Although companies center around making money, they can play a critical role in helping the community. Organizations often have funds and staff available that could bolster a cause, and while doing good is a nice choice, owners may wonder if it’s worth the time and effort to establish a philanthropy campaign or mission. These efforts serve as a valuable service to others; furthermore, they could also benefit the company itself. The following are four possible perks that corporate philanthropy offers establishments.
1. Establish an Ethical Reputation
When businesses make a concerted effort to assist a cause, they receive a boost in their reputation, which matters in today’s business world. Customers consider who they are buying from, not just how much something costs. So, patrons learn to research and understand operations, missions and giving. Consumers, particularly millennials, focus significantly on living an eco-friendly and socially responsible life. These patrons prefer to spend a bit more to support organizations with the same.
How does this matter? Charities such as the USANA Foundation focus on sustainability and helping others. They want to grow while making good choices for the planet and its people. Shoppers recognize that purchasing with them supports more than their needs. Reputation is sometimes the deciding factor in the customer’s spending decisions.
2. Build the Brand
Community or national support programs also encourage positive brand exposure. Promote your activities and needs to the neighborhood and get your name connected to something good. Are you doing a local food drive? Put it out on social media. Write articles and post content on your website discussing your mission and why it’s important to you. Sponsor something locally, gaining regular signage of support. These media and visual exposures get the word out about the operations, encouraging additional foot and online traffic. It’s getting your name out in a positive manner.
3. Enjoy a Tax Break
When January rolls around, you’re talking to your accountant about what you owe the government in taxes. You may not love this time of the year, but it’s important and must be done. Donations to other groups could earn you tax breaks, reducing how much you have to pay. Talk with your accountant about how much you might give each year, using it to guide your philanthropic efforts.
4. Foster an Upbeat Work Environment
People often change jobs. No longer do they stay with a company for most of their career. Instead, they’re transient, moving from place to place until they find something comfortable. The environment or atmosphere of your company impacts retention rates and enjoyment.
Current research shows that employees want to work with companies that focus on helping others. Why is that? It allows them to become a part of something larger than just their work project: they get to assist in doing good, thus feeling satisfied with the business they go to daily. Workers want to know they’re part of something larger.
Therefore, don’t shut out your employees when you begin your philanthropic journey. They should become an integral part of the mission. You create your vision. Then, allow them to become a part of the activities. Have a committee of staff who assist with the yearly fundraising or donations. Give people a reason to love where they work! They arrive ready to tackle projects and upbeat about their time there. These efforts could keep your people longer and encourage solid work productivity.
Having a corporate philanthropy program could benefit your organization in several ways. These efforts that go beyond your product and revenue are important. They help develop a mission for your employees, and you can support and build your business’s reputation and branding.