Millennials are more likely to rally behind an organization that shares charitable causes with them. Recent research shows that 70% of Millennials will spend more on socially responsive organizations. Now, with Millenials wielding $2.3 trillion in purchasing power, corporate philanthropy can elevate an organization’s clout among these circles.
Corporate philanthropy refers to actions that businesses take to help society. The concept of corporate charity is not entirely new. It dates far back to the Roman era where companies funded military campaigns. However, over the last two centuries, corporate donations have become commonplace as new industries emerge.
How can donating to charities help your corporate organization?
Makes Your Brand Look Good
Corporate donations give your business a positive outlook. Consider it an alternative marketing channel. A philanthropic tag is likely to strengthen your company profile and public reputation. Being vocal about your support for charitable causes publicly communicates your company’s values.
The coronavirus pandemic has shown the reality and need for an interconnected planet. While the pandemic spreads, resulting in food and other basic resources scarcity, there’s even more need for global oriented support. As such, food nonprofits and organizations supporting similar causes need more help than ever owing to increasing world hunger and other dire needs.
However, you’ll want to ensure that your giving aligns with your organization’s core values. You don’t want your business pursuing vain publicity. Find events or causes that align with what your company does and partner with them. For instance, a food packaging business can locate nonprofits working to end child hunger.
While helping disadvantaged groups or communities, others could also get to know about your company. Who knows? It could go beyond public knowledge to include an overall positive (and perhaps, profitable) outlook for your company.
Builds Team Morale
When you give to charities, you participate more actively in your community. And that can boost employees’ morale. The awareness that their output contributes to someone’s life can improve workplace culture. One way to achieve that is to get your employees directly involved in your organization’s charitable activities.
There’s also another way to channel your company’s corporate social responsibility into an enhanced workplace culture; allowing your employees to donate their work hours to communities in need. That way, your business team would feel encouraged to boost productivity, knowing that they’re making a difference. They’ll also tend to feel more emotionally connected to their employers.
Organizations will likely earn more respect from employees for caring for their communities. A study discovered that millenials whose employers give to charities have positive perceptions about their organizations. They’re also “twice as likely to rate their corporate culture as very positive.”
Giving Back to the Community
Charitable donations don’t have to be on a global scale. When you give back to your local community, you can reap the benefits of corporate charity. Residents and workers in the community will take note of your efforts. And that could raise your company’s reputation significantly.
Also, while raising funds for charities, you may relate directly with prospective customers. Since prospective customers are most likely in the same community, you’ll become a familiar name afterward. Fundraising can help increase and broaden your customer base.
You can channel your cash donations towards sponsoring meals for a child on the streets without having to organize a large team to get that done. There are select charities for such needs.
Moreover, corporate donations can help reduce the burden on government authorities to solve human problems. While local authorities and global organizations alike are doing their best, human suffering remains with us. You can reach out to organizations in line with your company values and support them. What you might consider small is much more to less privileged individuals.
Gives Good Marketing
One of the advantages of corporate philanthropy is that it’s an avenue to market your organization. For instance, if your organization deals in sports equipment, donating equipment to a local sports event is an excellent way to market your products.
Prospective customers can get emotionally connected to organizations that help the needy around them. And guess what? Your beneficiaries could themselves advertise your organization out of appreciation for your kind gesture.
There are also charitable organizations that divert proceeds from ads on their site towards charity. That is, they allow companies to advertise on their websites in appreciation for cash donations. Doing so could get your company more clients, especially among individuals (and organizations) who empathize with charities. What other benefits are available for companies giving to charity?
Offers Tax Deduction
With hundreds of millions of people barely getting by, little donations from organizations can change lives. However, these donations have tax benefits if done according to relevant tax regulations. Companies can minimize their taxes while they support charities in need.
A tax deduction is one of the most instant rewards of corporate donations. Other benefits such as building team morale may not reflect quickly. But you’ll soon notice savings off your taxes. We don’t expect that you donate solely for financial gains. However, there are monetary rewards that accrue from supporting nonprofit organizations.
Corporate firms can receive tax deductions by sponsoring charitable projects. According to the US Internal Revenue Service, donations to registered nonprofit organizations can enjoy tax exemptions. See to it that you comply with your government’s terms and conditions before making deductions.
Helps in Building Networks
Businesses are as strong as their network or partner organizations. Organizations and people around the world measure their success more holistically. They want to work for personal advancement and impact the world around them, implying that corporate philanthropy is gaining global acceptance.
Millennials are the main drivers of this movement, but others are also strongly involved. So, businesses can’t afford to ignore this change. Moreover, charitable giving can help organizations build a high profile network by enhancing company reputation.
That’s not all:
You can include your pre-tax contributions to adverts and job descriptions to attract real talent. That way, you won’t just attract the best individuals and partner organizations, you can also retain talented employees.
Food for Life (FFL) is one of the biggest vegan food charities worldwide. They aim to give underprivileged persons healthy plant-based foods to improve their quality of life. This global organization offers nutritious foods to more than two million people daily.
Food for Life Global isn’t only giving free meals; they also support animal rescue missions. From time to time, FFL teaches people the benefits of plant-based diets. They’re concerned about protecting vulnerable communities through hunger relief funds to end world hunger.
Seeing as Food for Life’s meals are plant-based, they can utilize charitable donations more efficiently without watering down the nutritional quality of foods offered to malnourished populations. Do you still have unanswered questions about Food for Life? Find out more on this page.
Ways to Donate to Charity
There are different ways to support charities. The method you choose depends on your available resources and company values. Some charities for children have sponsorship programs that enable donors to cater to a child’s essential needs. You can sponsor a child‘s feeding and education and impact a life permanently.
Your organization can also become a life member of a charity organization. Food for Life, for instance, has a life membership opportunity for persons and organisations. You can also give online through various payment platforms. Locate the payment methods of registered charities around you through their websites and make your contributions.
Moreover, your organization can volunteer to help social causes in your community by donating work hours. Volunteering isn’t only about the time and physical presence of your employees. There are charity organizations in need of technical skills you can offer for their projects.
Corporate philanthropy can transform disadvantaged communities either directly or through charity organizations. While businesses better the lives of people around them, there are attendant benefits for the donors. Your business can leverage the benefits of charitable donations while contributing to a better world.
Food For Life Global’s primary mission is to bring about peace and prosperity in the world through the liberal distribution of pure plant-based meals prepared with loving intention.