Why Giving Back is Important to Your Business

Companies of all shapes and sizes have the resources and capacity to provide a positive impact in their communities. Whether it’s by supporting a local charity, organizing an event or participating in a fundraiser, giving back has important benefits for a business well beyond helping out the local community.

A community-oriented company with a charitable mindset can benefit from positive PR, good employee morale and increased connections which can aid in long-term financial success.

Employee Morale

Employees are more likely to rate their corporate culture as a positive experience if their company participated in workplace volunteer activities. Not only does volunteering aid in bettering a community, it also makes for a great team building experience within the organization. Employees respect companies that care for their community -it simply raises morale, boosts employee engagement, and increases loyalty to their employer.

Free Marketing

In recent years, studies note that 73 percent of millennials say that they’ll spend more money with brands that support worthy causes. Given that millennial’s represent a majority of the spending power, the concept of giving back is extremely important to your company’s sales.

Consumers, including millennials, want the companies they buy from to practice business ethically and are attracted to socially responsible marketing.

It Betters the Community

The most obvious perk – charitable donations help better your community, and the public will notice if a company is making a real effort to improve its surroundings. Your company’s charity work could help improve schools, giving children safe places to learn and play.  Businesses can also choose to donate to a local nonprofit organization – the opportunities are endless and extremely beneficial.

A number of companies recognize the value in giving back, even offering employees paid time off to volunteer. Biotech company Novo Nordisk encourages employees to volunteer during work hours. The company has led thousands of volunteer activities inspired by its employees, including raising money for diabetes awareness programs and building homes for families as part of Habitat for Humanity.

Similarly in Toronto, G. Scott Paterson, technology and media venture capitalist, has made a number of community philanthropic contributions, including helping to lead the the Merry Go Round Children’s Foundation, which helps provide financially disadvantaged children in the Toronto area access to technology, like laptops and basic internet connection.

Business leaders like G. Scott Paterson and other global executives and organizations are committed to improving the communities around them and realize the value corporate social responsibility has on improving their company’s bottom line.