Philanthropic social responsibilities go beyond simply operating as ethically as possible and involve actively bettering society. This type of corporate social responsibility is frequently associated with donating money to charities, with many businesses supporting particular charities that are relevant to their business in some way.
However, philanthropic CSR does not only refer to charity donations. Other common philanthropic responsibilities include investing in the community or participating in local projects. The main intention is to support a community in some way that goes beyond just hiring.
By investing in the community, the business encourages loyalty from employees whilst benefiting from an improved support system. Corporate philanthropy also serves as a way of representing a company’s commitment to society, demonstrating that they value the community beyond simply providing a workforce or source of revenue.