Corporate Philanthropy in the Post-Pandemic World

Now, more than ever, the economy needs corporations to give back, help power communities, and create new growth.

The 2020 economic crisis was a wake-up call for all of us. We have been too used to slow growth, year on year since the last recession. The world was on a steady path upwards, with enough sectors experiencing an increase in demand that they staved off the murky depths of uncertainty caused by those firms going into decline.

For years, things ticked along as they should. Right up until February of 2020, when the first few weeks of pandemic fear took hold. Markets started to drop, the bottom fell out of Bitcoin, and retailers everywhere faced the implications of a lockdown on their profit and loss accounts.

It was chaos, all at once, and something we had never thought to prepare for. A virus brought us to our knees, stopped our trading, and killed off numerous SMEs over 18 months. Now, with the world seemingly shaking off the strain of Covid-19, we need those businesses that remain to be more generous than ever before.

The Importance of Giving Back

It is no longer a question of if a company will operate charitably or not, it’s only a question of what they did or will do. Those companies that knuckled down and protected their staff have been remembered. Those that didn’t, that sacked people instead of helping them along, or who betrayed the public trust, have all fallen out of favor in the high street.

Corporate philanthropy has always been a marketing tool up until now. It has been away for firms to make a reputation for themselves in a lucrative marketing way. Corporate philanthropy can influence a buyer’s future decision to purchase from you, but since it benefits disadvantaged social groups, everyone wins.

Companies Engaged in Corporate Philanthropy

Let’s round up today by picking a few good examples of corporate philanthropy.

1 - Global 360 Degrees

This is an investment firm with an impressive portfolio. The company was set up to better social situations around the world through small donations made every time a new investor is added. This allows them to work on projects all over the globe, and in everything from women’s rights to adult illiteracy.

2 – Dove

Dove is helping children in Brazil, Indonesia, and India to develop body confidence and self-esteem. To do this, they have partnered with UNICEF, the global children’s aid charity. Together, they are teaching young people about their rights, their education, how they access healthcare, and more.

3 – UPS

While we are all worried about how long it will take the vaccine to reach us, Ups have been working hard to deliver it on a global scale. They donated over $3 million in services and cash to help the vaccines make their way around the world on time, giving us all a little hope for the future.

If more firms were able to take up corporate philanthropy in the coming years, we could see a revolutionary new capitalist society, where more people have what they need to survive.

This article does not necessarily reflect the opinions of the editors or the management of EconoTimes