The former Dean of London Business School, John Quelch, writes in the UK’s Independent that U.S. multinational corporations aren’t doing enough to help the communities they inhabit overseas.
With overseas markets become increasingly important to U.S. corporate bottom lines, Quelch argues that a lack of philanthropic giving is a major mistake, saying:
…It’s time these multinationals started to walk the talk internationally. They need to win the hearts and minds of their customers around the world. No longer does a US brand automatically command a price premium. In some countries, such brands may now be tagged with a price deficit. The chances of attracting and retaining the right employees overseas can be boosted if a company shows it is serious about helping local communities.
So not only does philanthropic giving overseas help build bridges with the communities, it can actually help attract and retain quality employees, an important resource for any company that wants to succeed, at home and abroad.