It’s no secret that corporate giving changes millions of lives each year. Many non-profit organizations rely on generous monetary donations from big businesses, while others depend on hardworking volunteers to accomplish their goals. What you may not realize, however, is how much philanthropic giving also benefits the businesses and individuals responsible for those donations. In a society that increasingly values a charitable spirit, philanthropy can set your business apart from its competitors while simultaneously improving the world.
1. Brand Building
One of the most essential factors in any company’s success is positive, memorable branding. Your brand should reflect your business’s purpose and principles so potential customers and employees alike can see what your company stands for with just a quick glance at your professional profile. Aligning your name with a respected charitable organization sends the message that your business cares about people as much as it cares about numbers.
2. Leadership Balance
Employees want a competent leader who can both encourage and facilitate professional growth, but they also want someone who realizes there’s more to life than work. Leaders who are able to marry the two, such as businessman and philanthropist Charles Phillips, exemplify the balanced approach to leadership that dominates the contemporary business culture.
3. Talent Acquisition
In order to attract the best and brightest employees, consider making your philanthropic efforts a cornerstone of your business model. Since quality company culture now tops the list of desired characteristics in a workplace, lacking a holistic approach to business means the best job candidates will pass over your business without a second glance.
4. Employee Engagement
Though it may feel like obtaining highly-qualified employees is the hard part, keeping them is a challenge that demands equal attention. To prevent employee attrition, offer your employees the opportunity to develop new skills via volunteer days or else experience a night of fine dining and dancing to benefit a good cause. It will make them feel good about themselves and their work, and happy employees are the most productive ones.
5. Customer Satisfaction
A poor reputation can be a death sentence for even the most established business or organization. As the internet continues to expand, so do the opportunities for a dissatisfied customer to make a noticeable impact. Luckily, philanthropic giving helps mitigate the consequences of negative customer experiences by revealing your company’s commitment to helping others. Customers will perceive your generous spirit as a sign that their trust in you is not misplaced.
6. Networking Opportunities
As the saying goes, achieving your business goals is often less about what you know and more about who you know. Sometimes, however, it’s easy to get wrapped up in work and forget about the importance of maintaining valuable relationships. Participating in various charitable events gives you and your employees an opportunity to meet new people with whom you may form lasting personal and professional connections.
7. Community Involvement
Most organizations work tirelessly to provide valuable services for the community at large. Improving those communities may be the ultimate goal, but that doesn’t mean you can’t reap the benefits of being surrounded by people who are highly invested in your business’s success. This will drive more business your way while ensuring that you have a loyal base who will follow you wherever your business ventures lead.
8. Purpose-Driven Mission
No business can succeed without a clear mission detailing its purpose and aspirations. It is much easier for employees and customers to buy into your mission if they feel it reflects a genuine desire to enact positive change for both themselves and others. Philanthropic giving provides a heartwarming sense of purpose that corporate entities sometimes lack and that employees need in order to truly invest in their work.
9. Mental and Physical Health Boosts
Employees can do their jobs only when they are happy and healthy enough to do so. Disrupt the monotony of the daily grind by giving your employees the opportunity to participate in meaningful charitable activities. Studies show that giving improves your mental and physical health, so taking time away from work to get involved may lead to fewer sick days, higher productivity, and greater employee investment.
10. Financial Benefits
Since donating involves giving up your own time or money to another with the expectation of receiving nothing in return, it seems logical to assume that, despite the numerous potential benefits of giving, philanthropy results in an overall financial loss. When leveraged well, however, philanthropy increases your sales revenue over time and provides an opportunity to qualify for substantial tax deductions.
Incorporating philanthropy into your company’s culture offers a number of advantages that can elevate your success to the next level. Although you may not see any immediate gains, charitable giving gradually creates more revenue and hype for your business, making it one of the best ways to help others while in turn helping yourself.