Question: What is worse than not having a DEI Strategy?
Answer: Having a DEI Strategy that does not involve your team.
The data is in, and study after study has shown that businesses who understand the DEI journey and have demonstrated meaningful results are more profitable and have a much better work culture.
What do your partner sponsors want or expect for their participation with your association?
Do you know the answer to that question with a high degree of confidence? Unless you have asked them directly the answer is “probably not.” Well, we do not either but we do know that a very high percentage of our association studies are underwritten by sponsors so we know for sure that sponsors are willing to make sizeable investments with associations.
A little over a week ago we attended Non-Dues-A-Palooza in Nashville, TN. We learned from forward thinking association executives just how they are implementing non-dues revenue at their associations. One of the sayings that stuck with me was “Non-Profit is a Tax Term, Not a Business Plan.” This statement was made by an executive director of an association who has implemented several for profit incubator programs that have poured millions into their endowment. Yes, I said millions.
The Dynamic Benchmarking team is excited to be participating in the Non Due$-A-Palooza event happening this week and we look forward to sharing what we learn at this exciting event. We hear from associations all the time that non-dues revenue is becoming increasingly important and at Dynamic Benchmarking, we have developed several programs that can help your association utilize benchmarking as a non-dues revenue generator and member benefit.
One of the items we get asked frequently is, exactly what constitutes a taxable item when non-profits like associations start increasing their non-dues revenue. Our friend at Tenenbaum Law Group, Jeff Tenenbaum recently wrote a blog article on this subject and since it's full of great advice, we thought we'd share it here with our followers.
In a recent whitepaper, “Designing the Future of Associations,” produced by Digital Now, 81% of association executives stated that they expect data science and analytics to have a significant impact on their sector. As we look towards the last half of 2021 and the beginning of 2022 this stat is not surprising. As we’ve learned from many of you, your association is facing increased competition on the member front, due to the catapulted digital transformation of many industries. Pre-pandemic, many associations were the central hub of information and data for its members. As sponsors, vendors and associations alike in all industries ramped up their digital offerings, this created a new competitive threat that many associations simply had not faced before. In addition to having this increased competition, membership is decreasing as noted in the 2021 Membership Marketing Benchmarking Report. 47% of associations reported a decrease in membership over the previous year. Yet, on average 43% of an association’s annual revenue is derived from dues. So, what can associations do to address these new concerns?
Compliance plays a role in every organization and often there are programs or actions that are a direct result of ensuring compliance. It is fine if these programs involve transactional only items, but DEI is more than transactional. It is about the culture of the organization, the success of the team and ultimately the bottom line. Compliance may be able to address the diversity part of the equation, but that is not nearly enough to thrive it in today’s environment.
I learned in one of my finance or economics classes (can’t really remember which) that economic and stock market growth can sometimes be as much a psychological exercise as it is a physical or fundamental exercise. Meaning, when people feel good or positive about something, it can have a strong impact on the performance of that activity. This is true in many areas of our lives. I know that when I stand over a golf ball on the tee box that my confidence meter is never completely neutral, it leans one way or another and typically my tee shot follows.
Benchmarking over the past few years has been evolving, and COVID-19 simply catapulted us into the era of the shorter more frequent studies. As a benchmarking company in the association industry, we at Dynamic Benchmarking have seen the needs of our clients shift to deliver smaller, more time sensitive, studies periodically throughout the year. However, they did not want to sacrifice what we refer to as the "me" data or the personalized benchmarks for their members. They wanted the simplicity of a basic survey, but they did not want to give up the benefits of benchmarking.
Example of a Benchmarking Question with Me Data in Purple:
Example of a Question with No Me Data:
