Business

Corporate Philanthropy and Its Importance for Your Business

November 1, 2021

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Helping Hands Program

Table of Contents

Corporate philanthropy covers a gamut of aspects, ranging from financial contributions to the employee’s participating time on the clock. While philanthropy may cost the company, it also provides many benefits in return for the company, community, and employees associated with it.

It is integral to understand the significance of corporate philanthropy and how it is important for society at large and your business.

Various Community Benefits

The most obvious benefit of corporate philanthropy is community benefits. When a business offers financial support, the local organizations can afford supplies and programs that otherwise are left unfunded. Volunteering time grants these organizations the workforce that they wouldn’t earlier have access to. All these benefits for the recipients strengthen the community on the whole.

Boosts Employees’ Morale

Companies that emphasize public service and volunteerism notice a boost in the morale of their employees. The team that works together on a charity project gets friendly with each other beyond their typical work scope. The philanthropic work also improves their teamwork on different work projects.

Improves Company’s Image

Engaging in philanthropic work not only lends a helping hand to the people in need but also improves the image of your company. As you start participating in good work, the news about your company’s philanthropy spreads. People view your business more favourably as they are supporting a community that provides them with business. The positive image so created encourages community members to utilize your products and services over your competitors.

If you want to maintain your company’s positive image in the long run, your philanthropic efforts need to be helpful for the people who are in utmost need. For instance, you can join the Helping Hands program and help all the physically challenged individuals by gifting them an artificial hand (prosthetics) to work. Remember, your prime agenda behind philanthropic activities should be serving society and not just attracting business opportunities.

Attracts Good Talent

Your business will be effective as long as people working for your business are. Employees are the backbone of your business. The philanthropic activities that you perform attract top talent for your business activities. It is because employees expect their employers to balance the pursuit of profit. The former measure the success of their careers and the business they work for in terms of both advancement and positive impression on the world around them. As they become more socially aware, they like to consider the values while deciding upon which place to work.

Multiplies Sales

All the corporate philanthropy activities not only attract talent but new customers as well. According to many studies, people like to spend more on the brands that support causes than brands that do not. Many consumers have blatantly stated that they like to purchase products and services merely because they advocate issues they care about.

Bonus: Create An Employee-Centric Program to Increase Corporate Philanthropy Benefits for your Company

When you execute the corporate philanthropy programs carefully, they positively impact the business performance and result in a more productive workforce. All these practices create a strong brand reputation attracting good talent and increase your sales.

However, for your business to extract corporate philanthropy benefits, you need to build a solid program empowering your employees. You can further use advertising and social media platforms to spread the word.

A strong program incorporating all these elements will improve your overall business performance by leaps and bounds. Above all, these programs must run in teamwork to attain maximum success. Remember, the fundamentals of teamwork shouldn’t be restricted to children only, it is required by adults too.