When analyzing the success of a company, it’s easy to focus on profits as the primary indicator of growth. If profits increase year after year, a company has to be on the right track, right? While the amount of revenue coming in is undoubtedly one way to measure growth, I believe there’s another important factor to consider.
While I’ve been president and CEO of Give Kids The World, we’ve partnered with countless companies to make giving back a core part of their business. We’ve seen firsthand how a positive social impact fuels corporate growth. Let’s look at a few ways backing charitable causes can benefit your bottom line.
The Customer Connection. Recent research has shown that an overwhelming majority of consumers care about corporate social responsibility. Now more than ever customers want to leverage their purchasing power to make a difference in the world.
Aligning your corporate mission with the right social cause gives you a competitive edge. Some 85 percent of all consumers in the U.S. say they would switch brands if it meant supporting a social mission. By partnering with a cause that your audience cares about, you will gain new customers and retain existing clients for a lifetime.
The Employee Connection. Unfortunately, a large percentage of today’s workforce doesn’t feel engaged in their work. This means employees come to work every day with the sole purpose of leaving at the end of their shift. This is a recipe for low morale, second-rate work, and high turnover rates﹘ which all affect the potential growth of your business.
By giving employees the chance to give back at work, you’re cultivating a sense of community and purpose. Incorporating a social mission has been shown to give people a sense of fulfillment inside the workplace. Knowing that they’re contributing to a cause they believe in motivates employees to be more passionate and productive at work. All this leads to greater overall happiness for your workforce and increased success for your business.
The Future Connection. Making a positive difference in the world is on everyone’s radar these days. As I stated above, consumers are on the lookout for brands who prioritize social causes, and employees care about giving back through their hard work.
Attaching your company name to a cause is a big statement, and the ripple effects are huge. You grow your customer base, enrich workers’ lives, and (most importantly) help give the world a brighter future. Now, that’s what I call growth.