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Five Business Benefits of Giving Back

As business leaders, we should always ask ourselves, “What more can I do?” Today, it’s rare to find a company without a community impact program or giving initiative as part of its business strategy. Companies with effective corporate giving and volunteer programs understand that philanthropy offers many benefits to the business and the company’s financial well-being.

Dedicating time through community service gets you directly involved with those who support your business. It allows you to deepen your understanding of your community, identify opportunities to provide solutions and innovate to better serve everyone within it.

Here are five benefits your business can gain from giving back and getting involved in your community.

1. Nurture Culture and Camaraderie

Companies are only as strong as the people within them. Providing opportunities for employees to connect outside of their daily tasks is vital for sustained organizational health. Corporate community service initiatives strengthen relationships and team building and enhance corporate culture, ultimately fueling collaboration.

2. Build Networks and Deepen Relationships

Whether a business is new to a market or has been there for years, immersing your people in the business community is an easy way to expand your brand presence and referral networks. Board positions offer insights into how

a nonprofit serves its community, which can help you better understand how your business fits into that ecosystem. Employees also develop relationships with other business leaders with shared values and interests, a necessity to brand alignment when securing new business.

3. Attract and Retain Talent

Corporate social responsibility is pivotal in attracting and retaining talent – community
is one pillar of a CSR strategy. Employees seek companies that support their passions in their pursuit to give back. The more companies get involved and are transparent about giving, the more they appeal to future talent. As corporate giving and volunteer programs develop, employees become tethered to the company’s mission of being a good corporate citizen, strengthening employer loyalty and talent retention.

4. Brand Reputation

Being active in your community shows your business is committed to more than its bottom line. Positioning your brand positively through giving back builds consumer loyalty and trust. People look to do business with companies that embrace a culture of giving and support causes important to their community. They want to know their money is going to a business that prioritizes others’ well-being and believes in good corporate citizenship.

5. Business Growth

Business growth is a result of an effective corporate giving strategy. Growth is a culmina- tion of executing the efforts above successfully. When you infuse community service into your culture, it cascades into each area of your busi- ness. Employees feel an added sense of purpose and pride and create deeper relationships with their peers. Businesses and consumers recognize the importance your company places on ensur- ing the health and vitality of your community – and they choose to do business with you because of it. Transparency in your charitable efforts makes it easy for employees to share how your company supports its communities.

Bonus Benefit

It’s the right thing to do. As a member of the community, it benefits everyone to give back and practice what you preach.

At Withum, our business is rooted in a commitment to our people, clients and communities. We want to ensure that our people have great places to live and that our clients are part of strong, thriving business communities.

Our community service initiatives and giving efforts span many business verticals, supporting the communities in the industries we serve and our employee resource groups. Withum supports nonprofits and charities through donations, local and regional volunteer efforts, and firm-wide giving and volunteer initiatives.

Corporate philanthropy should always answer these three questions: Are you aligning how you serve your communities with your busi- ness goals and values? How are you meeting the philanthropic demands of the talent pipeline and your legacy employees? Are you sharing the good you’re doing so companies and communi- ties are aware of your giving priorities? Having answers to these questions will ensure you’re on track to reap all the benefits of community service and giving back.

Chris Passmore is the partner in charge of Withum’s Encino office. He can be reached via [email protected].

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