How do businesses’ philanthropic and social initiatives affect people’s lives – and the economy?

Philanthropy is all about giving back. Specifically, it’s about evaluating your privilege and using it to provide for people in need – whether they lack resources or money, cannot find work, or are unable to educate themselves for the better.

By design, philanthropy can create an impressive ripple effect, meaning that generosity isn’t just about providing someone with a one-off gift or making sure that their ends meet. In many ways, bold acts of philanthropy – particularly those undertaken by businesses – can create lasting, positive change. This is not just in regard to short-term societal change but also even in the economy.

In this article, we explore what businesses can do to help give back to society.

They can help people access technology

Society is evolving largely thanks to the evolution of technology. The internet alone has helped to connect billions of people and create incredible economic opportunities.

Yet there are still communities where access to the latest tools, devices and even basic internet access is sparse. Therefore, businesses might focus on providing free tech to disadvantaged people, invest in relevant education, or set up funds and charities to supply people with greater access to life-changing technology.

Successful businesspeople and philanthropists such as Ehsan Bayat have helped to improve accessibility to technology in regions such as Afghanistan. For example, Bayat’s philanthropic and social initiatives have helped to enhance the country’s telecommunications infrastructure, meaning that it’s easier than ever for citizens to connect with each other and people based all over the world.

They can set up educational initiatives and scholarships

Businesses that operate in highly technical or specialized industries have a fantastic opportunity to educate the next generation of skilled workers. Although training in specialized industries is essential, providing extra educational opportunities to encourage personal and professional growth is also worthwhile.

For example, a construction company might set up a philanthropic or social initiative to help people in the local community learn specific skills regarding building or carpentry. Injecting time and money into these initiatives can help people become better educated and find new purpose in their everyday lives.

What’s more, such initiatives keep the business’s bottom line solvent, and also help to keep the local economy thriving. The more people available to hire with strong construction skills and specialized talents, the better products and services that the company can provide – and the more clients it can bring on board.

Even if a few more people from the local community can learn about construction site safety rules, it’s transferable knowledge that will help them go further in life and support their search for new opportunities.

They can start apprenticeships and employment schemes

Similarly to setting up educational initiatives, businesses have fantastic opportunities to help people in local communities who might be at a disadvantage when it comes to finding work.

For instance, a company specializing in manual labor might reach out to the local community and offer trial positions to people regardless of their education and experience.

These trial schemes can not only improve the morale and employability of people without educational advantage, but can also help to reduce overall unemployment. Doing so can also help businesses continue to provide fantastic services and build a strong reputation for caring about their communities.

They can dive deep into conservation

Businesses that rely on fossil fuels or generate high carbon levels might be at a disadvantage when it comes to building a positive reputation in wider society. However, this isn’t to say that they are completely locked out of making a philanthropic difference.

Whether or not a business has a major or lasting impact on the environment, it’s socially responsible for it to consider its impacts on the planet and the people to which it provides services. Such steps could include arranging for a carbon footprint consultation, to alter processes to be less wasteful, or to become B Corp certified.

Regardless, a business that becomes aware of its environmental impact can start to give back to conservation efforts – whether by setting up physical tree-planting initiatives, by donating regular money to animal conservation, or otherwise.

The knock-on effect of this isn’t just a positive reputation but also a genuine, lasting difference to the world around us. All businesses can do a little bit to start making a positive change to the world we live in.

Businesses can change lives for the better

Businesses can do more than just provide services, products and employment opportunities – by laser-focusing their philanthropic and social initiatives, they can help to stimulate genuine positive change, even if it’s just in one or two lives.

Becoming self-aware is the first step to becoming a great philanthropist. It’s not always about giving money away, but looking carefully at how to change oneself to make a positive impact.