Engaging in corporate philanthropy, or related activities in which firms actively invest in social issues is one of the most popular strategies to achieve your CSR aims. Whether you're a senior executive or a business professional looking for methods to increase your company's social impact, the concept of corporate philanthropy can be beneficial.
A growing number of businesses have discovered that the philanthropic approach has been a successful way to support their communities while also accepting responsibility for their social impact. 64% percent of consumers say they are "highly likely" to buy from a socially-conscious firm. This is one of the reasons many businesses are creating corporate social responsibility (CSR) plans
In this blog, we will walk you through what corporate philanthropy is, why it's beneficial, and what are the various programs you can choose from.
What is Corporate Philanthropy?
Corporate philanthropy is defined as a company or organization helping others, usually through contributions or donations to charities of their choice. It entails investments and actions taken willingly by a firm that is intended to effectively manage and explain its impact on society.
While some firms run their corporate philanthropy programs, others may focus on supporting the work of local community organizations, nonprofits, or other social initiatives aimed at improving society on some level.
Benefits of corporate philanthropy
Despite the current economic climate, companies are attempting to include corporate giving programs into their CSR strategy. According to a Deloitte study, around 61% of millennials consider a company's commitment to the community when picking a future career.
As a result, many businesses choose to participate in corporate philanthropy programs to benefit communities while also improving their public image. Here are a few of the most important advantages of working with corporate philanthropy:
- A chance to give back to the community.
Supporting communities and organizations that work hard every day to a better society is a significant benefit of corporate philanthropy.
- Helps improve your brand’s image
Companies that engage in corporate philanthropy, support important social issues and invest in communities. Such efforts can boost a company's public image and can lead to increased engagement and profits for the company.
- Boost your employee engagement & develop a good company culture
Employees may feel more involved working for companies that have a defined social goal and interact with their communities. Furthermore, this form of involvement can result in higher employee satisfaction, lower attrition, and better productivity.
- Attract top-notch talent
Your company will be able to attract a bigger pool of talented individuals because highly competent applicants prefer to work for companies that have a good reputation and clearly stated values.
The Best Types of Corporate Philanthropy Programs for your Company
- Grants for volunteers:
Volunteer grants are programs in which corporations make monetary contributions and donations to nonprofits. The nonprofits are selected to align with the company's values, and the amount to be donated is usually calculated based on the activities of stakeholders.
In 2011, Kraft Heinz launched the Huddle to Fight Hunger digital donation initiative. Every time someone liked their Facebook page, the campaign contributed a meal's worth of money to food banks. This campaign incorporated philanthropy, social media marketing, and brand awareness. They now have an annual partnership, with Kraft Heinz donating $2.5 million to fund food for meals this year and the program itself packaging nearly 20,000 meals.
- Community service
Companies contribute specific items, services, or facilities to local communities as part of their community works programs. These programs enable businesses to have a positive impact in the communities where they operate.
Feeding America will be able to give fresh food to those in need as a result of this. Walmart donates its enormous fleet of refrigerated food trucks to people in need throughout the country along with logistics and expertise to help organize its demands.
- Volunteer assistance
Companies usually provide staff time to support charitable or community organizations as part of volunteer support campaigns.
Microsoft is frequently included among the top firms involved in corporate social responsibility projects. One of their many CSR initiatives is their volunteer grant program. The program donates $25 per hour of volunteer work to a charity chosen by the volunteers. Every year, Microsoft workers devote approximately 3 million hours to volunteer work.
There are numerous methods to contribute to engaging your employees while also increasing your community’s impact. These corporate philanthropy examples will help you get started on developing your programs. These can be used to start from scratch or to improve your existing projects.
None of these kinds of corporate generosity are mutually exclusive, and corporate responsibility is now more crucial than ever. If you’re not sure where to begin, contact Chezuba to help you set up a corporate volunteering program specific to your company’s needs. Book a free demo today.