Last Updated on February 26, 2023 by asifa
Philanthropy is all about giving back to the community and making the world a better place. Corporate philanthropy is a fantastic way for companies to engage with their communities, allow their employees to volunteer and make a difference, and give to charity organizations and fund drives in a direct way.
No matter the size of your business, or in what sector you operate, you can easily find ways to engage in philanthropy — for the benefit of your business and your community, such as how Cane Bay Partners VI, LLLP does it.
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Corporate philanthropy is when a company voluntarily invests in donations and activities in ways that benefit and impact society for the greater good.
According to an article in the Harvard Business Review, strategic philanthropy can generate competitive advantages as well as public goodwill. You can engage a consultant or assemble a committee to research the best ways of connecting with charities, organizations, and philanthropic entities in your sector so your monetary endowments go to the right place.
But philanthropic donations do not need to be solely financial. Other ways of giving back to the community can include employee volunteer activities, product donations, professional services offered at no fee to a charitable organization or cause, and other business transactions that benefit a philanthropic cause.
One popular way businesses can engage in corporate philanthropy is through gift-matching donations for a cause or fundraiser. A pledge is made to match all donations — whether this is capped or not depends on the business or cooperation — made by individuals, so the money raised is double or more than what would have been gained through solely individual donations.
Sponsorships and Scholarships
Another great way for businesses to participate in charitable giving for philanthropic causes is to establish sponsorships or scholarships. Usually, these will be made to help individuals in the field achieve charitable and philanthropic goals, or assist in the education of individuals who are seeking to work in a charitable, non-profit, or philanthropic field.
Sponsorships financially aid a charitable fund or non-profit organization, and in turn, the recipient of a sponsorship thanks and promotes the company that sponsored it.
Scholarships help underprivileged individuals to continue their higher education through colleges and universities, which benefits the general workforce and community at large by having more educated and experienced workers enter the workplace.
Modernizing For Changing Times
If your company already has a corporate philanthropy program in place, has it been updated recently? Just as business needs are subject to change and improvements can always be ongoing, reviewing your corporate philanthropy strategy regularly can help resolve any conflicts or problems that may arise, and ensure that your company gets the most out of its charitable contributions and giving.
If your company or business is just starting out or is newly incorporating charitable giving into its philosophy and business practices, then knowing where to begin can seem a bit daunting.
However, reaching out to local charities and nonprofit organizations in your community is a great way to start.