The corporate philosophy is not a new concept. It is the act of corporations or businesses engaging in socio-civic work for the welfare of others. By including social responsibility under their company’s tenets, they are essentially committing to doing their part to the large community they belong in, by dedicating time and resources, such as funds, or tools, and other resources.
Acts of philanthropy can serve to help many people, but actually, it does have certain benefits for the company engaging in it as well. Here are some reasons why companies should at least consider partnering with organizations or foundations for their philanthropic efforts.
From a practical viewpoint, tax deductions can mean a whole lot of savings for a corporation. This is also probably one of the bigger reasons why companies can be a bit more open about considering their philanthropic efforts well.
Typically, these can be filed as donations in their company returns. It’s important to note, however, that there are specific requirements attached to this, which is why it’s important to closely work with a financial professional for strict compliance.
Once everything is set up well and correctly, however, it should be easy from there, and the corporation can enjoy their tax deductions while at the same time being able to help other communities.
Improve Brand Image and Reputation
Branding is very important for companies because this has a direct impact on their credibility as an entity providing goods and services to the public, and thus their sales. Being involved in philanthropic acts is a great way to shine a light on what the company is all about. Especially if they’re involved in worthwhile causes, such as rebuilding communities devastated by natural disasters, it leaves a good impression on their own employees, their existing clients, potential customers, and even business partners.
It’s possible that because of these efforts, they’re going to attract new employees and partners who do share the same interests and advocacy. This in turn can further help boost the company image. After all, it does say a lot about a company when people want to work for and with them.
Boost Employee Engagement
It’s usually lost in the numbers and bottom line goals, but it’s important to remember that corporations are individuals who do have varying interests and advocacies. Getting these individuals inspired is important for the productivity and, ultimately, the success of a corporation.
By engaging in corporate social responsibility activities, they see that the company also participates in other interests that, although not necessarily exactly similar to theirs, make them feel like seen or heard.
Especially if the chosen endeavor of the company aligns with their own personal advocacies, it can get the employees further inspired to be productive, knowing that their efforts inside the company can ultimately translate to something bigger and more relevant in the outside world. By engaging in these philanthropic efforts as well, therefore, the employees feel better compelled to perform well’, which benefits the company and its bottom line.
These are but some of the more immediate benefits that companies can enjoy as benefits of engaging philanthropic efforts. It’s not supposed to be taken lightly, though, not only because it will have a direct impact on their chosen recipients, but also because it does involve using company resources.
Finding the right organization or foundation to partner with is thus very important. Look into what kind of advocacy or campaign you would like to support first, and then search for a foundation that can help you carry out your project. Cane Bay Partners, for example, focuses on the rebuilding of territories in the US Virgin Islands affected by hurricanes. If you want to impact in that area, that is the kind of organization you would want to reach out to.