Many industries benefit society beyond the dollars and cents they generate. Sometimes, the positive societal impact is more immediate and obvious, such as a teacher's contribution to the growth of young minds, or a doctor's ability to improve patients' overall wellness. However, in the financial services industry, the direct benefit may be less widely known. Financial services businesses safeguard the savings of individuals and families and often enable the ambitions of clients and their communities. Executives in this space must understand and convey the value they provide to the communities they serve and find additional ways to give back — in doing so, they will engage employees and strengthen their businesses overall.
Doing Good Is Good for Business
Research suggests that weaving altruism into the heart of any business is beneficial for the company's well-being and growth. For example, having a clear social mission is a motivating factor for staff members; 74% of employees say their jobs are more fulfilling when they can make a positive impact at work. Moreover, displaying a company's commitment to giving back is also important when it comes to attracting and retaining clients. Not only do the majority of everyday consumers prefer to align with companies that show a clear drive to improve the world around them, but 84% of Americans believe that businesses have a responsibility to catalyze social change. Ensuring that employees and clients alike understand the ways in which a financial services company makes a positive impact on the world can strengthen a business both internally and externally.
Understanding the Value of Variety
Even when the business benefits are clear, getting a cohesive social program off the ground requires further careful consideration of individuals' unique values and philanthropic preferences. To increase satisfaction across the board, companies should implement programs that are broad enough to fulfill a wide range of staff values and interests.
Gary Zyla has been the chief financial officer of AssetMark since 2011. He oversees finance and human resources for all the AssetMark businesses. Gary's prior experience includes roles at Genworth Financial in both the Corporate and Retirement and Protection segments.
