7 Ways to Instill a Spirit of Philanthropy into Your Business Culture

instilling a spirit of philanthropy into your business culture
Picture of Scott Hohman, CFP®, AIF®

Scott Hohman, CFP®, AIF®

Giving back to the community, whether through time, support, or dollars, can be an incredibly rewarding experience, especially for businesses. By fostering a philanthropic spirit within your business, your company not only gets to play an active role in building a strong sense of community, but you’ll also be able to appeal to the younger generation of workers who are looking to be a part of organizations involved in charitable work.

Incorporating actions such as the ones listed below into your business plan can help you build and develop a culture of ‘giving back’ that not only strengthens the community you live in, but also brings with it many benefits for your business itself.

Commit to ethical labor practices.

Encouraging philanthropy in your employees and in your community can’t truly happen without first starting from within. A company that runs unethically or that undervalues its employees isn’t a company that will be able to reasonably foster a culture of giving back. It’s crucial that you’re paying your employees a fair wage for the amount of work that they’re putting in, and that you encourage other businesses within your sphere of influence to do the same. Employees who are paid well will feel taken care of and valued, and it’s this kind of care that they’ll then be inspired to share with fellow employees and their community.

Allow volunteer time off.

One way that your company can show that it is serious about cultivating a spirit of philanthropy in your employees is to offer volunteer time off (VTO). In doing so, you’re showing your employees that your business values social responsibility, and they should feel encouraged to dedicate their time to charitable causes in the community. While this may seem counter-intuitive to the bottom line of your business, this level of commitment to social responsibility can do wonders for attracting and retaining employees who are passionate about helping others – and about working hard for a company whose values they believe in.

SEE ALSO: Charitable Gifting Strategies

Use volunteer projects as team-building exercises.

Consider utilizing a volunteer project, such as building a house or helping out at a school food drive, and turning it into an opportunity for team-building. Not only can this enable your organization to do good in the community, but it also helps bring your employees closer together. Your team will be able to get to know each other on a more personal level, develop the skills required to tackle big tasks together, and bond over the satisfaction that comes from helping those in need. Additionally, your local community will be able to familiarize themselves with your company and what you stand for.

Support employee donations.

Another benefit of paying your employees well, as mentioned above, is that they’ll be more likely to have the ability to donate to charities they’re passionate about. Along with this, however, there are some additional ways that your business can help support employees who are interested in supporting charities. One way is to set aside a pool of money for each employee to dedicate to a charity of their choosing. Another is to match employee donations. Companies that do this can set reasonable guidelines regarding donation limits and values but should let their employees take the driver’s seat in choosing a charity that is meaningful to them.

By providing support in this way, you’re allowing your company to empower and inspire your employees in ways that also greatly benefits those in need.

Encourage donations other than money.

Donating money to causes is a great way to make a difference, but it’s not always feasible for everyone. It’s also not the only way to give back to the community. Donating goods such as used electronics or clothes is something that just about everyone can be a part of. Rather than just throwing away clothing that’s been outgrown or an old iPhone, host donation drives where your employees can bring in the things they no longer use. Donating goods other than money can set disenfranchised people in your community up for success in ways that money isn’t always able to do. Plus, it keeps things out of the landfill and helps your employees get rid of items they no longer need. 

SEE ALSO: Selling a Business: Strategies to Achieve Philanthropic Goals

Partner with a local charity.

A great way to ensure that your company is cultivating a true spirit of philanthropy that will last is to partner with a local organization that is dedicated to fighting for a cause your business is passionate about. This can provide countless opportunities for your business and its employees to be involved in charitable projects throughout the years. Additionally, it illustrates your company’s commitment to giving back and highlights what exactly your business values. Finding an organization that you feel moved and inspired by and making it an integral part of your business model adds a new level of meaning to the work that you’re doing. It can also inspire your employees to feel passionate and excited about being a part of your company.

Provide services pro bono.

In addition to donating money, time, or goods, offering some of your company’s services free of charge to organizations that are active in charity work can be another way that your company fosters a spirit of philanthropy. Obviously, not every company will be able to do this, but if your company provides a service that could benefit another, it’s something to think about. Each year, have the entire team select an organization that everyone is passionate about and offer them pro bono services. Acts of charity such as this are a win-win for everyone because you’re able to provide a service to a well-deserving organization while also building awareness for a cause your whole company is excited about.

Concluding Thoughts

Ultimately, acts of philanthropy are about helping those in need in our communities. Often, though, when we engage in giving back to our community, we find that those receiving aid aren’t the only ones who benefit. Philanthropy strengthens communities, fosters bonds, and creates a sense of satisfaction and good feeling in everyone involved. This is true even for businesses practicing corporate philanthropy. By incorporating some of the practices listed above into your business model, you’ll be able to support your community, add value to your business, and instill the importance of giving back into your employees.  

Here at Resolute Wealth Advisor, we are committed to helping our clients understand the value they can provide by sharing their wealth with those closest to them and the causes they’re passionate about. This is so important to us that we even put it in our logo, which we’ve termed ‘The Giving Box.’ Through our own actions of engagement and philanthropy in the community, we hope to inspire our clients and businesses around us to get involved, as well. If you’d like to learn more about our corporate philanthropic efforts or want to talk with one of our professionals about how you can make a bigger impact with your wealth, please contact us today.

The views expressed represent the opinion of Resolute Wealth Advisor, Inc. (RWA). The views are subject to change and are not intended as a forecast or guarantee of future results. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. Stated information is derived from proprietary and nonproprietary sources that have not been independently verified for accuracy or completeness. While RWA believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability. Statements of future expectations, estimates, projections, and other forward-looking statements are based on available information and the RWA’s view as of the time of these statements. Accordingly, such statements are inherently speculative as they are based on assumptions that may involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such statements. Investing in equity securities involves risks, including the potential loss of principal. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Past performance is not indicative of future results.

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