Supporting employees' individual efforts to engage with their communities is low-cost and high-reward. Encourage your team to add specific events to your company calendar, and invite everyone to participate.
If one person does a cure walk, encourage others to join. Consider donating a service or product you produce. Identify a Junior Achievement entrepreneurship program, and offer a tour of your business. Ask a local culinary institute to cater your next event. Use your storefront location as a public drop-off point for Toys for Tots or cans for your local food bank.
It doesn't have to require hours off the clock or writing large checks. Every action gets you and your company actively involved in the community you rely upon for new hires, customers, and partners.
Corporate culture and employee retention receive an immediate benefit: Employees who know the company supports them in their individual passions feel more invested and less likely to go work somewhere else. You may also notice increased collaboration by teammates who feel more bonded by their work together outside the office--and even increased revenue as a result of enhanced engagement.