Founded in 1923 by the Hassenfeld brothers, toy giant Hasbro has long prioritized philanthropy as a core element of its company culture. The corporation is dedicated to changing the lives of children around the world through monetary contributions, product donations, and employee time. In fact, Hasbro was one of the first companies to encourage employees to use paid time to volunteer for worthy causes.
I believe that almost any company in the world can benefit from incorporating philanthropy into their company culture. Here are three things leaders can take away from the Hasbro model for giving.
How Philanthropic Initiatives Affect Your Bottom Line.
Many leaders worry about the costs of charitable initiatives and the effects they will have on their business’s bottom line. Will it ultimately hurt the business to allocate resources to a worthy cause? In Hasbro’s case, it’s safe to say that their giving streak hasn’t affected their success.
In fact, Hasbro’s reputation for making a difference has made it a more desirable company on many different levels. Consumers feel good about buying their products. Employees feel good about being a part of the company. Stockholders feel good about investing their money in a socially responsible corporation. While sometimes hard to equate in a world of facts and figures, the benefits have a ripple effect that positively impacts a business in multi-faceted ways.
Become a Place Potential Employees Seek Out.
Could corporate philanthropy be the key to attracting and retaining quality talent? Of course you want to employ people who want to work for you, but that means you first have to have a reputation as a great place to work. Hasbro has found that their focus on giving back has made them a sought-after company.
Karen Davis, the senior vice president of global philanthropy and social impact at Hasbro, states, “Many new hires are making decisions about which job offer to accept based on the reputation of the company.” If a potential hire is excited about the work your business is doing to give back then they can feel good about attaching their name and reputation to it.
Giving Back Helps Employees Give 100%.
As I stated earlier, Hasbro allows their employees to use paid time to volunteer. All Hasbro employees, no matter their position, are encouraged to use four hours of paid time per month to volunteer with children. Because of this program, a staggering 94% of employees are able to spend time enriching children’s lives every month.
Knowing that they are part of something bigger﹘ something that is truly making an impact on the world﹘ helps employees to feel fulfilled at work. This means higher rates of employee engagement, increased productivity, and higher retention rates. If everyone understands how they are working towards a common goal and a common good, you’re bound to have a more passionate, positive team.
The Hasbro model of corporate giving shows us that by committing to a cause, you can infuse your company with purpose. And the power of purpose can’t be overstated. Prioritizing philanthropy in your company culture can boost your company’s reputation, improve employee performance and happiness, and make a huge difference in the world.