It is an act of a corporate company or business promoting the welfare of accredited non profit organizations and others through various ways of charitable donations of funds or time.
Benefits of corporate philanthropy?
By participating in corporate philanthropy, Companies positively foster employee engagement, generate business value, enhance relationships with consumers, and create a positive work environment.
How can corporate philanthropy help nonprofits?
Corporate philanthropy helps nonprofits through various methods of support,
- Corporate matching gift programs
- Project donations and grands
- Employee giving
- Request non profit to be accredited for smooth giving
What are various Categories of CSR
1. Environmental responsibility –
Reduce pollution and greenhouse gas emissions and the sustainable use of natural resources.
2. Human rights responsibility
provide fair labor practices (e.g., equal pay for equal work) and fair trade practices, and disavowing child labor.
3. Philanthropic responsibility
Aims to actively make the world and society a better place. e.g funding educational programs, supporting health initiatives, donating to causes, enganging employee to voluneering.
4. Economic responsibility
Improving company’s operation while participating in sustainable practices.