As we approach the holiday season, we all must reflect on what this time of year is really about: giving back. 81% of the world’s largest family enterprises are currently engaging in philanthropy and these family businesses maintain a high level of corporate social responsibility regardless of the economic climate. These companies likely understand that this charitable spirit is a key element of keeping the bonds of family strong from generation to generation. Below are the top three considerations of why you should have when bringing in philanthropy to the culture of your family business.
Philanthropy can provide the clearest picture of your family business. Family values are the biggest connection of a family business, and philanthropic work offers a tangible way for a businesses to share their values with a larger customer base.
The benefits for the coming generations are immense. Involvement in philanthropic work can strengthen the bond between generations that are involved in the family business. This platform provides an opportunity to not only bring the next generation on board, but also allow them to make their own mark on the business.
Attract new talent to the family business. With millennials now making up the largest workforce in the U.S., it is even more important for family businesses to find ways to attract and retain these employees. Millennials are looking for a way to make a true, tangible social impact. More than half of millennials have stated that a company’s charitable affiliations influenced them to accept a job offer.