Doing good for the community often translates to doing well as a business. If you’re ready to test out this theory in your own business, consider the following metrics from top companies your C-Suite can relate to, even if your executive team is just you. So, why should you make the business case for corporate philanthropy?
- 36 percent of U.S. employees found that volunteering improved their work skills.
- 89 percent of U.S. employees believe that companies who sponsor volunteer activities offer a better overall working environment than those who do not.
- Ameer and Othman found that companies in certain activity sectors which emphasize sustainability practices have higher financial performance measured by return on assets, profit before taxation, and cash flows compared to those without such commitments.
Do you still need convincing?
Here are some reasons why a corporate philanthropy program is a great idea for any size business. You can use these as discussion points to get started.
Why is philanthropy important in business?
You can engage with the community
Corporate volunteer programs are a great opportunity for your company to become more engaged and keep a better pulse on your local community. It provides a more cohesive, stronger network. You can be more agile as a business when you know your community and their needs. Engaging with your customers in the nonprofit sector in a volunteer environment outside of the normal business roles may also help you better understand their needs and how you can help them reach their goals.
It helps improve communication
Involving your colleagues in volunteer events helps improve communication. When you are removed from your typical work environment and “the boss” is hammering at a job site (if you are typically at a desk job), or they are tutoring next to you at a school, the lines of communication are opened that may have otherwise been difficult to overcome.
It is an opportunity to increase your impact
Companies are often already supporting their local community financially. By sending volunteers out to support these causes you can increase your impact in the local community. Your company can develop a relationship with a nonprofit and become a voice for them within the business community – dollars cannot do that!
There is a clear business case for corporate philanthropy and volunteer programs. A well-executed program will not only increase employee engagement but help your business develop new relationships with community partners. This can be the driver that enables you to retain and hire top talent at your company.