June 9, 2024

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Why Corporate Philanthropy Is Good Business?

Why Corporate Philanthropy Is Good Business

If you talk about corporate philanthropy you do not only help the community but also helps the company as well as our employees as a whole. And the need for corporate philanthropy has not been more than today. It is because today we are experiencing a shift in our society which is directed towards a very profound social, environmental, and economic responsibility, given that the relevance and importance of corporate philanthropy have increased many folds as well. So today if we are looking to bring more benefit to our company as well as our community and create a greater impact on society. Corporate philanthropy is the right way to achieve it along with business success in every sphere of life.

As truly remarked by Bill Gates an American business magnate, software developer, and philanthropist, “Effective philanthropy requires a lot of time and creativity – the same kind of focus and skills that building a business requires.”

Being said that, Corporate Philanthropy is a good business for the following merits of Corporate Philanthropy

Increase Employee Engagement and Productivity:

According to a study it was found that 78% of employees were willing to engage in any sort of corporate social responsibility initiatives. Due to that, it was evident that the philanthropy programs which involved employees directly helped in fostering healthy bonds between them as well as boost their employee engagement rate. As a result of which the productivity of the business and the combined output increased manifold. To quote Gallup it was found in their research that when the team’s engagement rate goes up their productivity was reported to be 21% higher than that of their counterparts.

We can achieve these benefits by creating a program aimed at corporate philanthropy that involves and encourages employees to take part in it. We can simply ask the employees to select their charitable preferences or causes and make a program revolving around it. Where they can donate or create and run crowdfunding campaigns, as well as give their time in skillset to make a tangible impact.

Improve Brand Awareness and Reputation:

The second and most important benefit to our business is that corporate philanthropy can help in increasing brand awareness as well as improving our brands’ reputation with employees, customers, partners, various stakeholders as well as the community at large. The more we do the better brand perception will be built around our company. By that, we can also increase the opportunities of our audience to connect with our brand in various social initiatives which we can organize for a popular cause.

But how do we make use of corporate philanthropy for creating and improving brand perception in the market? For instance, we can look at Sam Mizrahi, Toronto based real estate developer and entrepreneur who is the force behind the growth of Mizrahi Developments. One of the buggiest projects that Sam Mizrahi Toronto is working on is The One, Toronto’s first supertall skyscraper, located at the intersection of Yonge and 1 Bloor West streets in downtown Toronto.

We can achieve it by considering making donations to various charities under the name of a company, we should make sure that it is from a central account So that a brand will be directly connected with the corporate giving.

Increase Sales:

When we indulge ourselves in corporate philanthropy it doesn’t only help to attract new talent as well as helps us to get new customers as well. According to studies, it was revealed that people were willing to spend more on a brand that was or shifted as perceived as philanthropic and supporting causes. And due to that when the people involved in the group were made to choose between two equal value products or brands, An overwhelming 90% of consumers chose the brand which supported some cause.