In any business, employee satisfaction tops the list of many components to running a successful company. On that list should be philanthropy as well. People want to work for a company that cares about other people. Being involved in philanthropy provides employees with a sense of altruism, among many other benefits to a company. An investment in philanthropic activities and awareness is certainly one that can have immeasurable payouts for a company.
Employee satisfaction is the key to employee retention. Not only is it important for employees to feel inclusive in the success of their company, but they also need to feel as though they have an impact on causes outside of work. Companies that have a philanthropic mission and provide their employees with opportunities to get involved with their community are likely to enjoy their company and their job more. This leads to an increase in employee engagement. An engaged employee has more passion in their work and can encourage engagement in their coworkers. Companies today are even offering incentives like an extra day off if it is spent volunteering at a local charity or organization.
Engaging in philanthropic events around the community will help a company to build relationships with other organizations involved. Networking is a great opportunity for a company to receive information on a number of aspects. Companies can gain insight on their competition through networking, and compare themselves to boost their success. Networking can also help a business build a nexus of other companies that they can use as a resource when the time comes. Finally, networking at a charitable organization or event is the optimal opportunity to meet potential future employees who are also passionate about philanthropy. This is all done while improving the community and supporting a nonprofit.
Not only is philanthropic involvement internally beneficial with a business’s employees, but it also helps to give a good name to the business in the eyes of potential customers. There are many globally known brands and companies that have partnerships with nonprofit organizations. Being actively involved with a nonprofit organization, especially a local one, is attractive to potential customers. It appeals to their emotional side and they are more likely to choose a business that seems to care about their community.
Giving back to the community is not only beneficial for the organization but for a business as well. For this reason, as well as many others, businesses should consider their philanthropic impact on society.