Eric Barvin, founder and CEO of Barvin.
getty
Many business leaders tend to focus on the bottom line rather than giving back to the community, especially in economic turbulence. But giving back is not only an investment in the community, but also in long-term goals and core values. I believe that companies whose values and mission are community centered can be the most successful and stand the test of time.
Certain industries are naturally more ingrained in the community, such as real estate, retail, and hospitality. However, there is room for companies of all sizes and industries to make an impact. Incorporating philanthropic efforts into my own business, I’ve seen business leaders create profitable and meaningful operations that benefit stakeholders and the community. The key is implementing strategic fundraising and social responsibility initiatives, as well as empowering employees to take responsibility.
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Benefits of Corporate Social Responsibility
While there are many benefits to being philanthropic and socially responsible, a key benefit to me has always been the personal touch that philanthropy adds to a workplace and the real impact organizations can make.
Another powerful benefit is your company’s brand perception. Reputation is everything, and leaving a positive impression can give any company a competitive advantage. In my experience, philanthropic efforts can also help brands foster better relationships in the community. As a result, more opportunities for partnerships and giving with non-profit and community organizations are emerging. Creating impact and accountability are valued by communities, employees, partners, consumers and more.
Corporate responsibility has a unique way of bringing together people from all departments and industries. As such, another important benefit of philanthropy is the additional networking opportunities it can provide. Aligning with like-minded people and organizations creates new business opportunities and camaraderie. This allows both executives and employees to expand their networks and find fulfilling working relationships, all of which can lead to building a culture of giving within your organization.
Employee empowerment through philanthropy
I’ve found that employees who raise money and volunteer as a united team on behalf of the company often feel they own the culture, which in turn can encourage them to perform better all around. Employees collaborating on a volunteer project can get to know each other outside of the typical work setting, fostering a sense of team spirit. In the future, it could even improve teamwork and retention efforts.
In addition to boosting overall employee morale, philanthropy is also a great way to identify and build talent with leadership potential. For example, a junior team member might step up to lead a volunteer day. This experience allows them to demonstrate project management skills that they might not otherwise demonstrate in their day-to-day work.
A lot Staff members and potential employees want to see some level of involvement in philanthropy. Fifty-six percent of employees said they wouldn’t consider a job if the company’s values didn’t align with their own, according to a survey. Qualtrics Survey held earlier this year. A fixed salary alone no longer retains talent. People are increasingly looking for employers who can offer meaningful work. Making employees part of the change can empower them and create an unbeatable company culture.
Building a meaningful giving back program
Building a company culture of giving can sometimes be challenging, especially if employees don’t feel empowered to give back. By encouraging employees to choose charities that align with their values, your team can create a vested interest that also benefits the company in the long run. I believe the most meaningful projects are those that are selected by employees because they bond.
In my experience, successful philanthropic initiatives have both fiduciary and practical commitments, so setting a budget and goals is a good place to start. Then set up an inclusive selection process that gives employees a voice. Treating philanthropic efforts with the same level of commitment as for-profit projects demonstrates commitment and its importance to the company. Promoting your philanthropic efforts to continue establishing a corporate reputation is also essential. Finally, celebrate victories, such as record-breaking donations or accumulated volunteer hours, together as a team.
At my company, we weave philanthropy into our core values with a program that helps build healthy communities through an inclusive and diverse culture, volunteerism, and charity. Over the years, we’ve given back to organizations our internal team members have recommended or are passionate about. As a result, we’ve seen great partnerships in the community and within our internal team. I personally encourage and challenge business leaders to join me on the journey of making philanthropy a core part of your business strategy.
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