Today’s employees want to be part of companies that they like. They also want to feel good about what their employers do for their communities. This is why it’s important that your organization has a comprehensive philanthropy program that’s designed to help build and retain the best talent.
In this article, we discuss the various strategies for corporate giving and how it can help improve the operations of your company.
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Initiate Community Grants
Instead of employees, companies often start community grants. These grants are usually granted to local organizations that provide services to the communities they serve. Although these types of grants are typically offered by large corporations, smaller companies can also use this strategy with the proper planning.
The advantages of community grants are usually outweighed by the disadvantages, such as the risk that they will be distributed to a limited number of recipients. It’s important that the outreach efforts reach beyond the organization’s contacts and networks.
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Offer Volunteer Grant Programs
Another popular type of corporate giving is the volunteer grant program. This type of initiative allows companies to give a set amount of money to a local organization in exchange for employees’ voluntary hours.
Instead of having a set number of hours that employees must complete in order to receive a grant, volunteer grant programs usually have a set threshold. For instance, if an employee volunteers for 20 hours, the company will give $500.
Volunteer grant programs allow employees to gain recognition and exposure for their volunteer work in their local communities. To implement a successful program, it’s important that employees are aware of the requirements and deadlines.
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Implement a Matching Gift Program
One of the most popular forms of corporate philanthropy is the matching gift program. This type of initiative allows companies to match the donations made by their employees to various charitable organizations. For instance, if an employee makes a financial contribution to a university or college, the company will match that amount.
This type of initiative allows companies to match the donations made by their employees to various charitable organizations. Usually, the company sets a limit on the amount of money that it will match.
Although it’s a great way to encourage employees to give, it’s also important to keep in mind that these programs must be promoted internally in order to be effective.
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Establish Employee Grant Stipends
Some companies also provide employee grant stipends, which are typically used to support a specific charitable organization designated by the employee. These programs can be flexible and can be promoted internally.
Depending on the type of program that the company has, employees can apply to support a certain charity each year. At other companies, employees complete a form and the company will then send a check to the organization in their name. Employees can choose to support a specific charity or organization, but it’s important to make sure that the funds are directed in the most effective ways.
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Volunteer Company Services
Aside from giving money, corporate philanthropy also involves partnering with local organizations to provide specialized services. This type of initiative allows companies to provide a wider variety of support services to their local communities.
One of the most common types of support services that a company can provide is data security. For instance, if a company provides cybersecurity services, its employees can go to a local community health center and help keep the facility’s patient data secure.
The disadvantages of this type of initiative are that it can be hard to support local organizations with a limited workforce. Also, small businesses may not have the resources to support such a program.
For any company, corporate philanthropy can be a great way to expand their reach and support local communities. However, before committing to one type of program, it’s important to thoroughly analyze its pros and cons.