With higher levels of open dialogue occurring between consumers and businesses via social media, companies have taken on more responsibility for their particular social effects, wielding their financial and societal influence to empower communities. There are a variety of methods in which companies can engage in corporate philanthropy, depending on their particular industry, size, investment capabilities and more.
It's important to note, though, that corporate philanthropy differs from corporate social responsibility CSR , in that CSR is typically incorporated into a company's actual practices and functions as a business. To help you understand how corporate philanthropy initiatives function, here are a few of the different types of corporate philanthropy programs that companies have undertaken in recent years:. Matching gifts are a popular type of corporate philanthropy effort. In matching gift programs, companies will donate the same amount of money to a nonprofit or community organization that other stakeholders do.
These stakeholders could be employees, consumers or the general public. Typically, these programs increase the amount of philanthropic benefit other organizations by a certain match ratio. In volunteer grant programs, companies usually contribute monetary donations to nonprofits and community organizations that match stakeholders' volunteer contributions.
These programs usually employ a particular hour-to-donation formula which companies use to calculate the amount of their contributions after stakeholders have completed their volunteer hours. Companies may allow their employees to designate which nonprofit or community organizations receive philanthropic donations. In employee grant programs, companies usually award monetary grants to organizations selected by employees.
Though these programs may contribute less than match programs, they rarely rely on any monetary investment from employees or external stakeholders. Related: 20 Careers in Philanthropy. Community grant programs typically allow nonprofit or community organizations to apply for funding from a company.
Companies choose to fund particular organizations depending on their goals for social impact—some companies prefer to award funding to organizations doing work which aligns with their corporate mission. Community works programs refer to those initiatives in which companies donate specific products, services or infrastructure to local communities.
For example, a company may choose to build the infrastructure for a new park or donate laptop computers to a local school in need of technology resources. These programs allow companies to make a positive impact in areas where they are located.
Scholarship and fellowship programs are some of the most common corporate philanthropy initiatives, as they're typically straightforward endeavors that seek to financially support promising community leaders, students and other individuals. In these programs, companies typically require award candidates to apply for funding and host a competitive selection process.
Volunteer support initiatives typically entail companies donating employee time to support nonprofit or community organizations. Sometimes, companies will partner with organizations to provide specialized support aligned with their unique abilities—for example, a technology company may host a program in which their employees volunteer to teach older community members about computer literacy skills.
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