Various strategies aid in the growth of organizations. One of these strategies is corporate philanthropy. Corporate philanthropy entails organizations engaging in community welfare activities such as donations or community works. Here are some benefits of creating a corporate philanthropy program.
Positive Impact On Brands
Companies that engage in corporate philanthropy gradually create a name for themselves. People associate them with positive attributes as opposed to viewing them as entities just out for profit. This has a positive impact on the organization, which ultimately contributes to the firm’s success.
A Motivated Workforce
When an organization engages its employees in its corporate philanthropic activities, they feel valued. In turn, they get motivated to work. Employees can be involved in deciding what philanthropic activities to undertake to boost their morale even further.
Attracts Customers
People are more inclined to spend their money on ventures that are associated with philanthropy. In some way, they feel they have also taken part in the giving process. Businesses attract customers through corporate philanthropy covered by the media and displayed on their social and corporate sites. In some instances, the percentage of money that is donated is indicated on a product. Customers may be more comfortable paying a higher amount for a product if they know part of the money will contribute to a positive course.
Tax Advantages
When a company donates its products, it benefits from tax deductions. In the long run, some money can be saved.
Corporate Philanthropy Ideas
There are many ways an organization can engage in corporate philanthropy. For instance, an organization can offer scholarships to disadvantaged groups, build a park for children, or organize fundraisers for various initiatives. It’s all about meeting one need or the other in society. An organization can also help by funding community projects such as cleaning or offering some products at a subsidized price for those in need.
When it is undertaken wisely, a corporate philanthropy program can aid the growth of an organization. However, the goal of giving should not be to gain something in return. There is unmatched fulfillment in building others up as you grow.
Article originally published on JonFarzam.org