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Seven Benefits of Business Philanthropy

When a business practices philanthropy, there can be many benefits, both for the company and for its employees. Here are some good reasons why your company should have a corporate philanthropy program.

1. Attract New Customers

Make sure that the public is aware of your philanthropic programs. Many people will choose a product or service over a similar one because the company’s charitable causes appeal to them. Experts such as David Johnson Cane Bay Partners estimate that 80-90% of customers will make this choice. You could advertise that a certain percentage of each purchase goes to charity. If you can’t do this year-round, you could have campaigns at certain times, like during the winter holiday season.

2. Increase Employee Productivity

Corporate philanthropy campaigns increase employee engagement with the company and have a beneficial effect on productivity. It is especially helpful to get employees involved with philanthropic programs to increase their engagement. They could help to choose the charities that benefit, or they could volunteer their own time in service of the charity, with your company lending support such as matching donations or paid time off to volunteer.

3. Help With Recruiting

Employees like to work for companies that have a positive effect on the world. If the company practices philanthropy, prospective employees will be more likely to choose that company to work for. There is so much competition for top talent that companies have to use every advantage they can to attract the best and most talented employees.

4. Develop Brand Reputation

A charitable giving program is a great way to increase the reputation of your company’s brand. For best results, publicize your philanthropic efforts on your social media platforms and make sure that your brand is publicized in all of your charitable giving initiatives.

5. Create a Better Workplace Experience

Working together to benefit a charity will bring employees together and create a more cohesive company. Employees will be happier to be a part of a workforce that has a positive impact on the world. People will see each other as more than coworkers; they will be part of a giving community.

6. Add Tax Benefits

Many of your company’s charitable gifts can be tax-deductible. Make sure to track all charitable initiatives and talk to tax professionals to maximize the tax benefits of your programs. The tax benefits can greatly reduce the costs of your philanthropic activities.

7. Create Marketing Opportunities

Philanthropic campaigns can be great marketing opportunities for your company. The campaigns can be publicized on social media with great photos of the organizations that are benefiting. If your company is supporting employees in volunteering, these events are also great ones to publicize on social media. If a portion of your company’s profits is going to charities, this is a great benefit to advertise.

These are just some of the benefits that your company will realize from adopting a philanthropy mindset. As the benefits become clear, you may want to start more charitable initiatives. Your company, your employees, your customers and your community will all benefit from these efforts.

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