What is the Difference between Corporate Philanthropy & Corporate Social Responsibility?

Corporate Philanthropy and Social Responsibility are two different concepts that can either define a business in a good way or a bad way. They both define a company’s reputation and image. Although both Corporate Philanthropy and Social Responsibility are used in businesses every day, the two strategies differ in many ways and they both impact the communities and customers in many different ways.

Corporate Philanthropy mirrors individual philanthropy except for the fact that a corporation, not an individual, is donating funds or supporting charities. I truly feel that businesses that do this can make a good name for themselves in their community. Two are the most common forms of Corporate Philanthropy are Cash donations and In-kind donations. Cash donations include community donations or sponsorships. In-kind donations may include donating products to charities or volunteering to different events. I think that for businesses to do this they create a good image and reputation for themselves and are a great way to get involved with the community.

Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. Corporations that do business in an ethical manner really contribute to their businesses attitude and image towards its neighbours, customers and the environment. If all Corporations did business in an ethical manner it would be a perfect world, but that’s not the way it is.

I think in society we need to be more ethically responsible in the decisions we make and give back to the community more often. We can do this in two ways, by being Corporate Philanthropy and Corporate Social Responsible. If more Corporations do this then business will be done much better and it will erase many issues that businesses have in today’s society.

Sources:

 http://www.ehow.com/info_7756972_difference-philanthropy-corporate-social-responsibility.html

 

Brandon York

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