Advantages Of Corporate Philanthropy

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The other initiative that the company might use is Corporate Philanthropy. This includes donations of money or of time and labour given to charities such as to non-profit organizations by the corporations. Generally, this initiative consists of cash donations but can also take the form of use of their facilities or volunteer time offered by the company’s employees (in-kind services). Philanthropic efforts could take various forms such as selecting a cause that is of certain importance and priority to the corporation, determining the type of contribution that has to be made and identifying a recipient for contributions. There is a range of giving alternatives evolving into activities including: Providing cash donations Farsons could give cash…show more content…
Example of products that Farsons can donate are Doritos, Popz, Walkers and other brands of cereals and snacks which have long shelf life, so that no products will go to…show more content…
Here are some advantages when utilising corporate philanthropy in the company: Community Support and Market Creation Taking care of a community can lead to huge economic success, creating income which can be utilized in the business. For those areas that need improvement and do not have any experience with certain products, corporate philanthropy can actually serve as the light of a new market. Market Development through Reputation Through a better reputation of the business, a market can develop. With the use of corporate philanthropy, the company can generate goodwill which increases the interest of customers and have favourable opinions of the company. This eventually leads to an increase in sales. Enhance Productivity A company can enhance its productivity through corporate philanthropy by working to benefit a good cause. This can be done by encouraging employees to work as a volunteer for non-profit organizations as part of a charitable deed. Incentives for these workers can be given in order to work more effectively such as getting paid at the same rate for the work done to charity. From a study done by the researchers, this shows that productivity increases up to 30%. When social incentives are given to workers such as a charitable donation which is linked to their job, the performance increases on average 13%, arising to

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