With our global population continuing to grow in size, we are quickly finding more people in need of support. From cancer patients requiring expensive treatment to underserved communities without adequate access to education, the demand for philanthropy is increasing each year. As a result, more companies have started incorporating philanthropy into their business model, to give back to organizations and causes that are meaningful to them. In addition to helping the community, corporate philanthropy can have numerous benefits to a company’s morale and overall culture that are important to consider.
Better Company Culture
According to an article from Fortune, corporate philanthropy not allows your company to give back to the community, but it can also improve their general outlook of the leadership team as a result. More employees have been seeking out companies that participate in corporate philanthropy in recent years. The overall outlook that employees have of their leader can highly affect the way that the company functions internally. Employees with high regards for their leaders typically stay with the company longer, which can be beneficial for your long-term success.
Community Engagement & Networking
Depending on the route that your company takes with corporate philanthropy, it may involve spending time in the community. For example, if your company incorporates volunteer opportunities, it will provide you with the chance to engage with the community. Not only will you increase awareness of your company, but it can also improve the community’s outlook of your company as well. This is especially important for local businesses located in up-and-coming cities around the United States, as it can help keep your company’s name relevant and competitive.
Support Important Causes & Organizations
With countless causes and organizations that significantly need support around the country, many have come to thrive as a result of corporate philanthropy. Additionally, the work that is being supported by corporate philanthropy can have a profound impact on a humanitarian crisis.
For example, the Team Reed Foundation is an active supporter of the Duke Cancer Institute. The Institute, which is part of the National Cancer Institute, receives nearly $300 million each year that funds crucial research in rare cancer treatments. Additionally, the Center provides life-saving treatment to thousands of patients across its six locations. In 2016 alone, the Duke Cancer Institute treated an astounding 70,000 cancer patients. Helping organizations like the Duke Cancer Institute not only benefits your employees, but it can ultimately transform the lives of countless people.