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Small business owners and entrepreneurs often have long lists of things to get done, and while there may not seem to be enough hours in a day, making time for community involvement should be a priority.
The power to make a positive impact through community involvement translates into benefits for the company, customers, employees and the community.
Here are some of the impactful benefits that come from corporate involvement.
1. Creates a positive work culture
Integrating community involvement into the corporate culture creates a happier workplace. Prioritizing volunteerism and social responsibility positively impacts employees, improves morale and increases job satisfaction. According to research by Boston College, “employees with favorable perceptions of their organization’s corporate social responsibility tend to experience higher levels of self-reliance, hope, and job optimism.”
Community involvement also improves company culture by helping to build strong teams. a study on volunteering found that 92% of employees believe volunteering through work develops their people and team skills, and 77% believe they strengthen relationships.
In short, giving back to the community increases commitment to an organization, which creates a positive work culture.
Related: 5 easy ways to make philanthropy part of your corporate culture
2. Builds customer confidence
Authentic and consistent expression of community care and involvement builds the trust needed to create a loyal customer base.
Customers trust companies that care about the communities they serve.
When consumers believe a company is truly invested in the community, they become more connected to that company. The positive perception fostered by giving back to the community increases customer confidence, making it easier for consumers to support a company that is involved in the community rather than one that is not.
3. Attracts and retains talent
Employees today want to work for a company that gives back to the community. In fact one questionnaire points to community involvement as a powerful recruiting tool. More than 80% of the company’s survey respondents reported that community involvement helps improve its ability to recruit employees and reduce employee turnover.
There’s no question that community involvement helps companies attract and retain millennial and Gen Z employees, who now make up nearly half (46%) of the full-time workforce in the US These generational cohorts want the companies they work for to lead the way in giving back to the community.
Related: How growing businesses can prioritize community involvement
4. It helps the community thrive
Thriving communities are hubs for thriving businesses. Giving back to the community helps develop the community, which is great for those who live there and equally great for businesses based there.
It creates a kind of symbiotic relationship that benefits everyone. By investing time and money in the community, businesses can help address community problems and needs and drive economic growth.
5. It’s easy to give back
There are many ways for business owners and entrepreneurs to give back to their communities. It’s easy to get involved in the community by volunteering and encouraging employees to volunteer themselves, sponsor a sports team, organize food drives, fund a scholarship, and partner with a non-profit organization.
A good way to identify community engagement projects is to ask employees and customers about community needs and how the company can make the most impact by providing time, resources, or money (or all of the above) to help.
Related: The Power of Giving Back: How Community Engagement Can Improve Your Bottom Line
6. Giving back is a good thing
Entrepreneurs recognize that giving back to the community is a good thing.
a questionnaire examining the philosophies, attitudes and activities of entrepreneurs regarding their communities found that 91% of entrepreneurs are currently engaged in their community beyond their business responsibilities, and 44% say their business has grown as a result of engaging their community. The majority of entrepreneurs surveyed said their motivation to engage the community was based on personal values and passion.
The bottom line is that community involvement is the right thing to do. Entrepreneurs and entrepreneurs must lead by example and demonstrate passion and commitment to the well-being of the communities they serve. There will be great benefits from that.