In the corporate world, the jargon includes words and phrases such as profit margins, think outside the box, sales projections, synergy: 2+2=5, leverage, 110%, return on investment, core business, deliverables, push the envelope, prioritize. Need more? What about: do more with less, go the extra mile, sacrifice, action item, bang for the buck.
More recently, however, corporate speak has come to adopt terms such as corporate philanthropy, corporate social responsibility, and employee giving. Corporate philanthropy has to do with company contributions, usually money but sometimes resources, to charitable causes. Employee giving is similar except the contribution comes from the staffers rather than the corporate coffer. Corporate social responsibility is a broader term usually applied when a company embraces a broader cause through its actions, statements and contributions such as the environment, education, health or sometimes social issues such as same-sex benefits.
Smart companies recognize they must find their own way to give back to the community where they do business. Here are the top 5 reasons why giving is a (excuse my jargon) “best practice”:
- Customer loyalty. Consumers want to do business with companies they like and who they feel are nice people. Businesses that give money, resources and employee labor are “nice” even if their products cost a bit more. It’s that simple.
- Stronger communities. When companies help to fill a void in the community, they are helping to create more hopeful and vital neighborhoods.
- Higher employee retention. Employees that are involved with their company in multiple levels, such as community volunteerism, stay longer.
- Recruiting advantages. Employees are looking for a more than just a big paycheck and a corner office. They also want satisfaction and work-life balance, including opportunities to serve and contribute to making the world a better place.
- Better attitudes. It gives people a higher purpose when they give their time or resources to a cause.
So, the next time you are tempted to talk about core competencies and hardball tactics, let your colleagues know where the rubber meets the road on the business highway.
Tell us what your company does in the way of corporate responsibility and what cliché you’d like to strike from the corporate dictionary. We’ll get it started with a promise to never again say “it’s a win-win.”
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