Giving Compass' Take:

• Igor Makarov, writing for Medium, explores the benefits for individuals in business that prioritize philanthropy. 

• What are some key strategies to adopt when trying to incorporate philanthropic goals at a business?

• Read about how to make philanthropy part of your business year-round.

Philanthropy is rarely something done on a whim or in order to close a deal. For most business men and women, philanthropy is part of their lifestyle. They understand the profound impact it can make in the lives of the people they touch.

The benefits of philanthropy, however, are not exclusive to the recipients. Philanthropic givers can also benefit from donating their time. As they give more, they often find they receive more.

Why is it that sacrificing your finances and efforts for the greater good ends up benefiting you? To understand this question, we need to look into the psychology and methodology of philanthropy.

Fulfillment

Happiness, in large part, is dependent on how fulfilled you believe you are. Fulfillment is of the utmost importance to philanthropists. A study conducted on over 400 of the world’s top bankers and wealth advisors found that personal fulfillment is the number one reason why ultra-high-net-worth individuals prioritize philanthropy.

For Business Relationships

Business men and women do not give unintentionally. They donate to causes they feel a deep connection to and believe in. As such, philanthropy offers an effective avenue to meet people with whom you share a common (and generous) interest.

The Unwritten Social Contract

Philanthropy, at its best, is purely altruistic. As integral parts of the community, businesses are expected to give. Successful business men and women understand the intrinsic value in this, in both a holistic, community way and as a means to personal fulfillment.

Read the full article about reasons why business people prioritize philanthropy by Igor Makarov at Medium.