The Corner Office: USAA CEO Stuart Parker on the value of corporate citizenship

The following is excerpted from Issue 29 of The Corporate Citizen.

At USAA, CEO Stuart Parker recognizes that business and corporate responsibility goals should serve a common purpose. At the 2019 International Corporate Citizenship Conference, Parker shared the following insights from USAA’s corporate responsibility evolution:

“Corporate responsibility is the right thing to do, and it makes good business sense. When your company shows it cares, employees become more engaged, communities pay attention to what you do, and customers become more loyal. 

Research in 2015 revealed that the world-class standard of corporate philanthropy is to give back one percent of profits. At the time, USAA was giving less than one-half of one percent. So we decided to take the issue to our board of directors in a compelling way. We communicated how to align our corporate giving for greater effect and more strategic focus. When we framed how to do it in a way that also helps our association, the board was very supportive. 

Today, USAA proudly gives more than $40 million a year, which is one percent of our pretax income. Our members support this decision, too, because we have a strategy that ensures the money makes a huge impact.”

Read more in Issue 29 of The Corporate Citizen.