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Small business owners and entrepreneurs often have a long list of things to do, and although there may not seem to be enough hours in a day, taking the time to community involvement should be a priority.
The power to have a positive impact through community engagement translates into benefits for the company, customers, employees and the community.
Here are some of the impactful benefits that come from involving the business community.
1. Create a positive work culture
Embedding community involvement in corporate culture creates a happier workplace. Give priority to volunteerism and social responsibility has a positive impact on employees, improving their morale and increasing job satisfaction. According research by Boston College, “Employees with favorable perceptions of their organization’s corporate citizenship tend to experience higher levels of self-efficacy, hope, and optimism about work.”
Community involvement also improves company culture by helping to build strong teams. A study on volunteering revealed that 92% of employees believe that work-based volunteering activities develop their people skills and teamwork, and 77% believe that it strengthens relationships.
In short, giving back to the community increases engagement in an organization, which creates a positive work culture.
2. Cultivates customer trust
Demonstrating authenticity and consistency to and involvement with the community builds the trust needed to create a loyal customers.
Customers trust companies that care about the community they serve.
When consumers believe a business is truly invested in the community, they become more connected to that business. The positive perception fostered by giving back to the community increases customer trust, making it easy for consumers to support a business that is involved in the community over one that is not.
3. Attracts and retains talent
Today, employees want to work for a company that gives back to the community. In fact, a investigation indicates that community engagement is a powerful recruiting tool. More than 80% of companies surveyed indicated that community engagement helps improve the ability to recruit employees and reduce employee turnover.
There’s no doubt that community involvement helps companies attract and retain Millennials and Gen Z employees, who now make up nearly half (46%) of the full-time workforce in the United States. These generational cohorts want the companies they work for to lead the way in giving back to the community.
4. It helps the community thrive
Thriving communities are hubs for thriving businesses. Giving back to the community helps grow the community, which is great for those who live there and just as great for the businesses that are located there.
This creates a kind of symbiotic relationship that benefits everyone. By investing time and money in the community, companies can help solve community problems and needs and stimulate 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, sponsoring a sports team, organizing food drives, funding a scholarship, and associating with an organization at non-profit.
A great way to identify community involvement projects is to ask employees and customers what the needs of the community are and how the company can have the most impact by providing time, resources or money (or all of the above) to help.
6. Giving back is good business
Entrepreneurs recognize that giving back to the community is good business.
A investigation examining the philosophies, attitudes and activities of entrepreneurs connected to their communities revealed that 91% of entrepreneurs currently engage their communities outside of their business responsibilities, and 44% say their businesses have grown through the engagement of their communities. The majority of entrepreneurs surveyed said their motivations for getting involved in the community centered on personal values and passion.
The bottom line is that community involvement is the right thing to do. Business owners and entrepreneurs must lead by example, demonstrating a passion and commitment to the well-being of the communities they serve. Incredible benefits will flow from it.