Why Corporate Philanthropy Might Be Right For Your Business

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Why Corporate Philanthropy Might Be Right For Your Business

30 June 2020
 Categories: Business, Blog

Corporate philanthropy is the idea of getting your business or company involved in the local community or specific causes in a charitable way. If your company is growing or performing well but you would like to do more to keep your employees engaged or improve the public image of your firm, corporate philanthropy might be something to look into. Here's how getting your company more involved in this way could benefit everyone who works for or comes into contact with your business.

Creating Strong Ties Between a Business and Its Community Pays Long-Term Dividends

When a business makes it clear that it cares about the local community, the members of that community might become more likely to give the company their business over time. Start a fundraiser for local youth, and their parents might be more inclined to do their shopping with your company when a need arises. Donate money to a specific local charity, and those who benefit from that charity might be more inclined to reach out to your company in the future. Philanthropy can help establish strong ties between a corporate business and the community it operates out of. Giving back some of your revenue to benefit others now could pay off in additional revenue for your firm in the years to come.

Anchor Your Employees to the Local Community

If part of your charitable work will involve sending your own employees out into the community, this could pay off by creating better employee morale and higher employee retention rates over time. Most people feel good about themselves after they get involved in a project where they can help others. Those positive vibes will slowly start to show up within your office even when there's not a current project going on. If you send employees out into the community, they'll have opportunities to create strong ties that might make them more likely to stay with your company instead of taking a different job.

Identify Leaders Who Can Help Run Your Business

If you do let your employees go out into the community or start their own charitable projects with the company's backing, this could end up being a great opportunity for you and other executives to see which employees rise to the top. Running a charitable project takes leadership skills, and you'll be able to see if you have any employees on your team who might be ready for more responsibility within the workplace itself.

For more information on philanthropic business ideas, reach out to Michael Sobota or another consultant in your area