The Boston College Center for Corporate Citizenship (BCCCC) recently released their 2017 State of Corporate Responsibility report, highlighting trends and key findings from close to 800 executives and distinguished organizations.

One of the many encouraging findings from the report is that a majority of business executives plan to increase funding and resources across every dimension of corporate citizenship over the next three years. We believe this is a huge step in the right direction, and that it will make a significant positive impact the future of corporate citizenship programming.

Here are seven reasons why we think businesses are increasing their funding into corporate citizenship. Hint – it’s good for their organization, their stakeholders, and the world.

1. It’s Good for Business

When an organization is able to embed corporate citizenship throughout their organization, it further engages key stakeholders in helping to reach company goals. This gives stakeholders the opportunity to understand how they can play a role in achieving these business goals, and when stakeholders take positive action, it helps impact profitability.

2. Improves Reputation

According to the BCCCC report, executives who use corporate citizenship programs to meet key business goals report they are twice as likely to improve their organizations’ reputations among all stakeholders, including employees, consumers, and investors.

3. Competitive Advantage

A growing number of organizations are starting to implement corporate citizenship programs. These advancements prove that corporate citizenship is no longer a nice-to-have, but a need-to-have for an organization to stay competitive in their market.

4. A More Engaged Workforce

A number of studies have found that employees want to work for organizations that are positively impacting the world, forcing organizations to create and promote programs that do so. Implementing positive impact programs like sustainability, volunteering, health and wellness, and more, allow organizations to attract and retain top talent, further engaging employees in reaching organizational goals.

The BCCCC report found that executives who have a corporate citizenship program report 1.7X reduction in employee turnover, which can amount to a large cost saving as well.

5. Strengthens An Organization’s Mission

Corporate citizenship programs should directly support an organization’s mission. As investments in corporate citizenship grow, there will be more opportunities for employees from all departments and job levels to get involved. Company-wide involvement in corporate citizenship makes an organization’s mission actionable and relatable.

6. Encourages collaboration

One of the greatest benefits of corporate citizenship programs is that there can be cross-departmental collaboration. Bringing employees together to work on corporate citizenship programs brings out the passion in people making it easy for people to develop relationships based on these passions. Bringing together people with different skills and expertise not only strengthens corporate citizenship programs, but it opens the door for other cross-departmental conversations throughout the business.

7. It’s good for the planet

The impact your corporate citizenship programs has will reach far beyond your business, positively affecting the world we live in. Every small act adds up, ensuring a brighter, better future for all.