“It is more blessed to give than to receive.” This is a popular Bible verse yet seeing this mentality embraced in the world around us can seem rare. Although it ebbs and flows with the economic state of the country, philanthropy is one of the easiest ways to set your company apart from others, no matter the size of your company or the size of your budget.
Corporate philanthropy means that your company is charitable and selfless when giving to your surrounding community. One of the driving forces behind your company’s presentation is a desire to assist others’ efforts, usually through monetary means but it can be through other ways as well. Not only does philanthropic behavior reflect well on your company, but it is also a very rewarding experience for employees and can lead to an overall increase in their mental health as well.
The Difference Between Corporate Philanthropy and Corporate Social Responsibility
If you are beginning your company’s philanthropy journey, you may have heard the terms “corporate social responsibility” mentioned almost as much as “corporate philanthropy”. While these terms are similar, they are not interchangeable. Corporate social responsibility is a broad term that simply means a company whose efforts are focused on societal improvement in general. Corporate philanthropy is specifically focused on supporting the local community around the company.
Benefits of Having a Philanthropic Company
Because of the employee involvement in company philanthropic activities, it is common to see a more relaxed and friendly work environment, a higher employee retention rate, and a healthier relationship between the clients and the company. Additionally, engagement in charitable activities promotes a generous spirit and a sense of purpose that employees carry with them into their personal lives. All of this reflects well on the corporation and can lead to better recognition and a higher drive to work with your company.
How to Become a Philanthropic-Focused Company
One of the ways to keep altruism and sacrifice at the forefront of your company’s vision is by following some of the most philanthropic companies out there such as Walmart and Coca-Cola. These two companies offer bonuses to their employees for volunteer work and matching contributions to whatever cause their employee donates to. If funds allow, consider offering similar opportunities for your employees. Offer corporate sponsorships, donating money toward an activity or event in exchange for publicity and representation for your company. If your company does not yet have the funds to fuel such an effort, offer your employees incentives in exchange for volunteer work with local nonprofit organizations. Follow social media pages and blogs that promote a corporate philanthropic lifestyle and openly address entrepreneurship and company growth, such as Kirk Chewning Cane Bay Partners located in St. Croix. This promotes a selfless mindset and may give you ideas that can be implemented into your own company as well.
In a self-focused world, philanthropic endeavors can set a company apart from others in one of the most rewarding ways. Leading your company in this direction can only bring positives to not only your company reputation and popularity but also to your employees as well.