3 Ways Charitable Giving Can Benefit Your Business
More and more companies are choosing to donate to charities through volunteering their time, resources, or both. In 2018, foundations and corporations gave an estimated $427.71 billion to U.S. charities, according to Giving USA 2019: The Annual Report on Philanthropy.1 Why are so many businesses jumping on the charitable giving bandwagon?
The act of giving is an intrinsically good thing to do to help others and it also offers significant advantages for your business. It can boost the morale of your employees, help your business become more well-rounded, and offer tax relief. Read on to learn more about three key ways in which charitable giving can benefit your company– that aren’t strictly financial.
1. Help people in need
One of the best aspects of charitable giving is knowing that you are helping people in need. Aside from sharing your natural energy and enthusiasm for your trade, a great way to expand your impact is to donate to a charity that you and your company believe in. As a business owner, you might be in a position where you’re able to give back and make a significant difference in the lives of others.
2. Become a socially aware brand
Another benefit of donating as a business owner is that it helps you to become well-rounded as a company. By donating to a charitable program, giving back a portion of each purchase, or volunteering your time for a cause you believe in, you’re becoming a helpful steward of social needs. Make a positive difference beyond your trade and demonstrate that you value creating an impact on your community.
Doing so can also increase your bottom line — 55 percent of global online consumers reportedly will pay more for products and services from companies that are making a positive environmental and social impact, as found in a Nielsen survey.2
3. Boost employee morale
The positive feeling of giving back to your community extends beyond your personal fulfillment. Your employees also stand to benefit from the same feel-good positivity, which in turn increases employee morale.
Employees tend to be happier, more satisfied with their jobs, and more respectful of an organization that prioritizes giving back. Consider that 71 percent of employees reported saying it was very important or imperative to work for a company in which the culture was supportive of volunteering and giving, according to America’s Charities Snapshot Employee Donor Research.3 This is important not only in boosting morale but in attracting and retaining top talent. Many employees today, especially millennials, want to work for a company that is aligned with the importance that they place on doing good for the community, both locally and globally. 4
How to choose a charitable cause to support
When it comes to charitable giving for business owners, we recommend finding an organization that aligns with your brand and mission — and one the resonates with your team. Talk to your employees and find out what is important to them. You may have a budding philanthropist or passionate change-agent in the office right next door. Then find ways to support your charity of choice. Speak with the organization you’re interested in to find out how you can be most helpful.
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2020-92736 Exp. 01/2022