The Win-Win of Philanthropy: How Giving Back Reaps Rewards for Your Business, Too

How Giving Back Reaps Rewards for Your Business

The holidays are a time for giving. And successful companies know that includes giving back to their communities. You can think of philanthropy as a way to change lives for the better — or as a responsibility that goes hand in hand with financial success.

But giving to your community can bring rewards for your business, too. Here’s how:

1. It strengthens employee involvement

Your company’s volunteer spirit can help you recruit and retain employees and build morale in the office. A recent Robert Half survey found that four in 10 workers considered an organization’s participation in charitable activities when deciding whether to work there. Employees who participate in these activities tend to feel more engaged with the company itself and have higher morale at work — which helps boost teamwork and productivity and reduce turnover.

2. It bolsters your image

Your organization’s identity is built on more than your products, services and success in the marketplace. If your employees are regularly involved in volunteering and your company gives generously to the community, those activities can boost your image and brand across the board.

3. It adds goodwill to your reputation

Giving back can actually increase your business and boost your bottom line. That’s because buying decisions these days often reflect how customers feel about a company, not just its products. And many socially aware customers prefer to buy from businesses that support causes important to them.

4. It enriches the community that supports your business

Wherever your business operates, whether it’s a small town or a big city, giving back is part of a symbiotic relationship. When your business helps the people in your neighboring community, the people who live there are more likely to support your business and respect your company as an organization. It’s an exchange that helps everyone .

5. It nurtures relationships with clients

One special way of giving back during the holidays is to recognize, thank and show your gratitude to clients and customers whose support has helped your business succeed this year. That can include supporting their own charitable initiatives too. It’s an effective way to strengthen and maintain your professional relationship into the new year and beyond.

How have you found giving back has helped your business grow? Share your experiences in the comment section below.