The Benefits of Corporate Philanthropy

As business becomes more globalized and markets become increasingly competitive, you must think strategically about how to best position your company for success. Corporate philanthropy is one such strategy that can help your company stand out and drive business value.

Corporate philanthropy is the practice of companies giving back to the communities in which they operate. In other words, it’s when a company uses its wealth and resources for non-selfish reasons. A company that practices corporate philanthropy will usually do so by donating time, money, or services to an organization that benefits society (e.g., a charity group, educational institute, environmental program, etc.). Below you will learn about some of the most common benefits of corporate philanthropy and why your company should give back.

One way corporate philanthropy can benefit your company is by helping to attract new talent. For example, if your company is actively involved in social causes in a way that helps the local community, then it can show potential employees that your company cares about more than just profits. Not only this, but you are more likely to attract like-minded people who are committed to important issues. Corporate philanthropy can especially be beneficial if you’re struggling with recruitment.

As society becomes more aware of and concerned with ethical practices, you might find that you must reassess and fine-tune your business models in order to stay competitive. For example, if you’re in the food industry, you might have noticed that clients such as wholesale buyers are now more concerned and aware of where food comes from and how it is sourced. These concerns have led to the growth of the food ethics movement, which is a push for food companies to be more ethical and socially responsible in their practices. With corporate philanthropy, you can become more aware of these types of trends and redefine your company’s overall approach to social issues.

Another benefit of corporate philanthropy is that it generates additional awareness of your company. This is because when you make cause-related efforts public, people are more likely to notice and engage with you. One notable example is Kirk Chewning Cane Bay Partners located in St. Croix. After St. Croix was hit by two hurricanes in 2017, Chewning and some of his partners put together a charitable program to help the community rebuild. This initiative made headlines and turned a lot of heads, which provided many with their first introduction to Cane Bay Partners as a brand.

As you can see, there are many benefits that come with corporate philanthropy. And while the factors listed here are important, remember that the most important reason of all is because it’s the right thing to do. When you fully commit to giving back, you will establish a culture of caring for your staff, customers, and community. The right moves will make your company a better place to work and buy from, all while making the world a better place.