Corporate philanthropy is an increasingly adopted idea where businesses today show interest in contributing to charity than ever before. Companies that fund charity programs unlock a host of benefits, most of which give them a competitive advantage, a sense of accomplishment, and fulfillment of internal objectives and culture. Here are the notable benefits of engaging in corporate philanthropy that businesses should be aware of and understand.
Boosted Brand Awareness
Giving towards charity in corporate philanthropy programs enhances companies’ ability to achieve boosted brand awareness and positive reputation. Choosing a corporate philanthropy program well gives a company the opportunity to network with the community while also displaying a commitment to the social well-being of the society. The publicity that such businesses receive by posting the proceedings of the charity event on social media attracts public interest and serves as an opportunity to improve brand perception.
Increasing Employee Engagement
Organizational charity programs give employees an opportunity to volunteer their effort and time in the social well-being of society. Such programs are often fun and an opportunity to experience a break from the daily routine in the workplace. Employees who invest in corporate social responsibility programs that are organized at the workplace level generally turn out to be more productive and dedicated to their workplace engagements.
Enjoying Tax Deduction
Thanks to the IRS, companies that donate to charity get a chance to enjoy proportionate tax deductions on their donations. Whereas companies should not target donating to charity for the sole benefit of enjoying such tax deductions, the deductions come as a vital incentive that encourages corporate philanthropy. Given that investing in corporate philanthropy offers additional benefits, the tax deductions essentially leave a little more money in the hands of the companies.
Attracting And Retaining Talent
Businesses that have highlighted the importance of charity in their organizational values stand a chance of attracting like-minded employees. Virtually all top-talented workers have a specific taste for such charity programs. To say the least, therefore, such companies end up being a top employer for talented workers. In addition, companies that engage in charity programs generally enjoy low employee turnover rates. This is because workers whose employers offer them an opportunity to invest in charity are highly satisfied with their appointments.
About The Author
Jason Bond is a Professional Trader and Educator with Raging Bull Trading, and an active Philanthropist. He co-founded Raging Bull Trading with Jeff Bishop in 2010 as a way to help other traders achieve success in stock trading. In 2019, Jason Bond and Jeff Bishop created the RagingBull.com Foundation, which is dedicated to supporting charitable organizations in their communities. To date, the foundation has donated over $385,000 to charitable organizations that are important to them.