Is it possible to give charitably with little or no money involved? Of course volunteering for charity is giving away time and services, however that’s not always the most efficient option for corporate companies and society. Can companies give without giving away their revenue? Let’s explore.
In the business of philanthropy, charitable deeds require many assets. Time, service, people and funding are just a few. On a social scale, donations among a community provoke a positive change for those in need. Today, companies are coming to the conclusion that they can effectively give through utilizing their skills without compromising financial revenue.
This isn’t to say that companies shouldn’t give money, however it is to explore the creative outlets of giving beyond financial resources. The top Fortune 500 companies that generously give a portion of their earnings appear cash-friendly, donating millions, which is only about between 1-10% of revenue. A thriving company that gives generously has ample opportunity to make a difference in the world.
Take Bank of America, for example. Although they give financially, they also strongly believe in giving personal time. Volunteering is essential to creating a better community. Bank of America employees receive 2 hours of PTO every week to volunteer in the community. If you add it up without including 2 weeks of PTO for leisure, that’s about 100 hours of volunteering per year each employee has the opportunity to take. Volunteer grants are a great way for companies to give without giving just cash or a check.
Another company allowing employees volunteer time is GlaxoSmithKline (GSK), a global healthcare corporation. GSK shows creative means of corporate philanthropy in the healthcare business, and believes that medicine is a great need among humankind. Two ways GSK gives back to the community is through “Orange Day” and the “PULSE Volunteer Partnership”. Orange Day occurs one day a year where employees are encouraged to go out into their community and volunteer where they see a need. The PULSE Volunteer Partnership matches employees with non-profits for 3-6 months of full-time work utilizing their skills and knowledge of healthcare among societies in need.
Companies have the opportunity to give on a base beyond finances. This can be collaborating with another company, hosting a community event, marketing through social media for a cause, or simply allowing employees volunteer time. No matter what provokes a company to give, or how a company decides what charitable organizations they give to, monetary deeds are just one of the many ways a company can positively impact society.