Many companies are motivated to start a corporate philanthropy program due to the potential positive impact it can have on local charitable organizations. However, many organizations are also surprised to learn that participating in corporate philanthropy can have internal benefits. Below are some unexpected ways that your business can benefit from corporate philanthropy.
Boosting your reputation
Some of the most prominent examples of corporate philanthropy programs that have been successful include MiiR and Bombas. They are proof that giving back to the community is a part of the DNA of their company. To be successful, you should also align your philanthropy with your company’s goals.
For instance, Bombas provides socks to homeless shelters by donating a pair for every pair sold. If you own a pet retailer, you can also partner with local animal organizations to provide additional pet food or merchandise.
Apart from boosting your company’s reputation, your philanthropy can also help raise awareness of your brand, as you can promote these types of initiatives through marketing materials. For instance, if you host a major event or make a significant monetary donation, you can distribute promotional materials to encourage others to participate.
Increases customer engagement
Apart from boosting customer engagement, your company’s Corporate Social Responsibility efforts can also help increase its customer base. According to a study, 47% of consumers globally make purchases from companies that support charitable causes at least once a month. By clearly communicating your company’s goals and objectives, you can attract new customers and keep existing ones.
Improve employee recruitment
By fostering volunteering and giving in the workplace, you can help improve the recruitment efforts of new employees by making your place more appealing to workers who are motivated by purpose. Corporate philanthropy is also more likely to attract certain age groups, such as Gen Z and Millennials. In fact, almost 80% of recruiters believe that offering employee engagement is essential to attracting millennial candidates.
The increasing number of millennials and Gen Z in the workforce has made it more important for companies to adopt a corporate social responsibility program to attract top talent.
Uplifts employee engagement
Being involved in CSR initiatives can help employees feel more engaged in their work environment. According to research, organizations that offer opportunities for corporate philanthropy have higher retention and employee engagement rates.
Offering a robust CSR program that includes multiple ways for employees to get involved can appeal to their desire to give back to the world. Doing so can help develop a culture that values community goodwill.
You can enhance the engagement of your employees by offering a variety of opportunities within your CSR program. Things like corporate volunteerism, a matching gift program, and volunteer time off (VTO) are great ways to get your team involved in the community.
One of the most effective ways to encourage employee involvement is by developing a comprehensive program that includes feedback from your workers. This can help you identify the types of opportunities that are ideal for your employees and their interests.