With all the recent natural disasters in the world recently, including hurricanes Harvey and Irma close to home, a spotlight has really been shed on giving back. While you might think most of the donations pouring in around the country have come from individuals, in fact businesses have donated well over $150 million already to aid Hurricane Harvey efforts alone.
Although leaders and their teams can feel good knowing they’re making a difference, there are also plenty of other benefits to be had from corporate giving. Read on for some of the key advantages you should keep in mind if you own or manage an organization today.
Strengthened Business Reputation and Stronger Connections with Customers
For starters, one of the prime pluses to come from corporate giving is that it reflects well on your organization. By supporting not-for-profits, you can garner more respect from community members, as well as your current and potential customers.
With business being so competitive these days, and cash flow being tight for a lot of consumers, anything you do to improve your organization’s reputation can be very helpful. Indeed, plenty of people and firms consider the philanthropic history of businesses when weighing up which one to spend their money with.
Keep in mind that buyers also tend to become more emotionally invested in brands which they associate with strong ethics, and will be more likely to remember your business if they connected with your charitable giving. This is particularly the case if you align with or other support charities relevant to your firm’s offerings or the brand image it trades on.
Improved Workplace Morale and Appeal
Another fantastic benefit of corporate giving is that workplace morale always tends to improve in tandem with it. After all, employees (especially younger generations, like millennials) want to feel that they are not just doing a job when they go to work, but that they are also a part of something bigger. When they can see their company is making a difference, it makes them feel good.
When you give back, you will engender respect, too. Workers, no matter their position or background, tend to always have more respect for leaders and businesses who are doing something to make the world a better place, and focusing on more than just profits and deadlines.
In addition, employees in giving organizations tend to be happier and more engaged at work, with a higher level of job satisfaction, and increased motivation. Teams will usually become more cohesive, too. This is especially the case when staff members can come together to participate in charitable projects. (For example, take a look at this recent TruGreen event where the company hosted an event benefitting the children at St. Jude Children’s Research Hospital in Memphis.) This all leads to reduced employee turnover, and a higher level of productivity, which are two big pluses for any business.
Another advantage of an organization giving back is that doing so will help your firm become more appealing for new staff members. When you’re advertising jobs, you want to get applications from the best candidates possible, while those people will likely be comparing potential employers to see which would be a better fit not just for their skills and experience, but also for their personal values. When word gets around that your organization regularly gives back then, this will help it become known as a top place to work.
Opportunities for Networking
No matter what industry your business is in, it’s likely that networking with relevant people has a positive impact on sales. For example, meeting new people can help you to land new clients or get access to individuals you might never have the chance to present to, and it can assist you to develop closer relationships with your current customers, and build repeat business as a result.
If this is the case, consider the many networking opportunities which can arise from corporate giving. When you host or attend charitable events, complete pro-bono work, serve on boards, raise funds, and so on, you have the chance to chat with people in an honest, and often more relaxed, way than typical networking occasions. You will immediately have something in common to discuss, and/or a shared passion, which will help you to make connections in an authentic way.
Lastly, don’t forget about the many marketing advantages which can arise from giving back. When you support good causes, your business will likely be mentioned in the media more regularly, and in a positive light, while at the same time avoiding the typical “selling” that comes with standard advertising and PR methods. Through giving back, you also provide yourself with great content marketing ideas, as you can post about your charitable alignments on your blog, social media posts, in e-newsletters, and so on.