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Why Philanthropy is Good for Business

It’s no secret that doing good feels good. For those with a big heart, the desire to give naturally extends to the office. Whether you call it philanthropy, volunteering or corporate social responsibility, companies who commit their resources to giving back know it’s worthwhile. Here’s how benevolence has business benefits:

Strengthens Culture:

Volunteer programs have been proven to increase employee engagement and retention rates. One study states, “employees most committed to their organizations put in 57 percent more effort on the job, and are 87 percent less likely to resign.” Engagement is clearly key to a great company culture, and leads to a happier, healthier work environment. When people feel they are contributing to something positive, they build a sense of purpose and ultimately feel more connected to the company.

Philanthropy fosters teamwork, too. Working towards a common goal outside of the office can form unique bonds. Comradery and connections will happen naturally as coworkers help their community. Staff members may get the chance to meet people from different teams or departments to strengthen internal ties.

Along with fostering engagement and connections, volunteering simply makes us happier. Although we all know giving back feels good, scientists coined a term for it. Helper’s High refers to the rush of positive feelings we get after doing a good deed. For example, it increases comfort levels and reduces stress. More positivity means more production, and creates a stronger company culture.

Helps Business Growth:

In addition to providing benefits to your community and culture, philanthropy is a smart investment. Not only does it bring goodwill, but it could increase profits by 11 percent!  This highlights how social and economic responsibility go hand in hand. If you think corporate social responsibility is just a nice thing to do, think again. Giving back as a business generates ROI through lifting sales, improving employee productivity and increasing shareholder value.

Contributing to charity also supports your brand. Gaining exposure through publicity shouldn’t be the only motivation, but it’s an undeniable benefit. Don’t be afraid to share the good deeds your company participates in. As a result, you’ll build credibility, create trust with clients and hopefully get more people involved in your mission. Just remember, the most important thing is spreading kindness.

 

At LaSalle, we’re proud of our philanthropic efforts- not just because it’s good for business, but because it’s good for our world. Click here to find how we give back and commit to making a difference.

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