There are numerous surprising benefits of corporate philanthropy to both the receiving community and the charitable company. More and more companies are making social responsibility a top priority. By giving back to the community, a company gets back in multiple ways.
The community gets help during tough times, and in return, the charitable organization enjoys tax deductions and an improved reputation. According to a renowned psychologist, giving satisfies special human needs that can’t be met with tangible possessions. Employees benefit more emotionally by taking part in charitable events.
Here are some of the many benefits of corporate philanthropy:
1. Attracts Top Talent
A significant number of people are inclined to working for employers who balance the pursuit of profit and corporate responsibility. Nowadays, workers measure the success of their careers with the impact they make in the community. As the working population becomes socially conscious, they consider those values when looking for work. Research shows that many millennials will not work for organizations that are not socially and environmentally responsible.
2. Company Reputation
Besides enjoying tax advantages, corporate philanthropy increases brand awareness. Customers want to buy from organizations that are political, environmental, and socially conscious. Participating in various noble causes can enhance brand reputation for organic customer acquisition.
3. Improve Employee Productivity and Engagement
Participating in charitable events can help employees develop a strong connection with the company they work for. In turn, employee engagement increases productivity, and the business benefits from increased revenues. For better results, companies should allow employees to choose the charities they want to donate to and provide them with tools to help them make a huge impact.
4. Health Benefits
As said earlier, by giving, humans fulfill special needs that can’t be met with money. Research conducted recently revealed that participating in charitable causes triggers the release of endorphins and dopamine chemicals. These chemicals are responsible for happiness in humans. Therefore, philanthropy makes people happier.
Additionally, it is believed that giving helps elevate self-esteem, lower blood pressure, extend life expectancy, and reduce stress. All these benefits are paramount for employee wellbeing.
5. Protect Local Community
The main aim of corporate philanthropy is to make a difference in people’s lives. A company can make its local area a better place by donating to causes that improve community wellbeing.