We live in a world that constantly boasts the leaps made in tech and connectivity yet, most of us feel disconnected. As most organizations switch to a hybrid or remote form of working, although employees can reap the benefits of staying home, they miss out on creating new physical connections with their colleagues. Now, they only interact with their teammates via a zoom tile and are familiar with their pet or the color of their bookshelf in the background.
This might not be a major problem in the short-run as new mothers get to spend valuable time with their children or those with dependents can take better care of their loved ones without spending a fortune on nannies and nurses, in the long run, they might begin looking for the purpose in their work.
Since we spend most of our adult lives at our workplaces or doing our jobs, many times we define ourselves by our work. Research shows that most millennials are likely to define their work as their life calling and about 70 percent of people say they define their purpose through work. In such an environment when employees don’t feel that their organizations are offering them the space to give back to society, they might leave to find opportunities they perceive as more fulfilling.
Large-scale charity donations to charitable causes are a component of corporate philanthropy, but it involves much more. Profitable organizations choose to give back to society in the form of matching donations or corporate volunteering. These altruistic activities that are carried out by employees on behalf of the company have large-scale benefits for everyone involved.
The top 5 benefits of Corporate philanthropy are:
Improved Employee Morale
When a company engages in corporate philanthropy by donating its time and resources to a good cause, it can have a positive effect on employee morale. Employees feel proud to work for a company that gives back to the community, and they're more likely to be dedicated and productive members of the team.
A study by the Corporate Volunteer Council found that employees who participate in corporate philanthropy are more engaged in their work, and they're also more likely to stay with their company for longer periods. So not only is corporate philanthropy good for the community, but it's also good for your bottom line.
Increased Employee Engagement
When your employees know that you're giving back to the community, they feel proud to work for your company. They feel like they're a part of something bigger, and they want to do their part to help make a difference.
And it's not just about feeling good—employee engagement is good for business. Corporate philanthropy leads to improved productivity, creativity, and innovation. Studies have shown that companies with a strong culture of philanthropy tend to outperform their competitors.
So how can you get your employees engaged in corporate philanthropy? It's simple—just allow them to get involved. Let them choose the charity or cause that's closest to their heart, and then make it easy for them to donate their time or money.
Improved Employee Retention
Imagine if you could retain your best employees by offering them the chance to give back. Well, with corporate philanthropy, you can! When employees are allowed to give back to their community, they feel appreciated and valued. And that's a huge reason why people stay with a company—they want to feel like they're a part of something larger than themselves.
Plus, charity work is a great way to develop leadership skills and build relationships with other team members. So really, there are tons of benefits to giving your employees the chance to get involved in corporate philanthropy and employee retention is one of the most valuable ones.
Enhanced Company Reputation
An enhanced reputation courtesy of corporate philanthropy will allow your current employees to see that you're actively involved in giving back to the community, they will feel a sense of pride to work for your organization, and will rate your organization as a great place to work at. This way you can attract potential employees who will view your company as one that cares about more than just making money.
Google is a company that has a brilliant reputation and boasts record retention rates. 97% of employees at Google Inc. said it is a great place to work compared to 57% of employees at a typical U.S.-based company. Google’s corporate philanthropy is one of the major reasons why employees feel like they are in good hands.
Increased Sales and Profits
When a company gives back to the community, it makes people feel good about doing business with them. They see the company as being responsible and as caring about more than just making money. And that positive image can lead to more sales and a stronger bottom line. Approximately 68% of consumers prefer shopping from brands that are involved in corporate social responsibility such as giving back to society.
In addition, companies that give back tend to be more successful overall. Why? Because their employees are more engaged and motivated when they know their company is doing good in the world. When employees feel good about their work, they're more productive and they stick around longer. That's a win-win for everyone involved!
Whether it's donating money or time, corporate philanthropy offers a bevy of benefits for both the company and its employees. A strong CSR program can promote a happy work environment, improved customer relations, and long-lasting community ties. Because of this, corporate philanthropy is a top concern for businesses that want to attract customers and employees that are motivated by a cause. You'll gain greater advantages as your business philanthropy and CSR activities grow.
Chezuba anticipated this trend and developed a tool that your organization can use to integrate corporate philanthropy into your workplace. With a customizable dashboard for you to track your employees’ volunteer activities to engaging online volunteering opportunities, Chezuba has it all. Book a free trial to know more.