevant issues such as sustainability, transparency and fair employment practices – if they are to retain their customers. As a result, recent years have seen the consulting sector commit to building illustrious corporate social responsibility (CSR) campaigns, working to help address major global issues such as climate change, childhood poverty and inequality through their work.
The global consultancy Cognizant has announced this major new CSR commitment with a focus on four key areas. The company will look to help provide equitable educational opportunities to equip students, learners, and workers with 21st-century skills needed to succeed in the digital economy; and it will also work to help advance economic mobility. At the same time, it will focus on improving the health and well-being of individuals; and champion initiatives that advance diversity, equity, and inclusion, particularly for underrepresented and underserved populations around the world.
In order to do this, Cognizant will spend $250 million for CSR initiatives over the next five years, in communities around the world. Building on its longstanding investment in CSR, the company, with its extensive global presence, will work to create stronger, healthier, and more inclusive communities as they emerge from the Covid-19 pandemic.
“As a global company, we care deeply about unlocking human potential,” said Brian Humphries, CEO, Cognizant. “We are determined to live our purpose of improving everyday life and apply our technology and business expertise to help tackle global problems. This $250 million initiative aims to create conditions for people to thrive by expanding access to education, healthcare, and technology, and by advancing diversity and inclusion in communities around the world.”
As per the company and its foundations, Cognizant has already impacted more than 4 million people, working with over 300 organisations so far. Additionally, more than 166,000 of its employees have volunteered their time and expertise for various causes over the last five years. Looking ahead with this new development, Cognizant will introduce philanthropic programs to advance diversity and inclusion efforts, supporting African American, Latin, LGBTQ, Pan-Asian, women, and veteran communities.