How businesses can “Pay it forward”?

Paying it forward – performing a good deed for someone, without any expectation of repayment. It is the thing that long ago transformed into something larger in the corporate domain.

The thought of a community-minded company, of a company with a conscience for others, dates back to at least the 1950s.

The formation of The Giving Pledge in 2010, by Warren Buffett and Bill and Melinda Gates, encouraged 40 of the wealthiest individuals and couples in the United States to take a pledge to give half their wealth away as a donation.

Additionally, the 20 most charitable companies donated around 3.5 billion dollars in 2015, headed by Gilead Sciences (446.7 million dollars), Walmart (301 million dollars), Wells Fargo (281.3 million dollars), Goldman Sachs (276.4 million dollars) and Exxon (268 million dollars).

That, obviously, does not even begin to take into account the time commitment made by employees.

This outward-looking focus – Corporate Social Responsibility (CSR), the word with which this good deed is known – benefits givers as much as receivers. Paying it forward improves the staff morale, gains positive publicity for your business, lets you unearth previously unknown talents within your staff and impacts the well-being of the individuals involved. Besides, it attracts more customers too.

Those who give tend to be happier and healthier, they are well-adjusted, less-stressed and have a greater feeling of belonging. They also tend to have a more favorable impression of their companies.

When it came to the talks about how a company can pay it forward effectively, Zeynep Ilgaz, co-founder, and president of Confirm Biosciences and TestCountry wrote on Entrepreneur.com that businesses should think locally and assess charitable endeavors aligned with their core values and it should be a team-wide effort.

The best ways corporate companies can engage in this good deed:

1. Get involved in Pay It Forward Day:

This global initiative aims to create “a huge ripple of kindness across the world.” It tends to inspire over 10 million acts of kindness – everything from donating to a worthwhile cause to paying for a stranger’s cup of coffee, from collecting books to giving one’s time and/or skill.  In 2019, Over 80 countries are going to participate in Pay it Forward Day with over 100 state and city proclamations.

Pay It Forward Day in 2019: Sunday, April 28

2. Adopt a Company Charity:

Adopt a company charity and along with that, engage all employees in the effort. Maybe that means organizing a 5-kilometer race to raise money for an animal shelter, or encouraging staffers to help out at a soup kitchen; or sponsoring a youth sports team. There are myriad possibilities that you can incorporate.

3. Make it Competitive:

In an organization, nothing sparks employees quite like a challenge. If different teams are embodied with a task in a certain amount of time to raise more money, collect more toys and essentials, do more public service or perform some other charitable tasks, you can’t even imagine how much can be accomplished.

These are not the exhaustible options, you can discover other options too.