Companies recognize the importance of supporting society and aligning their business objectives with broader societal needs. As a result, corporate philanthropy has become increasingly significant.
What Is Corporate Philanthropy?
Corporate philanthropy involves businesses and corporations giving back to society through charitable contributions and initiatives. It includes financial donations, in-kind support, employee volunteer programs and community partnerships.
U.S. Bank’s (No. 11 on the Fair360 2023 Top 50 Companies for Diversity list and No. 1 on the Top Companies for Philanthropy list) $25,000 grant to the Northern California Coastal Region Red Cross exemplifies a community partnership and in-kind giving. The donation helped support disaster relief in response to rainstorms and flooding in 2022.