Why giving back is good for your business
If your business hasn’t made it a habit to support a good cause, here’s why you should: giving back does more than make a difference in your community. Participating in charitable activities can have a positive impact on your staff, your customers and your bottom line.
Customers want to support companies that demonstrate a commitment to more than earning a profit. A 2010 study by Cone Marketing showed that 85 per cent of customers respond positively to companies that give to a charity they care about.
Moreover, collaborating on charitable activities encourages team building among your staff, which can improve morale and even increase productivity.
Including volunteer days in your company’s benefit package can also attract top talent and encourage staff loyalty. A 2015 study revealed that 62 percent of millennials would take a pay cut to work for a company that demonstrates a commitment to social responsibility.
Convinced giving back matters? Here are a few easy ways to become a more socially conscious company.
Implement staff volunteer days
Allowing your staff time to volunteer in the community once or twice a year is a win-win for everyone involved. Your company’s commitment to community giving can make a meaningful difference to a charitable organization while raising your company’s profile and earning the appreciation of your staff.
Host a community event
Schools, hospitals, libraries, community centres and children’s clubs can always use extra financial support. Choose which community organization you’d most like to support, keeping your company’s core values in mind – then start a campaign to raise funds for your cause. A carwash, BBQ, bake sale or fun fair can become an anticipated annual event with the help of your staff and the support of other businesses in your community.
Sponsor a donor matching program
Pledge to match donations up to a certain amount for a cause of your choice. Donor matching is a great way to inspire people to give more generously, knowing their donations will go further –and your company will be remembered for your collective generosity and goodwill. Use your company’s social media channels to spread the word about your donor matching program and encourage your followers to give to your cause.
You’ll get a more positive response to initiating charitable efforts when you invite your staff’s involvement. Ask your employees to come up with a list of charitable initiatives that matter to them and that align with your company’s mission and values. Then take a vote on the top two or three charities you’ll work together to support that year – perhaps one local community initiative and a campaign to help a larger national charity.
Acknowledge your staff’s participation in your corporate giving projects and reward them for their personal contributions. Time off, a free t-shirt or a group draw for a gift card can go a long way to increasing participation and making your efforts to give back both rewarding and fun for everyone involved.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.
Oracle Accounting & Wealth is located at Suite 31, 89-97 Jones Street ULTIMO NSW 2007. Phone: 02-9715 2977
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The information in this newsletter / factsheet is factual but general in nature. It should not and is not to be construed as advice at any level whatsoever. Because it contains general information that has not been tailored to your personal circumstances it may not be suitable information for you. You must always seek personal financial or taxation advice prior to acting on this information. Further, as many of the comments in this newsletter / factsheet are general in nature, anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.