The primary goal of businesses and corporations is to make sure their efforts and investments will return a profit so they can continue running the organization. This in turn benefits the staff depending on them for their livelihood, and of course, the consumers who rely on the products and services they offer.
Being a corporation, however, does not have to mean simply being focused on the bottom line. It’s also important to strike a balance between money-making efforts and practicing social responsibility. Here are some reasons why this is important.
What is Corporate Philanthropy?
Simply put, corporate philanthropy is when corporations or organizations get involved with efforts supporting advocacies or campaigns for the benefit and betterment of others. It can be a promise to fund a local non-profit organization that needs resources to continue operating their office in order to serve their community or the provision of equipment and other tools that will make it more efficient for them to carry out their tasks.
By engaging in these philanthropic acts, the corporations are essentially showing that they do care and are involved with what’s happening outside of their corporate walls.
The concept of giving back is very closely related to corporate philanthropy. Especially for businesses located in areas where there are tangible but solvable problems, they should make that effort to reach out as a member of that community.
For example, many US territories have been repeatedly devastated by hurricanes and other natural disasters in recent years. From Florida to New Orleans, to Texas, and even to the Virgin Islands, families and entire communities have been suffering and continue to struggle to recover.
Corporations need not necessarily have to have any direct connections to these places before they can do something to help out, but it would be all the more meaningful to have those who are connected or related to lending a helping hand.
Navigating their way through the paths of corporate philanthropy can be made easier by partnering with organizations or foundations that specialize and focus on these advocacies, such as Cane Bay Partners.
A Meaningful, Shared Commitment
If having a work-life balance is important to keep employees healthy in body and mind, then it’s also important for corporations to strike a balance between their for-profit and not-for-profit endeavors. It can be easy to get submerged in this whole concept of working solely for greater economic returns. However, for a company to thrive and survive the test of time, it is just as important to keep in mind that they too are individuals who have personal dreams and advocacies outside of their jobs.
Corporate philanthropy can help tap into this propensity to get involved in campaigns so that the employees can feel inspired with their work, knowing that they too are actually making a positive impact on the communities outside, no matter how indirectly it may be.
It fosters better trust, dedication, and commitment to the company, knowing that somehow, they do share the same values. In turn, this translates to several other benefits for the organization, from having a more fulfilled and productive workforce, and even tax deductions. Ultimately, corporate philanthropy has benefits not only for the communities or organizations getting helped, but the company itself.
Krishna Murthy is the senior publisher at Finance XOD. He is not only the senior publisher but also the owner of Tricky Finance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.