As millennials drive the social responsibility consciousness, businesses are taking notice. The buying power of that age group is over $2.5 trillion, and that represents a swing toward ‘giving back’ to the world instead of always taking. More than 70 percent of those millennials claim they will pay more for the brands supporting causes. As your company chooses a source for its donations, here are some reasons to remember why your company donations are good for the economy.
As your company donates to charities, matches employee donations, or sponsors community causes, your name comes to the forefront for the duration of the activity or event. If the charity mirrors your company’s goals, you not only strengthen your marketplace with the millennials but also with all the other age groups interested in that cause. There is also a leak factor when your donations cause a viral stir, and you will find yourself the hub of a media blitz you couldn’t buy – it’s priceless.
Improving your community is one of the best ways to strengthen and support your area, and the public will take notice. Eyal Gutentag helped improve his community by donating to projects fighting the massive homeless problem in Los Angeles. With more than 50,000 people living in unsheltered areas on the streets, the Diane and Eyal Gutentag Charitable Fund made a sizable contribution to help curb the problem, and it is working.
Your employees are one of the best advertising factors within your company, and if they like what you are doing and support your contributions, it gives the company a huge employee morale boost. Employees can also radiate positive information about your company on social media as they discuss their latest projects. Best of all, long-term employees are valuable in any company.
The three reasons to donate listed above are only a few of the many justifications you can use to motivate your company officers to begin donating. Charities are good for the economy, and when you help by giving the charities money to strengthen their cause, you are helping the economy, too.
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