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There are many companies that sponsor charitable causes, but what drives them to do so? Does sponsoring charitable causes really benefit companies as well?
Investing in philanthropic efforts may sound like a waste of company budget, but many businessmen, such as Alex von Furstenberg, believe that it is a worthwhile cause and that getting involved in charity work does not only make employees feel better, but also allows the company to build personal connections with them.
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These personal connections are important in building employee loyalty and productivity. By being involved in philanthropy, the company shows that it cares about other people. This is especially important in larger companies, where most employees are more likely to feel that they are just looked upon as workers instead of as actual human beings—these are the people who earn a lot and like their job but dislike the way their company treats them.
Business philanthropy can also be beneficial to a company’s bottom line. Customers are more likely to buy from a company that supports a charitable organization, increasing brand loyalty. Helping out a cause also enhances a company’s credibility and image, and promotes and educates the public about its products and services, creating product awareness and visibility, therefore increasing sales.
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Visit the Diller-von Furstenberg Family Foundation website for more details.
