Corporate Social Responsibility (CSR) is the act of incorporating social and environmental concerns into a company’s business model.  One of the great privileges of running a business is being able to give back to the community or charitable causes.

Every day, businesses donate money, products or volunteers to support good causes in their communities. Nonprofits are always looking for help, and giving to these organizations is not only positive for the community, it can also deliver benefits to your business and employees.

Here are 5 reasons why giving back to the community should be a major goal for businesses. 

Employee Morale

Getting involved in community initiatives gives businesses a better likelihood of attracting the type of employees you want to work for you.  It is also a great way to boost morale and keep your employees engaged and happy. 

Bank of America employee Daniel Sciortino saw his dedication to community service pay off recently.  Sciortino volunteers as a teacher of financial literacy classes to low-income residents in the Phoenix area. A student had been coming to one of his classes and was inspired by his lessons to reorganize her finances and launch a photography business. This is just one example of how employees have the opportunity to make a real difference. 

Good Reputation

There’s no better way to promote your business than by sponsoring a charitable program or volunteering in the community.  This free publicity can easily be achieved through the company’s social media platforms or website. 

Networking

Volunteering brings forth the opportunity to connect with others doing similar work. For a businessperson, these connections can be an invaluable resource.

Chicago executive and philanthropist Thomas Kane has more than two decades of experience in the financial sector and is also passionate about giving back. Tom Kane says that business people who donate their time to a good cause are able to engage and network with others in the community. 

“It’s also a great way to foster relationships with non-profit organizations, giving them the resources and connections they need so that they can continue to support their mission,” Kane says. 

Customer Support

Supporting community organizations can help your business build stronger relationships with existing customers and attract new ones at the same time.  A study showed that 85 percent of customers have a better outlook on businesses that give to charity. 

Read More: 7 Tips for Beginners on Financing Projects for Businesses

Making Community Better Place

Lastly, the most obvious benefit why giving back to the community should be a major goal for businesses is that it results in a better place to live and work for the company, its employees and the people who live there.  Regardless of which charity you support, you have the power to stand up against issues impacting the community by actively collaborating with organizations.

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