As corporate growth continues, the initiatives of corporations giving back to communities improves. The importance of corporate philanthropy is growing because of its ability to make a positive impact in local communities worldwide, along with developing a positive reputation behind various companies and the world’s biggest brands. The world of business needs more than just an increase in profits to expand, and this is where corporate philanthropy plays a vital role.
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Scott Cooper Miami on how corporate philanthropy impacts branding
Corporations such as Walmart have shown the positive impact that corporate philanthropy can have. In 2015, the retail corporation committed $100 million to improve economic mobility for its workers with $11 million appointed towards non-profit initiatives. Walmart has also partnered with non-profit organizations such as Feeding America to help feed low income communities.
The focus of corporate philanthropy is to give back, and show consumers the authenticity behind a brand. In addition, success in corporate philanthropy provides opportunities for tremendous growth in business. Corporations that are involved in charitable motives, and the improvement of social conditions can distinguish themselves in the marketplace. It is an efficient way to connect, and align their goals with the personal values of consumers. In comparison to advertising, corporate philanthropy is proof concerning the morality of a corporation in the eyes of the consumer.
Corporate philanthropy and employee engagement
The new generation of workers are concerned about more than how much corporations can pay them. Millennials want to be engaged with volunteer opportunities and company efforts outside of their job responsibilities. Corporate philanthropy drives recruitment and ensures that employees are working for a worthy cause.
Wells Fargo employees are given two paid days off every year to volunteer. In addition, they are encouraged to apply to volunteer for six weeks with non-profit organizations of their choice. Philanthropic efforts such as these will ensure that employees are happier at work, which will result in high levels of productivity in the workplace.
Improving lives in low income communities
Corporate philanthropy gives corporations the opportunity to improve the lifestyles of disadvantaged communities across the globe. Oil and gas company, ExxonMobil focus on three major areas: opportunity for women, malaria prevention and education. In 2014, ExxonMobil donated $500,000 to Malaria Venture for medication.
In addition, energy company, Chevron, is involved in economic development for women in Latin America, along with treating HIV/AIDS in African countries where the company is present. Corporations that are involved in saving lives from disease and impoverished conditions will develop a commendable reputation amongst the public, and thrive in countries all over the world.
There are many ways in which corporations can lend a helping hand. Corporations that are involved in corporate philanthropy help a great deal to whichever cause they are dedicated to. In return, there are big rewards for reputation, revenue growth and trust from the public.