Why giving back should be at the heart of your business in 2023

There is a rise in businesses giving back, and philanthropy is something that will become increasingly more important for businesses and employees as they look to align with organisations that are making a difference in the world. 

Philanthropy has been at the heart of our family business, COS, an Australian-owned private company offering product supply solutions for the workplace, since 2013, and we have donated more than 15 million through the Lyone Foundation to support Australian charities focused on human welfare. 

There are a number of benefits of philanthropy for not only businesses but its employees, and it should be a consideration in 2023. 

Improving employee morale

Donating to charity can help improve employee morale and engagement, as it demonstrates that the company cares more than profits. Part of the Lyone Foundations’ giving program is extended to COS staff in each state and territory, who are allowed to choose a local charity of their choice.

This builds morale as staff feel like they are making a difference to organisations that mean something to them. The staff are tasked with researching and deep diving into charities to decide where that money should go.

What they discover is some amazing people, giving of their time and energy and doing truly incredible work. For many staff, it’s powerful, raw, and emotional. There have been many tears shed during this process each year.

Fulfilling social responsibilities

Successful businesses have a social responsibility to contribute positively to the communities in which they operate. Philanthropy can be a way for companies to fulfil that responsibility. There are so many people and businesses in need. Find a cause that means something to you. Our focus has always been on human welfare, this is the core value of the Lyone Foundation.

The reason for this is the charity support that the Lyone family received when our father, Dominique first arrived in Australia with his family in the late 1960s. Without this support, he wonders how they would have survived. People showed up to support them in so many ways by providing food, clothes, and books for school. Australians were very generous; this is still true today, and there is still so much need.

Building relationships

Giving to charity can help a business build relationships with key stakeholders, such as customers, suppliers, and community leaders. By sharing the work that the organisation is doing in the community, it helps deepen those relationships with stakeholders and can lead to more meaningful conversations. 

Building a positive reputation

Reputation is so important when it comes to business, and creating a positive one is the difference between being successful and not. And wouldn’t you rather be known for the positive impact you have made on society rather than only for the profit you have made? Giving to charities and organisations can help a business establish a positive image and reputation within the community. This can, in turn lead to increased customer loyalty and support. 

Stand out from the crowd

Competition can be fierce in business, and standing out from the crowd can often be a challenge. A strong and meaningful philanthropy program can help build trust with customers and set you apart. Clients want to work with companies that are making a difference in the world, and they will remember you for it. 

There are many benefits of giving back to a business. So, if philanthropy isn’t already at the heart of your business, make 2023 the year to give back. Start making a difference, and you will be rewarded.

To find out more about COS visit here.

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