Strategic philanthropy is the practice of targeting a company's giving efforts around a cause or issue that simultaneously provides a direct benefit for the cause and also supports the company's core business objectives. This addresses one of the biggest challenges that corporate social responsibility (CSR) managers face when implementing a corporate giving program: Getting the support and buy-in of senior management and other important stakeholders. A well-executed strategic philanthropy program can strengthen company values; building a higher profile for both the company and the cause. Ideally, strategic philanthropy programs should treat corporate giving as if it were its own business unit with the same thoughtful approach to research, planning, execution, and follow-up.
Strengthening company values are a huge benefit gained from creating a philanthropy program. The best strategic philanthropy plans build on what already exists, the driving philosophy behind your business. This engages everyone including employees, shareholders, vendors and customers. Be sure that your plans promote issues relevant to your type of business, and your customers will be interested. For example, if you sell paper products, a philanthropy program that centers on reforestation or similar environmental issues ties in well with your business model. A food production company might create a plan centered on feeding low-income children or supporting food safety.
As a CSR manager, you already are aware that resources for corporate philanthropy can be pretty scarce. This is one of the main challenges of your job, finding ways to make a small amount of money go far and produce positive results that will inspire management to invest more in the program. Designing a corporate philanthropy strategy allows you to maximize your results even when your budget is limited.
When you have a strategy in place, this task becomes much easier. Planning the best possible use of both human resources within the company as well as the financial support allocated to the program will improve the bottom line. When your philanthropic goals parallel the objectives of the company in general, it is far easier to obtain much-needed funding because managers will see a direct correlation between how supporting a cause will impact the business in a positive way.
In the end, everything a business does is geared toward getting results. If a business initiative in another part of your company isn't working, your company likely won't continue pursuing that particular program. The same concept applies for corporate philanthropy programs.
In order to ensure that your CSR strategy is effective and successful, it is important that you analyze the plan just as you would any other program. You need to look at the financial reports, as well as studying employee participation and analyzing whether or not the benefits of your philanthropy program are improving your brand values. Find areas where you are succeeding, as well as the areas that are not working well. In this way, you can continue to modify the strategy so that your program is as successful as possible. This will inspire management to continue the program, which benefits both your philanthropic cause as well as your corporate image.
Strengthening company values are a huge benefit gained from creating a philanthropy program. The best strategic philanthropy plans build on what already exists, the driving philosophy behind your business. This engages everyone including employees, shareholders, vendors and customers. Be sure that your plans promote issues relevant to your type of business, and your customers will be interested. For example, if you sell paper products, a philanthropy program that centers on reforestation or similar environmental issues ties in well with your business model. A food production company might create a plan centered on feeding low-income children or supporting food safety.
As a CSR manager, you already are aware that resources for corporate philanthropy can be pretty scarce. This is one of the main challenges of your job, finding ways to make a small amount of money go far and produce positive results that will inspire management to invest more in the program. Designing a corporate philanthropy strategy allows you to maximize your results even when your budget is limited.
When you have a strategy in place, this task becomes much easier. Planning the best possible use of both human resources within the company as well as the financial support allocated to the program will improve the bottom line. When your philanthropic goals parallel the objectives of the company in general, it is far easier to obtain much-needed funding because managers will see a direct correlation between how supporting a cause will impact the business in a positive way.
In the end, everything a business does is geared toward getting results. If a business initiative in another part of your company isn't working, your company likely won't continue pursuing that particular program. The same concept applies for corporate philanthropy programs.
In order to ensure that your CSR strategy is effective and successful, it is important that you analyze the plan just as you would any other program. You need to look at the financial reports, as well as studying employee participation and analyzing whether or not the benefits of your philanthropy program are improving your brand values. Find areas where you are succeeding, as well as the areas that are not working well. In this way, you can continue to modify the strategy so that your program is as successful as possible. This will inspire management to continue the program, which benefits both your philanthropic cause as well as your corporate image.
About the Author:
Sebastian Troup loves blogging about corporate social responsibility. For more info about philanthropic solutions for businesses and non profit organizations, or to find help setting up employee giving programs, please go to the Truist.com website now.
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