Even though it may sound unbelievable, corporate philanthropy has been in utter decline for quite some time now. According to HBR, charitable contributions made by organizations have dropped by almost 14.5%. And it’s expected to decrease even more.
However, the reasons behind such a sociological catastrophe aren’t hard to understand.
When it comes to working in the aspect of corporate philanthropy, most executives don’t see themselves in a win-win situation. And the incessant demand and pressure of maximizing the short-term benefits of a project or of the company.
Additionally, giving more usually doesn’t satisfy the critics. The more you donate, the more is expected from you. And this makes it difficult for them to justify charitable expenditures.
However, truth be told, you can and should always partake in corporate philanthropy. In fact, it can be used as a strategy to improve your business reputation and so on.
Keep reading to know more about it.
Why Should You Partake in Corporate Philanthropy?
Corporate philanthropy, in essence, can range from employee volunteering to decent financial contributions. Some people do it to increase their reputation, whilst others, like Adrian Cheng, are more interested in creating a social impact. But how does it benefit you in the long run?
Let’s find out.
1: Benefits to Your Community.
If you want to help your community and build it in the best possible manner, proffering some money to a communal charity can be helpful. You may either help them financially, erect some sort of architectural marvel that can attract public eyes, or something else.
All in all, your efforts might result in a much cleaner community, offer more opportunities for the residents, and boost your local economy.
2: Builds the Morale of Your Employees.
Organizations that emphasize volunteerism and public service might notice a sign of a boost in the morale of the employees. And it’ll be a certain thing if your team values the idea of giving something back to the community. Besides, while working for the community, your employee circle can get to know each other much better.
This may help with their collaborative behavior too. It, in turn, can improve their teamwork or understanding even more while building up their morale. And if you reward your employees for what they are doing, they’ll be even more loyal to you!
3: Gives an Edge in Recruitment.
Establishing yourself as a philanthropic organization can lead people to believe that you’re –
And trust us, almost 60% of job seekers out there love working for companies like these. And if you hire them, they will try to give their best to your organization too.
If you want to be even more employee-centric, you might also ask for their suggestion prior to indulging in charity work. This way, they will feel more important to the organization.
Where Should You Focus Regarding Corporate Philanthropy?
In most cases, people use corporate philanthropy as a core organizational strategy to uplift the market reputation they currently have. And, to some extent, it’s true too.
In today’s dynamic world of business, you have to find a way to make yourself different from all of your competitors. And it can certainly help you out with it.
Nonetheless, corporate philanthropy, in essence, should also be done to improve your area and community as a whole. It’s about being a part of society and giving something that you’ve gotten from them. So, when it comes to partaking in corporate philanthropy, you must always focus on doing the ‘goods’ for your society. Taking the help of a social worker might help you out in this aspect. Or, you may try to talk to your employees and make a decision from there.