It is not a surprise anymore that increasing numbers of young people (we’re looking at you, Millennials) are entering the workforce and the economy and changing how businesses cater to consumers. And the beliefs of this segment of the working and purchasing public aren’t just modifying business practices; they are reshaping business cultures, too. An increased awareness of the world and our place as humans and consumers in it has shaped a new segment of the population, and businesses are becoming more and more cognizant of how their products and policies contribute to society, demanding social obligation be a contributing factor for all new ideas. One of the biggest changes has been the focus on philanthropy that businesses now see as an important requisite for success. Take a look at how philanthropic efforts can benefit not only individuals, but your business, too.
Philanthropy Breeds Respect
Let’s face it: giving back makes you look good. If you can’t see any other benefit to generosity, consider the fact that 70% of Millennials would rather spend their money on brands that are socially and civically responsible and nearly 67% of them would rather work for a company that makes charitable donations than one that does not. When your company donates to a cause, it sends a message that you care for more than yourself, a message that draws respect from the community and promotes their support of you, both as consumers and as employees.
Philanthropy Makes You Feel Good
If giving makes you look good, it also makes you feel good. Just like how putting on a nice outfit and combing your hair often boosts confidence, a dedication to charitable giving creates an atmosphere of positivity. Supporting a local cause can unite employees by boosting morale and fostering a spirit of community. A mere dedication to the bottom line could never forge the same alone. Where would you rather work? For a large law firm only interested in big paychecks or an EB-5 lawyer with a team committed to helping immigrants change the world?
Philanthropy Increases Exposure
Helping others will inevitably expose you to lots more people than staying at your desk and not helping them. Think about the types of people your company will meet as you make calls to research and schedule causes to support. These people become part of your network. They could potentially support you as customers, and they could become a part of your organization as employees or partners. Knowing more people only opens more doors.
Philanthropy Can Save You Money
This is one of those times when spending money can actually save you money. Tax deductions for charitable giving can help your company save money on taxes. Just make sure you follow all applicable laws when filing your tax return.
