As businesspeople, we must always keep a watchful eye on numbers. However there are a number of intangibles that also have measurable effects, namely corporate giving. At POA, we believe that giving back to the community is just the right thing to do, but it also boosts the bottom line. Here’s how:
Giving back is good branding. It creates goodwill with customers and vendors. In fact, a May 2013 study by Cone Communications and Echo Research found that a whopping 82 percent of American consumers take corporate social responsibility into account when deciding what to buy and where to shop.
Corporate philanthropy also fosters a positive work culture that attracts top-notch talent. It is a strong indicator of job satisfaction for Millennials in particular, who are notorious for switching jobs. They are happier in their jobs when they feel proud of their employer’s mission, culture, and philosophy. A 2011 Deloitte Volunteer IMPACT study found that Millennials who participate in workplace volunteering activities feel twice as satisfied in their jobs.
Integrating corporate giving into a company’s strategy requires focus. Here are some tips for setting up a sound corporate giving strategy:
1. Consider your company’s mission, strengths, and needs.
What do your company and employees do well, and how can you harness those strengths to effect positive change? An engineering firm might consider donating to a school’s robotics program. A restaurant might open up their doors to the homeless for an evening. A real estate firm can organize a Habitat for Humanity build.
2. Set up a budget and a framework to assess and respond to philanthropy requests.
That way, systems are in place to make sure corporate giving stays focused.
3. Delegate a person or persons to manage philanthropy requests.
Some companies choose to appoint a committee to outline and address corporate giving, which has the added benefit of developing leadership skills and empowering employees through decision-making.
4. Consider various avenues of giving beyond just writing a check.
Donating goods and services is one option. Another is to give employees time off to volunteer or incorporate an employee matching program. This allows employees to give to causes they deem important, and by supporting them in their endeavors, you show you value them and their values. Encourage departments to volunteer together as a team-building activity. By encouraging employees to volunteer together, you give them a common goal.
At POA, working together to raise everyone up is one of our core values as a company, and we practice that through helping clients as well as giving back to the many communities throughout the West in which we operate. We support hundreds of organizations through fundraising events, corporate sponsorships, and volunteering. For more information about partnering with POA for your cause and to find out how to join our team, contact us today.← Back
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