With Thanksgiving only weeks away, many companies are considering how to give back to the larger community. But instead of making a one-time, end-of-the-year donation, your business would be wise to consider instituting a formal corporate philanthropy program, also known as corporate social responsibility (CSR).
A CSR program allows companies to live their values, stand out from the competition and communicate with their stakeholders—customers and employees—in a meaningful way. Here’s why corporate philanthropy is good for both your business and bottom line.
Builds Engagement
There’s nothing like rallying behind a cause to get employees fired up and feeling good about what they do. In fact, according to 357,000 people surveyed for the Best Workplaces for Giving Back list, employees who have a positive experience of giving back at work were four times more likely to say their teams were willing to go above and beyond to get the job done. What’s more, they’re also far more willing to serve as brand ambassadors, eager to express pride in their employers and to say they want to stay with their companies for a long time.
Attracts Millennials
Millennials now constitute the largest share of the U.S. workforce, or 35% of all workers. By 2020, their numbers will grow to almost half. To stay competitive, employers must focus on attracting and retaining the best and brightest millennial employees—and one of the best ways you can recruit quality candidates is to make corporate philanthropy a key priority. According to a recent study, 88% of millennials say their job is more fulfilling when they are provided opportunities to make a positive impact, and 84% want their companies to identify ways to get involved in their communities. Investing in a robust CSR program will pay off in attracting top-quality employees.
Showcases Your Values
Giving back isn’t just a good way to attract and retain employees. It’s also a good marketing tool. Today, customers are increasingly drawn to like-minded companies that share their values. By launching a corporate philanthropy program, you can highlight what’s important to you as a company. From protecting the environment to feeding hungry families, to supporting educational opportunities, companies that invest in philanthropic programs are making it more attractive for customers to do business with them. What’s more, you’ll also give your company an edge in an otherwise competitive landscape.
Generates Positive Recognition
Everyone likes recognition for the work they do. When you take the time to help others, it positions your business and brand in a positive light. This is especially true if you are supporting the community in which you live and work—and where your customers come from. With a formal corporate philanthropy program, you can give back to the community during the holidays and all year long.