Philanthropy and how entrepreneurs can do their part
Philanthropy is a growing phenomenon among millennials. The numbers bear this out, as millennials are expected to be the most generous generation in history.
Philanthropist Matt Redhawk says that entrepreneurs have a big part to play when it comes to giving. But how can entrepreneurs do their part and enhance their companies at the same time.
Matt Redhawk looks at this important issue.
Bolstering Morale and Attracting Top Talent
Evidence shows that companies that invest some time and resources into philanthropy are more likely to boost morale and attract top talent. Giving is important to the millennial generation and so philanthropy should become a part of your recruitment strategy.
Entrepreneurs don’t have to give everything they have in order to do this, says Matt Redhawk. But some token gifts and events will go a long way to changing the way that outsiders look at your business.
Make the Whole Business a Part of It
Did you know that 43% of millennials envision leaving their jobs in the next two years?
This is a huge number and it’s because they believe they can achieve their desires elsewhere. Part of this involves changing the world and helping others.
When you give, don’t just sign a check and hand it over with the usual group photograph. Make the whole business a part of your philanthropy.
This could include dedicating an afternoon to fundraising or consulting your employees on your strategy. Make everyone feel a part of it.
Empower Employees to Give
We’ve already established that employees want to be a part of philanthropic efforts by entrepreneurs. Matt Redhawk says entrepreneurs should go one step further and empower employees.
For example, an entrepreneur may want to give $5,000 to a charity. But instead of doing that they could give $1,000 to five employees in their company and tell them to make suggestions as to which causes suit them best.
Give in the name of the employee not in the name of the business to really supercharge any act of giving.
Go Local So You Can See the Difference
The problem with global charities is you rarely see the difference made with your money. You cut the check then it apparently disappears into the ether. And in the cases of some charities this is exactly what happens.
You can do better by focusing on smaller, more local charities. They rarely get major publicity and major donations, so entrepreneurs who concentrate on their local communities are more likely to make a difference.
The plus side is that they’ll be making a difference that can be seen. You can make every dollar go much further.
Last Word – Giving is a Business Strategy
Philanthropy is about more than just feeling good about yourself, for most entrepreneurs. Giving has become so public and so important that it’s now a part of conventional business strategy.
But be careful about giving. Engage your workforce and make sure that every dollar is being maximized when it reaches a good cause.
How are you going to give in 2019?