Corporate giving, also known as corporate philanthropy, is the practice of businesses donating money, resources or time to charitable causes. I believe it is an important aspect of corporate social responsibility and can have a significant impact on communities and society.

Corporate giving can take on many forms, including financial donations, in-kind donations and employee volunteer programs. Financial donations can be made to a variety of organizations, such as non-profits, educational institutions and cultural organizations.

In-kind donations, such as providing goods or services, can also be a valuable form of support for charities and non-profits. Lastly, employee volunteer programs are another effective way for businesses to give back by encouraging employees to use their skills and talents to support charitable causes.

At my company, we practice giving back in many various ways but tend to focus on financial and in-kind donations for reasons I'll outline below. There are many factors to consider with corporate giving, so it is beneficial for you to do your research prior to deciding which route to take.

For instance, companies that encourage their employees to volunteer at non-profit organizations or donate their time and skills to help with specific projects may sometimes only notice the pros like building team morale and fostering a sense of community involvement; however, some argue that this approach is exploitative, with many employees feeling obligated to volunteer their time outside of work hours.

In comparison, companies can provide monetary donations. This can provide immediate assistance to those in need and help fund various social causes. Some may criticize this approach as a form of "checkbook philanthropy" as not addressing the root causes of social issues. For this reason, it may be important to back up financial donations with other actions.

Personally, I have noticed that corporate giving can have many numerous benefits for companies, including improved employee morale, increased brand reputation, and further strides in community impact. Nonetheless, it is important for companies to consider any potential downsides of their approach and ensure that their actions align with their core values and goals.

Read the full article about corporate giving by Kellie Rastegar at Forbes.