Corporate giving can be a huge benefit to businesses and has long been a part of a business plan. In 1889 Andrew Carnegie called on the rich to use their wealth to improve society and stimulated a wave of philanthropy. He became a leading philanthropist in the United States and the British Empire, giving away almost 90 per cent of his fortune, to charities, foundations and universities.
Companies continue to recognise the benefits of corporate giving both for their employees and their client relationships. It has been recognised that 70% of millennials are more likely to spend on brands that support good causes.
Many businesses choose a charity for the year, where they focus all of their fundraising activities to raise money for that one charitable organisation. Others choose a charity that they align their brand to but also continue to support other charities.
Companies that develop strong relationships with charities positively impact their reputation, the two can work together to create PR opportunities, expand their reach and solidify their commitment to community support. Additional benefits are worth considering when planning your corporate giving strategy.
- Boost Team Morale
Working towards a collective goal can improve employee motivation and engagement. This is especially true for millennials and gen Z, younger generations who are in a position to give like to have a significant and active role in the process of giving and prefer not to just donate and move on.
Creating a positive work environment and a happy office culture can also reap rewards for bridging the gap between hybrid and regular office staff.
Taking part in fundraising activities helps to build work relationships and friendships, encouraging individuals to work as a team to complete fundraising challenges such as a fun run, swim to London and back (not literally of course!), or collectively complete so many hours of exercise in one month.
Giving to charity can make people proud to be part of the team and work for their company, boosting individual morale ‘when you do good work and give to others, you feel good.
- Brand positivity
Raising your profile and improving the reputation with your audience through an affiliation with charitable organisations will boost public awareness and opinion on your brand. Research even suggests that 84% of consumers said that it is vital that a company supports a charitable cause.
Charitable giving supports your brand values, if you are seen to be living by your values you will be seen more positively both by employees and customers.
- Community support
Proving community support at a local level is a great way to get better engagement from employees. Employees that live and work in the same area feel a sense of belonging within their community and are proud to be part of the charitable initiatives. You are more likely to encourage a wider number of people to take part in fundraising activities when aligning your giving with causes that employees care about.
The effort that you put in to provide support for community initiatives will also be noticed by local people.
- Great for Public Relations
Aligning your brand with a charity puts your business in a positive light and gives you something to talk about to the wider community.
Sharing your fundraising stories and the impact they have had on the charity is wat to keep your target audience and stakeholders updated about the benefits of your charitable contributions.
Holding special events that brings the community together is a fantastic way to raise your profile both locally and nationally. Getting staff involved in organising and running the event can improve team morale and bring different departments and sites together.
- Expand your reach to a wider audience
Aligning your company to a charity boosts awareness of your brand among those who might not have been on your radar before. The charity will have a following that will become more aware of your business and what you do. Sponsoring local sports events, fun runs, golf days etc. brings your brand to a new audience.
The benefits of corporate giving are wide and varied and undoubtedly bring teams together and raise employee motivation whilst extending your profile to a new audience. Are you ready to start your WellGiving challenge? Book a demo.