Consider Philanthropy an Investment
Updated: May 10, 2022
Your philanthropic efforts are worthwhile! And if you haven't considered them, let us change your mind ...
Running a business, let alone a successful one, can make it seem like there are never enough hours in a day. Attracting talent, retaining talent, P&L, new regulations, shifting competitive landscape - the demands aren’t myriad - they’re endless.
Communicating effectively with your stakeholders (customers, employees, board, suppliers, potential partners, competitors) can then, in turn, seem insurmountable. Which platform, what tone, what level of transparency - it’s enough for anyone to deactivate their TikTok account and move to the woods.
And philanthropy/community relations/community investment/ activated PR can seem like the very last thing on a very long list of what needs to get done to make payroll.
I hear you. Warm Fuzzies take a backseat to the nuts and bolts of your operations, the projected earnings of next quarter, your market share.
The thing is that Warm Fuzzies aren’t a ‘Just.’
‘Just a publicity stunt,’ ‘just an employee salve,’ ‘just a nice presentation twice a year.’
Effective, strategic, aligned philanthropy will build your brand, attract talent, attract business, and differentiate you from your competitors.
1. Attract Talent
In a 2019 survey of more than 2,000 employees across sectors - 90% said they would trade some compensation for meaning.
The workforce, particularly Millennials and GenZ, is attracted to companies that are focused on something bigger than the bottomline. A young, hungry, and growing segment of your future team members value...well, values. A coherent and intentional CSR strategy will ensure you can offer your employees the culture and meaning that will keep them engaged and thriving.
2. Attract Business
A few figures -
86% of the S&P 500 publish ESG Reports
86% of consumers EXPECT some kind of engagement on social and environmental issues
This is the new competitive landscape. Building your brand in part on social values and action is a given.
3. Differentiate
This many seem like a contradiction to the above point. But trust that it is not. ESG/CSR work is ubiquitous - GOOD ESG/CSR work is not.
If a strategy is not researched, intentional, and collaborative - a scandal and a PR nightmare is not too far behind.
Philanthropy has never been more important to a hyperconnected and emotionally driven marketplace.
Consider philanthropy an investment that will pay dividends inside and outside your company. And, as a bonus, do some good in the process.