Why businesses should balance profit and philanthropy
There is no greater feeling and satisfaction than knowing that the operations of the business are making a difference. Philanthropy is beneficial to businesses as it helps build relationships with consumers and potential consumers, increases brand awareness, and much more. In essence, good individuals and altruistic businesses will want to do business with others who share the same or similar values.
In this article by Pacific Prime, we will mention some of the reasons why philanthropy has the potential to benefit businesses greatly, from the branding of their products and services to their most important asset of all: employees.
Definition of philanthropy
Philanthropy is defined as an idea, event, or action that is done to better humanity and make a positive difference.
Acts of philanthropy include donating money to a charity, volunteering at events, or raising funds at a charity event.
Philanthropy builds a brand and attracts potential talent
Philanthropy is, indeed, fascinating and powerful if used well. With the right tools and marketing strategy, businesses can form new and positive relationships with consumers. By nature, businesses are market-driven. They are driven by the forces of the marketplace and what customers say in their feedback and reviews. By announcing and implementing philanthropic activities, the response is likely to be rewarding for the business.
Businesses that perform good deeds are likely to be noticed by consumers that may be quick to respond and share their views on many social media platforms, such as Facebook, Instagram, and Youtube to name a few. The actions of the business can help generate positivity around the brand, allowing it to generate potential profits moving forward.
Additionally, future job candidates are likely to come across the good deeds and values of the business, which may attract them to apply for roles in the business. Philanthropic actions can be considered as unique selling points for potential candidates. They are likely to do their due diligence on the business using the aforementioned platforms before they apply for a role. This is why businesses should incorporate philanthropic deeds into their core business to make them stand out to potential candidates.
Philanthropy helps to boost employee morale and engagement
Whether you are an employer or employee, giving back to the community makes us feel good, causes us to be more socially aware, and helps us bond with our colleagues as we team up to help those in need.
Some companies have been known to give their employees matching bonuses, meaning when the employees receive a bonus for exceeding his or her sales quota, a donation of the same amount goes to a charity of the employee’s choice. This gives workers an added incentive to achieve higher results for the company.
Philanthropy improves self-worth
One of the very basic human needs is self-esteem. For many people, volunteering is not only an invaluable gift to others, but it is also a gift to themselves.
The feeling of giving makes a difference and improves employees’ happiness in the workforce. This leads to more dedicated and engaged workers that are more willing to excel.
Philanthropy gives employees a sense of purpose
When employees come to work, they want more than just an awesome job. They seek a greater sense of pride and fulfillment in their day-to-day duties.
Generally, employees will question their purpose and want a job that plays an important part in the team and company.
By delegating employees with a task or duty that has a philanthropic element to it, employees are likely to feel important and develop a sense of purpose. Together with others, they can form a strong unit that is able to achieve work beyond their scope.
Philanthropy increases networking opportunities
Business opportunities arise from many sources, such as networking events. When businesses want to expand, they need to establish new connections to spread their products and services. To enable this, there is a need to discover common ground to help make that connection. With similar philanthropic values, it is easier to make new connections with businesses that share the same passion.
Philanthropy builds a giving community
For any business, it is important to build a cohesive workforce that can work together to yield positive results.
Employers could aim to create a warm and giving community where employees can form friendships based on similar values.
Philanthropy provides many health benefits
The actions of philanthropy help to improve social support and encourages individuals to maintain a healthier lifestyle, both mentally and physically. Employees that feel positive about themselves are less likely to become sick and hence absent from work.
A current growing problem in corporate workplaces is burnout from prolonged stress. However, to combat this problem, employers that empower employees to contribute and do activities that have positive outcomes for others can help reduce symptoms and mental issues.
The positive emotions that arise from helping others and making a difference can reduce stress and boost our immune system, and in turn protect us against deadly diseases, such as heart and Alzheimer’s disease.
Employee benefits package for employees
Just like the act of giving through philanthropic activities to benefit others, employers should also place their focus on their employees, and make their experience in the workplace sustainable and comfortable.
This is achievable by offering an employee benefits package that not only attracts potential talent and job seekers but meets the needs of current employees in the business.
Speak to a reputable employee benefits broker
At Pacific Prime, we provide reliable insurance and benefit solutions from the top corporate insurance companies. Our expert consultants strive to offer customized plans that include the following:
- Health insurance – this benefit is a must amid rising healthcare costs, as well as a growing number of countries implementing mandatory health insurance requirements. For expatriates working in another country, the inclusion of such a benefit is extremely attractive for themselves, their families, and their finances.
- Wellness – this is an increasingly popular benefit, as programs can significantly boost not only the health of your employees but also productivity.
- Dental – depending on the region, dental plans are not commonly added to benefit plans but are a key feature for those wanting orthodontic care.
- Life and long-term disability insurance – this is considered a great benefit to attract the best talent. This form of insurance ensures that your employees and their families will be covered should something life-changing occurs.
Aside from customized employee benefit plans, Pacific Prime provides other solutions such as comprehensive medical and corporate insurance solutions to clients.
To request a free quote and plan comparison, contact us today.
His expert view and wealth of knowledge on insurance can also be found in his blogs for China, Dubai, Hong Kong, and Singapore.
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