I think I want to do something to show my filial piety toward my parents.
You know how 孝行 is "filial piety," right? Well, this is basically the same thing. You're just showing said filial piety to your parents, which, of course, is what filial piety means. That makes this word mean filial piety.
The reading is 孝行 plus the kun'yomi of 親. Put them together and you'll become a good filial child.