Why Giving Back is Good for Business

752

In a world where companies volley for the attention of the millennial consumer, businesses are researching the buying habits of this generation and what differentiators they can offer to secure the customer. According to Fortune.com, millennials are part of a generation that is very interested in making a positive impact and are more inclined than their elders to buy products from a company that contributes to charity, or recommend this business to a friend.

According to the Cone Communications Report, 70 percent of millennials will spend more on brands that support causes they are invested in. Here are some reasons why investing in the community is the best strategy for your business:

1. Employee Retention – Employee volunteer programs promote a healthy working environment and employee engagement. According to the Boston College Center for Corporate Citizenship, nearly 89 percent of the companies measured found a positive correlation between participation in volunteering and higher engagement on the job.

2. Improved Reputation – Community involvement that contributes to key business goals also improves the reputation of the company. By providing volunteer opportunities, employees will champion their companies’ charitable efforts in return, ultimately creating an attractive business environment with a great reputation.

3. It’s Just Good for Business – Giving back to the community creates networking opportunities that your business may not have found elsewhere. Attending charitable events or partnering with local volunteer programs is a great way to gain customers, learn about other businesses and forge relationships with other business leaders.

Millennials also note that a business’ success should not be measured solely by their financial accomplishments, but in terms of their corporate social responsibility as well.

Corporate Social Responsibility (CSR), a term making its way into business strategies, is a philosophy that credit unions have always lived by. As not-for-profit organizations, credit unions operate solely for the betterment of their members and believe in giving back to the communities in which they serve. Credit unions strive to keep their money local through event sponsorships, scholarships, financial literacy assistance and other charitable donations.

Telhio Credit Union’s scholarship program is a prime example of one way the company strives to help their communities. The goal of the scholarship program is to celebrate and support those students who exhibit the credit union philosophy of “People Helping People” in their daily lives. Telhio awards one $1,000 scholarship and two $500 scholarships to eligible students who are attending a two- or four-year college or trade school. Following are the requirements to apply for the scholarship:

  • Applicant must be a Telhio member or child of a member in good standing for at least six months.
  • Submit an essay on the important role that young people play in the community, and what the applicant has done personally to make his or her community better.
  • Submit the scholarship application and essay by July 31, 2017.

For information on the scholarship or to apply, please visit Telhio’s website. At Telhio Credit Union we are also here to help your small business succeed. Contact us or stop in your neighborhood Telhio to see what opportunities we have for your small business.

— Telhio is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. This credit union is federally insured by the National Credit Union Administration. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company. Copyright 2003-2017 Telhio Credit Union, 96 N. Fourth St., Columbus, OH 43215. All Rights Reserved. Deposit accounts at different divisions are part of Telhio Credit Union. Deposits held at each office are not separately insured. NMLS #251831. —