Whether you and your company provide financial contributions, goods or services, or allow employees to volunteer time “on the clock,” corporate philanthropy can have a major social benefit. As someone with a deep passion for philanthropy and social well-being, I understand the benefits that corporate philanthropy offers the company, the community, and your employees. Corporate philanthropy has become essential to business success.

Improving the Community

First, your company’s philanthropic endeavors can make a major impact on the community. Nonprofit agencies in the community greatly benefit from corporate sponsorships and donations, and your business should take the opportunity to support worthy causes.

Making a financial donation can address crucial needs in your community. There are many ways your business can provide assistance by donating funds to help:

  • create a youth program
  • purchase a new wheelchair-accessible bus
  • build a senior center or teen clubhouse
  • assist local shelters

These are big-ticket items and perhaps your company or small business cannot afford endeavors on this scale. A different but still effective way for your company to help is to encourage your staff to participate as a volunteer while paying for their time. 

Boosting Employee Recruitment, Morale, and Retention 

Corporate philanthropy makes your company more appealing when recruiting new employees. When volunteerism and financial giving is part of your company culture, a job seeker may be more drawn to working for you, especially when they already volunteer or support a charity.

Getting your company involved in charitable and philanthropic efforts can boost morale among employees. When employees value giving back to the community and are encouraged to volunteer for a charity (whether self- or company-selected), the result is often a workforce with more passion and dedication toward their company. Volunteering together—outside of work—can improve internal teamwork on projects and collaborations. When allowed to volunteer during the workday, employees learn that their company cares about giving back and improving the community.

Employees are more likely to stay with a company that openly gives back and works to improve its community.

Improving Company Image

Finally, people want to see that the companies they support are also putting forth efforts to improve society and their community. Clients and consumers often view philanthropic businesses much more favorably when they support the very community that provides them with business. A gratifying beneficial cycle ensues. Helpful philanthropic efforts done primarily for the recipients’ benefit are a great way to improve your company’s image and the odds for your company’s success.

This article was originally published on MichaelLuzich.org