In a general term, corporate philanthropy comprises of the actions taken by businesses to enhance the standards of living in their societies and to improve their communities.
Aman Mehndiratta encourages the concept of corporate philanthropy due to the amazing advantages of practicing this. He is a philanthropist and an entrepreneur too. That is why exactly he knows the importance of corporate philanthropy for the betterment of society.
Corporate philanthropy can include many actions and practices. Generally, it is done through donations of money or of time and labor. These donations are given to community centers for improvement projects, or for fundraising for a cause. There are clear advantages to corporate philanthropy, especially on a large scale.
There are many pros or we can say the merits of practicing this kind of philanthropy or altruism. This is miraculously beneficial for both. Not only the organizations and firms which practice it but it has numerous advantages equally for the society also. We will brief some of them here.
Market creation: Corporate philanthropy helps in building brands. It maintains the brand recognition by coming in the eyes of the common public. The altruistic services given by the firm propels the other magnates and the common public towards the brand which builds up the market for them. To those without experience with the particular products or to improvise the areas of business, this kind of philanthropy can actually be used to create a market among the unknowns.
Greater local Economic success can be achieved by supporting a community. This can further create relevant revenue that can then be used at the business.
For example: If one has given money to a poor starving kid and said to go buy food and eat, that’s is charity. But if a man invests in a school and gives free education and training there for all the unprivileged kids so that they could grow and earn their bread by their own, this is called philanthropy.
-Like Aman Mehndiratta, he doesn’t believe in giving temporary relief to the unprivileged. Aman is carrying out the idea of corporate philanthropy very nicely. Its positive effects could be seen on his company as well as the communities he has influences by his corporate philanthropy.
Aman is urging a better future for the present as well as future generation and proceeding with all the possible ad-hocs to make this vision a reality.