As a philanthropist, your actions can impact anything from your local community to your business. Philanthropy, on a personal or corporate level, is a way to give back and make a difference on both a large or small scale. When it comes to corporate philanthropy, whether you’re working for a large organization or as an entrepreneur, it’s essential to recognize the many benefits that come with it, for both your business and the community you’re assisting.
The major benefit that comes from practicing corporate philanthropy is helping a community or a specific organization of your choosing; purely, making a difference. Corporate philanthropy can come in many different forms, from financial donations to volunteer opportunities and food drives for employees to participate in.
Brand Awareness & Reputation
In addition to the opportunity to help others within different communities or organizations, practicing corporate philanthropy can boost brand recognition and reputation within your company. Good deeds and the ambition to help others will prove that your company focuses on areas other than what’s directly relative to business. With that, your reputation as an organization will organically improve hand in hand with an increase in your brand’s overall awareness.
Employee Engagement & Morale
Volunteer and donation opportunities that are organized within a company motivate employees to engage in company-wide activity and other initiatives. This increases engagement between employees, which can ultimately boost morale within the company. Philanthropy programs encourage employees to get involved in their local communities, or on an even large scale; this can be done in ways such as creating crowdfunding campaigns, donation drives, or volunteer opportunities. Allowing employees to choose what they’d like to be involved in also helps them become more invested; an organization they personally care about will boost the drive for participation.
Recruitment is another large area that is impacted by the efforts that come from corporate philanthropy initiatives. When a company is established as philanthropic and socially involved, potential employees can view this as an essential part of overall company culture. This will also increase the opportunity to recruit employees that have a philanthropic focus within their personal lives. Individuals that focus on philanthropy, in general, are likely to seek employment at a company with similar values.