When disasters happen, people are often drawn together in hopes of helping the victims. Companies have massive resources at their disposal to provide disaster relief and support the communities where they are based on a smaller scale, as well. Corporate philanthropy is fast becoming a hallmark of the modern business.
What Is Corporate Philanthropy?
Corporate philanthropy is the practice of businesses and corporations giving where it’s needed. It involves giving money, but also utilizing other resources as necessary to foster and maintain well being in countries or communities in need.
The available resources vary by company. A computer or technology-based company may offer technology information services. A chain of home improvement stores may offer tools, supplies, and even person-power toward rebuilding in the aftermath of natural disasters.
Another form of corporate philanthropy is working alongside non-profit groups to assist them with things like volunteer grants and corporate gift matching.
How Can Corporate Philanthropy Help A Business?
When a business chooses to use its resources to engage in philanthropic efforts, there can be numerous benefits for everyone involved, including:
- Fostering positive public regard
- Allowing employees to feel helpful and engaged with their communities and workplaces
- Making a tangible change for good
- Boosting workplace morale
This is definitely something to consider as a business owner or shareholder. Corporate philanthropy efforts are worth the time, money, and energy spent. They have an impressive return on investment monetarily and in less-quantifiable ways.
Difference Between Corporate Responsibility And Corporate Philanthropy
Corporate responsibility is the role a corporation feels it plays in society. What are its obligations? Or the demands that it feels must be fulfilled as a matter of its existence?
Corporate philanthropy is one facet of a business’s perceived responsibility. It’s one way that a corporation can express its willingness to meet the obligations it’s set for itself.
In modern times, it’s becoming more important that businesses give back. Employees are often more than willing to use their skills and abilities to help people in need. Corporate philanthropy allows for employees and corporations to work together synergistically to produce results that often help those in their own communities.