Three Tips for Building Your Corporate Give Back Strategy

More than 50 years ago, economist Milton Friedman made a compelling case in the New York Times that the only social responsibility a company had was to increase its profits. In Friedman’s eyes, the business was responsible to its shareholders. Shareholders could determine what they did with their own money, but the company could not. Oh, how times have changed!

Profit is important, but it is no longer the sole measuring stick for a successful organization. Simply providing a good product or service and expecting customers to flock to you is shortsighted. Consumers today care about the companies they do business with – the organization’s values, its mission and its efforts to be a good corporate citizen in the world. 

Employees care too. We can’t deny the impact the pandemic has had on the job market. People everywhere took stock of how their work life aligned with their personal life, and many found reasons to change their jobs as a result. In large numbers, employees have said they want to work somewhere that has a strong company culture, that is true to its values and that offers work with a broader purpose and meaning.

What this means is that organizations – no matter their size – can no longer ignore philanthropic efforts, limit give-back initiatives to the holidays or relegate charitable giving to just one department. Giving back must be part of your company’s DNA, and, like any good corporate mission, it should have its own strategy.

To begin, take stock of your motivation for giving back. What do you hope to accomplish and why? What is the impact you are looking to make within your organization, on behalf of your customers, in your community or on a global level? Once you’ve identified the answers to those questions, follow these three tips for ensuring your give-back strategy builds momentum on its own.

Choose a Cause

While there is no rule that says you must limit your charitable giving to only one cause, supporting every philanthropic effort that crosses your desk is not a strategy for success. Choosing the right cause is a complex question. It starts with understanding your company’s own mission statement. Are you an organization that has a strong tie to sustainability? Is your local community an important part of your company culture? Are your consumers driven by a certain issue?

All of these questions can help narrow down the cause or types of causes you want to be involved in. They can also help to ensure that any causes you support will fit in well within your own company culture.

It is also necessary to do your homework and ensure causes you support align thoroughly with your company’s mission and values. Find out how donations are used and what causes or companies those organizations support. In today’s world, companies often get dragged into controversy, even when it’s not of their own making. Take the time upfront to do the necessary due diligence and ensure that your give-back strategy – and the organizations it includes – is well aligned with your corporate strategy. 

Make it a Family Thing

Giving in a silo is so much less effective (and fun!) than corralling others to join you. If you’ve chosen a cause that speaks to the overall mission of your organization, this is a fantastic opportunity to get employees, partners and even customers involved. 

Giving back doesn’t always have to be monetary. You can create opportunities for your employees to donate their time and skills individually or collectively as a team. You can donate product, open your offices or share other resources with the support of your team. Rewarding customers is also highly effective. Encourage customers’ support of causes you believe in with added incentives such as discounts on your products.

Creating events around causes is a prime way to rally support, and it helps to build important business connections. Host a fundraising event and invite partners and prospects along. Connecting about an important cause helps others to see how your organization is aligned with their own personal values. 

Share Your Efforts

It can be tempting to want to keep your philanthropic efforts quiet. After all, bragging about doing something good rarely sits well with others. However, if you don’t communicate what you’re doing it’s hard for your employees, your partners and your customers to understand and recognize the many ways you are supporting and influencing causes that matter to the company.

There are ways to communicate proactively without putting your efforts front and center. Share details on your social media about the charities or initiatives you support. Point your followers to experts or to others who are spearheading philanthropic areas that your company is involved in, rather than taking the responsibility to always be the resource of information. 

You can also highlight the work of employees or partners who are giving back in ways you admire and appreciate. Encourage recognition of your customers or members of your community who exemplify the values your company holds dear. Offers incentives to your followers, your team and your community to encourage them to provide additional support for important causes.

There are a variety of ways to share your values and the ways in which you are upholding those values. Make it less about touting the company and more about reflecting others’ great work, and you will hit just the right note.

The holiday season is an excellent time of year to consider your own corporate giving strategy and for setting a plan and goals for the year ahead. A giving strategy not only benefits the recipients, it can help you connect better with your customers and, ultimately, increase business. When you seek out philanthropic opportunities that align with your corporate ideals, everyone wins.