As corporations recognize that consumers appreciate a philanthropic spirit, more and more businesses are stepping up their charitable giving. By implementing a philanthropic strategy as part of the overall plan for corporate citizenship, business leaders are emphasizing the goal of a well-executed charitable giving philosophy. Here are six tips to consider when designing an effective business giving plan:
ENGAGE ALL EMPLOYEES: Every employee from the top of the command chain to the entry-level associates should have a stake in the company’s overall philanthropic philosophy. Leaders can do their part by encouraging every employee to take part in volunteer activities and financial giving. By engaging all levels of employees, participation will soar and everyone will feel as if their voice is being heard.
LISTEN TO ALL STAKEHOLDERS: Effective giving principles take into account all of the stakeholders and their valuable opinions. Making everyone aligned with your business feel included will lead to more effective giving channels. This includes customers, neighbors, public shareholders, community leaders, media, and more.
IDENTIFY REASONS FOR GIVING: By formally identifying the reasons for giving, business leaders can help to strengthen their intentional plan. On the internal level, a strong philanthropic presence leads to higher levels of employee satisfaction and retention. On the external level, corporate philanthropy equates to increased levels of customer loyalty, brand awareness, and community image.
RESOURCE ALIGNMENT: By aligning all of the company’s resources to fulfill the charitable initiative, business leaders will harness the power of their giving. For example, a healthcare company providing medical assistance for children fits in with the core values while taking advantage of the natural resources.
DO NOT SHORTCUT THE STRATEGY: Like the rest of your business initiatives, the charitable giving plan should be laid out with proper planning, precision, analysis, and metrics. By treating the giving as a crucial element of the overall business plan, you will set yourself up for success.
COMMUNICATE THE PLAN: Just as the corporate giving philosophy needs to be implemented purposefully, the communication of the plan also needs to be intentional. Although many business leaders want to shy away from appearing boastful, it is important that both the internal and external stakeholders are aware of the philanthropic activities of the business.