Earlier this year, Dubuque was named the most philanthropic city in Iowa and one of the top 10 philanthropic cities across the country. What a blessing for our community, our families and our collective success. More than just a pat on the back, this recognition sends a message about the values we share and live on a daily basis.

In the ever-evolving landscape of business, more and more companies are realizing what many of our long-standing Dubuque institutions already know — that success extends beyond profits; it’s about purpose.

This purpose is increasingly important to employees, potential employees, partners and investors. Consumers are drawn to brands with a purpose beyond profit. A Cone Communications study revealed that 87% of consumers would purchase a product because a company advocated for an issue they cared about. What better way to build local interest in your brand than to demonstrate your values by supporting community events, nonprofits and social good initiatives that directly impact your consumers?

There is a similar impact when it comes to employee recruitment and retention.

In the competitive job market, attracting and retaining top talent is a perpetual challenge. Corporate philanthropy and volunteer programs are powerful tools for recruitment and retention. Millennials and Gen Z workers, comprising a substantial portion of the workforce, are drawn to companies with a commitment to social responsibility.

The same Cone Communications study mentioned previously revealed that 76% of millennials consider a company’s social and environmental commitments when deciding where to work. Implementing philanthropic initiatives signals to employees that their employer is not just focused on profits but is also invested in making a positive impact on society, creating a more attractive workplace. From a prospective employee’s point of view, if an employer is committed to improving the community, it stands to reason that they would also be committed to creating a positive, supportive workplace.

As a counterpart to philanthropy, volunteerism has a more direct effect on existing employees. It not only demonstrates company values, but also encourages employees to demonstrate their values and strengthens company culture. For current employees, volunteering increases loyalty to the company and colleagues and produces a more satisfied workforce. Studies have shown that people who get involved in volunteering have a stronger sense of purpose and reduced stress levels.

Employees also feel more empowered when they can make a difference with skills and talents that may be untapped during their day at the office. Volunteer opportunities also can be a way to build a skillset or expand one’s network. Creating new connections, adding soft skills and enhancing existing knowledge makes employees happier and more effective.

In today’s business landscape, corporate philanthropy and volunteerism are not just acts of goodwill. They are strategic decisions that can significantly impact a company’s reputation and success. From attracting and retaining top talent to building brand awareness and loyalty, the impact is profound. Companies that embrace social responsibility are not just doing good; they are doing good business.