Corporate philanthropy is growing ever more common in the modern economy as businesses realize that giving back to the community doesn’t mean giving up profits. Although economic and social benefits are often seen as mutually exclusive, there are actually several ways in which they can overlap. Here are some ideas for improving corporate philanthropy.
Direct Donation
First of all, donating money is a simple and straightforward way to contribute to a good cause. Every year, businesses across the country give millions of dollars to a wide array of charities. Some companies get more creative than just writing checks, though. Many corporations have programs that match employee contributions to a charity of their choice. This is an excellent way to build connections with many different community partners, and to boost employee morale.
Fundraising
Many other businesses give back by hosting fundraisers. These can take a variety of formats, ranging from a traditional raffle or road race to more creative dance-a-thons or contests. This is a good way to generate funds without cutting into profit margins.
Drives
Another option is to gather goods instead of money—try holding a clothing or food drive. Drives like these are a great way to boost your corporate profile and improve public image, while contributing to nearby charities.
Giving Goods
Directly donating goods and services is another solid strategy. For example, an electronics manufacturer might give some of their products to impoverished schools, or a pet care company could donate bedding or toys to animal shelters. This not only gives a lift to struggling charities but can also increase exposure to your company’s products.
Volunteering
Finally, many companies provide volunteer opportunities. Some corporations choose to organize events, such as park clean-up days or evening tutoring, while others simply give employees time off to pursue their own volunteer projects. Whichever strategy is chosen, corporate philanthropy is both good for business and good for the world we live in.