Did you know:
• Seven out of ten fundraisers have increased their charitability during the pandemic?
• Or, 65% of the companies offered to grant nonprofit grant purposes to redirect funds?
• Or, 54% of the corporations have granted an extension to the nonprofits during the pandemic?
The way corporate has stepped up during the pandemic shows that Corporate Philanthropy is on the rise. Corporations and nonprofit organizations like Singapore Children’s Society are doing more for the people during crises.
Looking ahead into the future, many corporate leaders intend to revise the disaster strategy and their employee engagement program.
What Is Corporate Philanthropy?
Corporate Philanthropy refers to all the activities a corporate leader does to achieve a positive impact on society. This includes the strategic use of the finances, employee time, facilities, product, and services, to improve the community and support socially-beneficial causes.
According to a survey made by the Fortune 500 Companies, Corporate Philanthropy is on the rise. In recent years, the outburst of social media has made it possible for the organization to engage with their audiences in a more transparent environment.
With this new atmosphere of openness, consumers have become far more interested in the company’s value. Hence, a well-planned and executed Corporate philanthropy can bring tremendous benefits to the table from the public relations standpoint.
The Importance Of Corporate Philanthropy
Corporate Philanthropy is not limited to the donation made by these corporate companies, but it can also be in the form of employees volunteering to help the people in need. So yes, Philanthropy costs the companies a lot of their business finances, but it also provides benefits to the company, employees, and the community.
1. Community Benefit
No matter the real motivation behind philanthropy, it is true that these activities impact society positively. When a company offers financial support, local organizations can get the necessary funds for the resources.
Volunteering time gives the organization enough manpower to make the activity a successful one. These benefits of philanthropy help the community to stay together and grow as a whole.
2. Company Image
As the news about the company’s philanthropy spreads, it creates a bright image for the company before its consumers and audiences. People consider the companies with philanthropy to be one of the best as they are helping society to grow and develop.
In some cases, this affects consumer behavior and convinces them to use your products and services over your competitors.
3. Recruitment
Establishing yourself as one of the active Corporate Philanthropy companies gives you an advantage when recruiting new employees. In addition, job seekers find your activity as one of the parts of your office culture and see it as one of the positive aspects of your company.
Individuals who have already worked with nonprofit organizations find these activities morally correct and are attracted by sharing the same values.
4. Morale
The companies that emphasize public services and volunteerism may find a boost in their moral beliefs. This particularly stands true if your employees believe in giving back to the community.
Employees who work together on charity projects or volunteer for public services get to know one another beyond the scope of being just office colleagues.
Conclusion
The bottom line is that Philanthropy encourages employee engagement and generates business values. And when businesses participate in philanthropy, they are leaving a positive impact on society.
This creates a bright image of them in front of their consumers and potential customers. By enhancing this relationship, the company can boost its revenue by multiple folds.
We hope that this small guide on Philanthropy was helpful, and you learned many things out of it. If there is anything more you want to know about this topic, please leave your queries in the comment section. We will ensure every question is answered.
Also Read:- How can you achieve minimalism in corporate for a healthy lifestyle?
