In this day and age where information is so accessible, widespread, and dispensable, making a genuine connection with and giving back to the community are all the more important; it’s too easy for businesses to be forgotten amidst the changing tide of trends and fads. With companies also pressured into rewriting their standards of practice to meet the ever-rising demands of their consumers, finding a way for businesses to make their mark of social value and one that is lasting becomes difficult. Giving back to the community is a movement here to stay and will ensure companies contributing continually and consistently receive the recognition they deserve. Not only will they become a household name to locals and beyond but their positive impact will always remain in public memory.
While the concept of giving back to the community and those less fortunate has long been in existence under ‘philanthropy’, the terms ‘ESG’, ‘CSR’, and ‘sustainability’ are more recent and increasingly drawn on in the corporate landscape. This is to encourage organisations to recognise and perform their duty in making the world we live in a better place for the working lives of their employees as well as our current and future generations. It’s also now widely accepted for companies to have a positive relationship with the communities in which they operate where they promote and contribute to its development. Alongside the important benefits of bridging the social, economic and political divisions for its members, giving back to the community mutually benefits businesses and their growth prospects as well as employees, clients and customers.
Empower Your Employees
Research has indicated that giving back to the community works wonders for the physical and mental health of volunteers. People derive a huge sense of purpose and fulfillment from performing good deeds and helping to improve the lives of others. For businesses offering charity work with paid time off, employees have been shown to be their happiest when they are giving back to the community and contributing beyond the bottom line. A better community and happier workforce welcome a whole host of benefits for businesses, including:
- boosted employee morale;
- increased engagement, productivity and retention;
- reduced sick leave and absenteeism;
- strengthened coworker relations;
- greater levels of loyalty;
- and a positive outlook on company culture.
Each of these aspects is a foundation for encouraging business growth, workplace wellbeing and improving the communities companies live and work within. The more workplace satisfaction employees receive as a direct result of giving back to the community, the better their business will perform financially in terms of driving sales and revenue.
Boast Your Brand Image
Aside from the internal benefits for businesses and their employees, giving back to the community also enhances brand image to external stakeholders. Getting hands-on involvement with community members presents a perfect opportunity for businesses to meet new people, broaden their networks, build relationships and work together on a common cause. This direct involvement also enables businesses to learn and understand more about the community and its needs in order to deliver greater value in return.
When giving back to the community, businesses can be actively involved in fundraising events. These raise awareness of local needs, garner financial support, encourage local unity, and create memorable experiences for those involved and attending. In addition, by increasing visibility and engagement when giving back to the community, companies will also raise awareness for their brand and, in turn, inspire members to spread the word about their positive impact and invaluable contribution. This will improve their reputation as one of genuinely caring, increase consumer loyalty, and even attract potential investors.
Conquest Your Competitors
For businesses who are openly and actively giving back to the community, offering up volunteer opportunities can also be a great work benefit for attracting top talent when it comes to recruiting employees. Ensuring that these initiatives are ongoing is equally important for retention as workers are inclined to resign if corporate social responsibility (CSR) programs begin to falter.
Not only do companies giving back to the community stand out to employment prospects but also to their consumer base and competition. A significant proportion of consumers consider the CSR of companies when determining the purchases that they make. Where two companies are relatively alike in their products or services, consumers are more likely to opt for the business that has supported their local community. This means those giving back to the community are both set apart from their competitors and serve the advantage of being preferable to and recommended by consumers as a result.
Overall, it’s clear to see that giving back to the community is essential for community development, workforce engagement, workplace wellbeing and business growth. Companies will reap all the rewards from enabling a happy workforce, a positive and supported brand image, as well as a competitive advantage with the quantity of customers and quality of employees attracted. All of these cumulatively better the position of a business to grow and develop sustainably. In order for a company to receive recognition for all the right reasons, giving back to the community will secure a well-respected spot in the public eye.
At Investors In Community, we join the dots for society, connecting businesses and individuals with charities, community groups and not for profit organisations. Our online platform is the perfect place to benchmark, record, evidence and report all of your supportive contributions. Every act of giving back to the community is measured and rewarded in exchange for Community Credits. These can be used to show your business’ social value and share the contributions your business has made towards building a better and more cohesive society.
When you’re ready to take on the world and start giving back to the community in which you work, request a free demo of our digital platform and see your business grow.