Companies are always on the lookout for ideas that make for good business. This is the reason why leading companies invest millions of dollars in marketing, product innovations, and technology advancements. It’s clear to management how these investments can help improve profitability, grow a larger customer base, and fulfill other core business needs.
What isn’t always apparent to senior executives is why philanthropy is good for business too. To some business leaders, corporate giving and philanthropy may seem like an “extra” or something you engage in only if there is sufficient time, money, and interest to do so. In today’s highly competitive market, this couldn’t be further from the truth. Companies who have embraced philanthropy as a core business practice have found they reap rewards far beyond what they thought was possible. This has turned philanthropy, corporate volunteering, and employee giving into corporate imperatives that can’t be ignored and are an essential part of doing business.
Philanthropy gives a greater meaning to the company. Obviously, every company is in business to make money, but having a vision and duty that goes beyond the goal of turning a profit gives your company a broader sense of purpose.
Employee engagement is everything. Today’s employees want to believe in their company’s initiatives and invest personally into the work they do.
Customers are at the core of your business. By showing your customers that you care about more than just selling your products, you end up with a more loyal customer base and a stronger bond with the community.
Corporate philanthropy should be more than just an afterthought or something to do because it’s “nice.” It should be an integral part of your core mission to grow your business, engage your employees, and connect with customers.
Summarized from an article in Truist. http://truist.com/why-philanthropy-is-good-for-business/