It is fairly easy to understand how investing in business strategies such as research and development, marketing and technology is just a good practice for most businesses. Managers can clearly see how these investments increase profits, improve corporate infrastructure and widen the consumer base.
What isn't always apparent to senior executives is why philanthropy is good for business too. To some business leaders, corporate giving and philanthropy may seem like an "extra" or something you engage in only if there is sufficient time, money and interest to do so. In today's highly competitive market, this couldn't be further from the truth. Companies who have embraced philanthropy as a core business practice have found they reap rewards far beyond what they thought was possible. This has turned philanthropy, corporate volunteering and employee giving into corporate imperatives that can't be ignored and are an essential part of doing business.
Obviously, every company is in business to make money, but having a vision and duty that goes beyond the goal of turning a profit gives your company a broader sense of purpose. Embracing this vision of giving back to the community can revitalize the initial energy and drive that led to the creation of your company in the first place. When your company builds itself around a greater mission of doing good, you infuse that passion into your products, services, employees, customers and shareholders. This passion eventually begins to manifest itself in the work of your employees and managers, providing a greater sense of purpose that actually drives innovation and creativity and, in turn, leads to business growth.
It has become increasingly important to engage employees in the core mission of your business. Today's employees want more out of a job than just to take home a paycheck at the end of a 40-hour workweek. They want to believe in their company's initiatives and invest personally into the work they do. That is the core of employee engagement.
When it comes to customers, the best recipe is one that combines many key ingredients. This includes providing top-notch customer service, as well as ensuring that the products you sell or the services you provide are valuable. These three things certainly win loyalty, but customers also respond to companies that engage in visible philanthropy programs. If people can see that you care about more than money and that charitable giving is a big part of your overall corporate goals, they are more likely to come back again and again.
Good business is about generating positive emotions. While executives are trained to make non-emotional decisions based on concrete data and hard facts, your customers usually don't. Customers want to feel good about doing business with you; it's about making an emotional connection. If they feel disgruntled when they think about your brand, why would they be inspired to buy from you or invest in your company? For example, if a company donates employee time and money to help out after a natural disaster in the community, people will always remember this. It's this corporate spirit of empathy and giving that create an emotional connection.
What isn't always apparent to senior executives is why philanthropy is good for business too. To some business leaders, corporate giving and philanthropy may seem like an "extra" or something you engage in only if there is sufficient time, money and interest to do so. In today's highly competitive market, this couldn't be further from the truth. Companies who have embraced philanthropy as a core business practice have found they reap rewards far beyond what they thought was possible. This has turned philanthropy, corporate volunteering and employee giving into corporate imperatives that can't be ignored and are an essential part of doing business.
Obviously, every company is in business to make money, but having a vision and duty that goes beyond the goal of turning a profit gives your company a broader sense of purpose. Embracing this vision of giving back to the community can revitalize the initial energy and drive that led to the creation of your company in the first place. When your company builds itself around a greater mission of doing good, you infuse that passion into your products, services, employees, customers and shareholders. This passion eventually begins to manifest itself in the work of your employees and managers, providing a greater sense of purpose that actually drives innovation and creativity and, in turn, leads to business growth.
It has become increasingly important to engage employees in the core mission of your business. Today's employees want more out of a job than just to take home a paycheck at the end of a 40-hour workweek. They want to believe in their company's initiatives and invest personally into the work they do. That is the core of employee engagement.
When it comes to customers, the best recipe is one that combines many key ingredients. This includes providing top-notch customer service, as well as ensuring that the products you sell or the services you provide are valuable. These three things certainly win loyalty, but customers also respond to companies that engage in visible philanthropy programs. If people can see that you care about more than money and that charitable giving is a big part of your overall corporate goals, they are more likely to come back again and again.
Good business is about generating positive emotions. While executives are trained to make non-emotional decisions based on concrete data and hard facts, your customers usually don't. Customers want to feel good about doing business with you; it's about making an emotional connection. If they feel disgruntled when they think about your brand, why would they be inspired to buy from you or invest in your company? For example, if a company donates employee time and money to help out after a natural disaster in the community, people will always remember this. It's this corporate spirit of empathy and giving that create an emotional connection.
About the Author:
Sebastian Troup likes writing about philanthropic solutions for businesses and non profit organizations. For additional details about the importance of business philanthropy, or to find help setting up employee volunteer programs, please visit the Truist.com website now.
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