Philanthropic responsibility is all about how a business gives back to its community and society at large. Donating to charities or participating in volunteer activities that investors and employees believe in are both excellent ways to achieve this. Community events and supporting employees’ own endeavors through matching contributions or time off can heavily encourage them to represent the business in charitable activities while benefiting the local community. Philanthropic endeavors can be costly and time consuming, but to many, it is a worthwhile investment in not only the business’s future, but their surrounding’s future, as well.

Philanthropy, in my opinion, is excellent for positive public reception and investment of company resources. While some may question the business case, intangibles like reputation and goodwill can go a long way over time to boost revenue and customer loyalty. The clothing brand Patagonia is beloved for their environmental work and encouraging reuse and repair of their products, for example. Their customers are loyal to the brand long term, and while community efforts can be expensive, brand perception is vital in an increasingly competitive global business marketplace especially in key industries like clothing. Sponsoring charitable activities may lead to employee loyalty and a stronger sense of belonging and effective corporate culture.

A business engaging in charity and philanthropy can have tangible and intangible benefits, and depending on the industry, might be as simple as sponsoring an existing business or charitable organization to organizing efforts on the behalf of the business. A PR boost can do a lot of good, and show how investors and business leaders care about issues, especially those directly affecting the business or its industry. Overall, philanthropic efforts are a valid investment for businesses looking to give back and improve their perception at the same time.