Original article here
Author: Deloitte
Corporate philanthropy has long been held to the standards of both business and traditional philanthropy. Too often, it falls short in both, and ends up marginal for corporations and marginal for philanthropy. But there’s now an opening for a new corporate philanthropy model to emerge—one that is uniquely its own.
Shifting the philanthropy strategy
A new era of opportunity in corporate philanthropy
Corporate philanthropy is caught between two paradigms.
It’s expected to deliver quick, measurable returns on investment as a business would—even when it’s addressing challenges where progress is hard to quantify. And it’s also expected to succeed by the standards of a traditional philanthropic foundation, but without the deep financial pockets and singular focus on charity. At the same time, corporate philanthropy is being asked to do more than ever before. The world’s disparities and injustices have become harder to ignore. The first few years of this decade have already seen a global pandemic, a widespread reckoning on racial justice, and climate-related disasters. Those shifts spurred greater social consciousness that has led consumers, employees, and the public to push organizations to make philanthropy a bigger priority.
These circumstances have made it difficult for corporate philanthropy to reach its potential. Difficult, but not impossible. To meet today’s challenges, corporate philanthropy can move beyond the paradigms that limit it, towards a uniquely new model.
“It’s up to companies to tear away the sediment of old ways of creating social good.”
-John Brothers, president of the T. Rowe Price Foundation.
Understanding the “Edges” of corporate philanthropy
Finding a new way forward starts with finding the “Edges,” critical frontiers of philanthropic practice that are particularly well-aligned to broader shifts in society. Exploring these Edges can help the organization discover more equitable and effective approaches to corporate giving, including:
- Rethinking corporate philanthropy’s role
How corporate philanthropy leaders are moving beyond just grantmaking to rethink the ways they add value - Balancing power
How corporate philanthropies are navigating the inherent power dynamics in the ways they approach their work - Acting with others
How corporate philanthropies are expanding impact via collaboration within and beyond the private sector - Creative funding mechanisms
How corporate philanthropies are allocating and disbursing funds in new ways
By experimenting along these Edges, pioneering corporate philanthropy leaders have already begun to discover new ways to shape and grow their impact. Their experiences serve as an invitation for everyone to reimagine their giving strategies and a model for how organizations can use their strengths to address society’s biggest challenges.
