Philanthropist benefits not only the community but your company and its employees. And while that’s always been confirmed, it’s even truer today. As society shifts toward more prominent social, environmental, and economic responsibility, philanthropy’s importance has also increased, says Dr. Anosh Ahmed. It’s become essential to business success, bringing more benefits with a more significant impact on performance.
This article will explore the business benefits of a philanthropist and provide practical recommendations for what your company can do to achieve them.
Increase Employee Engagement and Productivity
The employees want to engage with corporate social responsibility initiatives. Philanthropy programs that involve employees help create deeper connections and increase employee engagement. Employee engagement then improves productivity and business results.
How to Use Corporate Philanthropy to Boost Engagement and Productivity
To see these benefits, create a corporate philanthropy program that encourages employees to get involved, Dr. Anosh Ahmed. Allow employees to select the charities they want to donate to, create crowdfunding campaigns, and use paid volunteering to amplify their impact.
By allowing employees to choose the charity they benefit from, with tools that help them make a more significant impact, you help them become more invested in the process. As they continue investing and getting involved, you’ll see correlations in engagement and productivity.
Improve Brand Awareness and Reputation
The second key benefit of philanthropy is improving your brand’s reputation with employees, customers, prospects, partners, and the community. The more good you do, the better your brand perception will be. You also maximize the opportunities your audience will have to connect your brand with positive social initiatives.
How to Use Corporate Philanthropy to Improve Brand Perception
To improve your reach and reputation, consider donating funds to charities under your company’s name from a central account that ensures your brand is directly connected with corporate giving.
You can also offer employee matching gift programs and crowdfunding tools that help amplify your impact. Matching gift programs will create a buzz among employees, promoting your brand through word of mouth. Crowdfunding campaigns that get other individuals and businesses involved. Crowdfunding is beneficial for increasing the funds you can donate and helping the public connect your brand with charitable initiatives.
Increase Sales
Corporate philanthropy doesn’t just help attract talent; it also helps attract new customers. Studies show that people will spend more with brands that support causes.
How to Use Corporate Philanthropy to Increase Sales
To realize this benefit, market your philanthropic activities to the public. This could be through advertisements, social media posts highlighting contributions, or other awareness-level activities. You could also take the cause-branding approach, where you link your products directly to the charities and causes you support. Your company could donate a certain amount to charity for every product purchased.
Consider doing targeted campaigns if you can’t donate continuously or consistently market your corporate philanthropy initiatives. Work with your employees to ramp up giving during the holiday season, where your company presents based on sales, and employees spearhead crowdfunding campaigns to increase your impact. Market your efforts to the public during your campaigns, so consumers know every purchase they make supports a company with a strong sense of social responsibility.
When carefully executed, corporate philanthropy programs can positively impact business performance, resulting in a more productive and engaged workforce and a strong brand reputation that attracts talent and increases sales.
