Companies are looking for ways to link their business efforts to consumers, employees, and the community through philanthropy. From a strategic perspective, a companies ability to link consumer interest to philanthropy should lead to a stronger economic relationship. Companies who exercises a well planned strategy of philanthropy play a major role in community economic development by bringing jobs to the society, being involved with other businesses, and making contributions to the local health, education, and recreation projects that benefit the residents and employees. With a well planned and implantation of philanthropy, it would be extremely beneficial for all parties involved.
Strategic philanthropy can be explained as the practice of companies by which they target their own charitable activities around a specific issue or cause that will in turn support their own goals. Companies seek to use philanthropy as a means to benefit their business interest directly and simultaneously. As more companies view themselves as responsible to the community, they also consider their position and the impact of their decisions on communities from an ethical perspective. Companies are finding resourceful ways to satisfy their responsibilities to consumers and the community. Strategic philanthropy recognizes how social responsibility can help an organization improve its performance. Companies that adopt a more efficient approach to philanthropy will experience a better image, employee loyalty, and improved customer ties. An example of this strategy is the Hewlett foundation made philanthropic investments in the energy foundation and Climate works as part of their strategy to address global warming. These investments, however, are made in service of furthering Hewlett’s own energy and climate change program.
Corporate giving, volunteering, and other charitable...
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