Corporate philanthropy has many benefits to not only the corporation but the employees as well. We as a society are moving towards prioritizing social, environmental, and economic responsibilities. Therefore, we want to support companies that share the same values. As a result, the need for corporate philanthropy has increased, especially due to the world’s ever-increasing issues. Below we will take a deeper dive into various benefits of corporate philanthropy, as featured in an article on Gringa.
Helps to increase employee productivity and engagement
Statistics show that at least 78% of employees are interested in participating in corporate philanthropy initiatives. Participating in philanthropy can help employees to increase their engagement in their positions and foster deep connections with one another. When employees are engaged and getting along with one another, the productivity within work rises and benefits everyone in the organization. It is imperative for businesses to create corporate philanthropy programs that allow their employees to choose different crowdfunds and charities to support and volunteer locations to help out.
Assists in enhancing brand awareness and your brand’s reputation
Keeping your company’s turnover rate low is extremely important to keep your brand’s name in good standing. This is why you want to focus on improving your company’s reputation among prospects, partners, employees, customers, and the community around you in general. When your brand has a strong perception, you increase productivity and also maximize the opportunities your brand has with connecting with its audience. Your company can do this by providing employee matching gift programs and donating to various charities under your company’s name.
Your sales and, therefore, profits will increase.
Corporate philanthropy, of course, attracts top talent to come work for your organization, but it also attracts more customers to come to support your company. According to the article linked above, studies have shown that more customers want to support a company when they have demonstrated a desire to give back to the community and assist in charitable causes. In addition, many customers will specifically choose to buy a product that helps to support a specific cause over a product that does not. Your company does not have to donate tons of money to make this a priority; you can participate in target campaigns throughout the year and dedicate certain profits to various charities when able to.