A financial company’s success is measured by many metrics, from profits to being named one of the “Best Places to Work.” As time moves on, the ultimate accomplishment a company can achieve is through its legacy. Has your company helped to make your community a better place?
Oftentimes companies focus on maximizing all resources. You budget every penny to make sure you boost productivity and encourage your staff to optimize all aspects of the job. Sometimes community outreach can be on the back burner compared to these essential company functions. However, it is important to note that, beyond the value to society, your company can draw significant advantages from giving back to your community. These benefits may not directly appear on an income statement, but they can materialize through potential client and employee brand awareness, a richer company culture, and the development of valuable community relationships.
Client and Employee Brand Awareness
In the financial industry, connection is crucial; and in the digital world, building that connection can be challenging. Today’s customers have more choices than ever and a company’s ethics, employee satisfaction, and community involvement are becoming important factors in deciding which advisor a client chooses. Participating in your community will attract potential clients to your firm, especially if your intrinsic value aligns with theirs. The connection that is made through this commonality creates a stronger bond between an advisor and the community they serve. If a client is not attending the specific community project your firm is sponsoring, publicizing the event on social media can also help build your brand awareness and improve your image overall.
Along with improving your image among potential clients, building a strong community profile can create brand awareness with potential employees. Unemployment today is at an all-time low; this means there are more jobs on the market than there are qualified people to fill them. This creates competition in the job market, creating higher-than-normal employee turnover. By tapping into people’s deeper values, you are attracting the type of candidates that will want to work for your company for the long-term. This type of connection will help your company build a strong, enduring team.
Building a Richer Company Culture
Community outreach has other benefits besides attracting potential clients and employees. These community efforts can also help bind your current team and develop a rich company culture. Allowing your staff to participate in volunteer projects outside of work prompts the development of deeper relationships between team members. A rich company culture enables your staff to feel connected within the firm, and will ultimately increase employee morale and efficiency.
Develop Valuable Community Relationships
Community engagement can raise your profile with potential clients and improve your firm’s standing with both current and prospective employees, but it also has a profound effect on the community itself. By giving back to your community, you open the door to meeting people from all walks of life. Building strong community roots can help you make connections with local leaders, politicians, and business people, that may pay off down the road.
Working in the financial industry can be monotonous. Instilling a higher purpose in your company can add a level of client, employee, and community engagement that would otherwise be absent in a strictly profit/loss scenario.
To find out more information on this topic or how SFA Partners can help your business, please email us at email@example.com or call at (888) 447-2444.