The concept of corporate philanthropy – where an organization promotes the welfare of others – is not a new one. However, as the world changes and new challenges arise, corporations that strive to make a difference have had to adapt.
Greater awareness of environmental and humanitarian issues worldwide has led to a larger need for enterprises that promote schemes that enhance the lives of people and the quality of the world they live in.
Therefore, corporate philanthropy not only strengthens an organization’s reputation but also puts something back into a community, whether that be local or global. Furthermore, it benefits areas in society that governments or local authorities can’t afford to cover.
So, what exactly are these ventures that corporations adopt? And how do they help communities?
Helping locally and globally
Corporate philanthropy can help local and wider communities in numerous ways. For instance, organizations might choose to offer grants or gift-matching schemes. On a local level, small businesses might support their town’s youth football team by buying kits or they might donate raffle prizes for a nearby charity event. Additionally, organizing team outings and picking team retreat venues that are assisted by small businesses is also a way to consider philanthropy.
On a global scale, firms might contribute towards helping with green or renewable energy incentives or humanitarian causes. Such worldwide organizations that engage in corporate philanthropy range from multinational companies to non-profit charitable causes.
In its aim to protect the planet, the Global Greengrants Fund awards financial support to grassroots environmental projects worldwide. There are also not-for-profit organizations, such as the Tej Kohli Foundation, which helps to rebuild communities worldwide by developing technological and scientific solutions and interventions.
Such organizations improve the lives of people and their communities in various ways that include encouraging a greener future or enabling access to new medical technologies.
Life after covid
The effect of the covid 19 pandemic on the world and the way we live has been astronomical. Worldwide, the pandemic has impacted mental health, governments, economies, delivery of education, and much, much more. Moreover, with new variants emerging all the time, these global effects are only set to continue.
But, in more positive news, the ongoing battle against coronavirus has given a new angle to corporate philanthropy. Undoubtedly, the pandemic saw communities pull together in ways unheard of since the Second World War. According to research following the first UK lockdown, the strong restrictions encouraged more community spirit and better involvement in neighborhood life.
Businesses also got in on the community spirit. Many firms and charities donated essential items, such as sanitizing kits and groceries, to individuals and communities. There were also organizations supporting frontline workers and families in poverty, as well as a renewed interest in-home delivery services.
One example of corporate philanthropy in the wake of the pandemic was when Barclays Bank created a foundation to support its clients and the wider community in dealing with the medical and economic crisis. Through its Barclays Foundation, the bank launched a £100million community aid program for charities supporting vulnerable people affected by covid.
When it comes to corporate philanthropy, organizations can benefit the local or wider community in numerous ways. Whether their support comes in the form of grants, donations of essential items, access to vital supplies, or the latest in medical technology, corporations can greatly improve the lives of communities.