More than just charity, philanthropy is a long-term strategic plan to address specific social needs. It involves the contribution of time, talent and treasure.
Thinking of pursuing philanthropy? Here are just a few of the benefits to business of doing so:
1. It makes fiscal sense. Being a good steward to the communities in which a company does business is good for business. Stable communities benefit business by providing a quality workforce, among other benefits. For example, the problem of homelessness not only dehumanizes the homeless themselves, but can increase crime and safety concerns, and drive the allocation of tax dollars – all of which can negatively impact a business’ bottom line.
2. It helps your reputation. Philanthropic outreach can help build and bolster a business’ brand as a responsible corporate citizen. For example, Macy’s supports arts, culture and education; Target supports improving neighborhood safety. Businesses can and should support causes that resonate with their customers and support a desired image. Getting attention in the media for your company’s philanthropy is better and cheaper than paid advertising.
3. It feels good. Philanthropy can improve employee morale because it feels good to help people and situations. It feels good to be proactive and constructive about ills that plague us as a society. When team members feel they are a part of something bigger than themselves, their workplace or jobs, it can be extremely motivating, satisfying and create an atmosphere in which people bond with one another and thrive.
Ethically, philanthropy is the right thing to do. And, when effectively implemented on a corporate level, it’s good for business and the community, too.
Image courtesy of David Castillo Dominici via FreeDigitalPhotos.net