KENT SCARBOROUGH SHARES HOW CORPORATE PHILANTHROPY BENEFITS BUSINESS
Kent Scarborough has been a successful businessman who has served as a Director and Chief Executive Officer of a various successful business ventures like World Wide Home Loans, Australia.He gained appreciation for his work in every organization. He used his intelligence and reasoning abilities to help many budding entrepreneurs set up a business. Along with being a renowned businessman, Kent is also a respected philanthropist. He was associated with an organization named Wounded Heroes in Brisbane during 2014–2015. He worked for charity purpose with them to arrange financial help for soldiers who received physical injuries during wars.
Kent Paul Scarborough-a self-made entrepreneur and philanthropist from Australia says that too many organizations practice ineffective philanthropy through programs that are majorly focused on public relations.The strategic corporate philanthropy improves the company’s competitive context and the community where it operates. Organizations should use their charitable efforts to gain edge over the competition and improve the quality of business environment.The corporate must rethink where to focus and how to move about their giving. The shift to strategic philanthropy can be made in a few simple ways. Always examine the competitive content in every company’s geographic locations and review the existing portfolio to see how it fits into the new paradigm and assess the existing and potential corporate initiatives.Better to seek opportunities for collective action within a cluster and track the results.
In recent times, corporate philanthropy has observed a decline.The reasons are hard to understand.Business owners see themselves in a no-win situation and are caught between critics demanding high levels of corporate social responsibility and investors are pressurizing to maximize the short-term profits.
Some of the companies have started using context-focused philanthropy for economic and social benefits.By focusing on these benefits and utilizing the unique attributes helps to address the problem.However,some of the fundamental changes in the companies approach should be made and all the business organizations should rethink where they should focus on philanthropy.
Areas to Focus
The economic and social objectives have become distinct and are often competing.This represents a change in perspective and emphasizes on knowledge based competition.The ability to compete relies on the situation of business operation. The social improvement in any particular area leads to more economic benefits to the business.
The social and economic goals are integrally connected in long run. Today, competitiveness depends more on productivity and this in turn depends on education of workers,safe and healthy work environment and high motivation levels to make the best use of the existing opportunity. It does not mean that every corporate expenditure or social benefit will benefit the business.It is only when such expenditures leads to economic and social gains so that corporate philanthropy takes the business in best interest.This shows that corporate philanthropy influences the company’s competitive context and is strategic in nature.
Influencing Competitive Context
A careful analysis of different elements of competitiveness should be analyzed. It helps to identify the areas of overlap between the social and economic value that will enhance the competitiveness of the cluster. So,consider all the elements and how the business will be influenced through philanthropy that improves the long-term economic prospects.
Some of the companies have started using context-focused philanthropy for economic and social benefits.By focusing on these benefits and utilizing the unique attributes helps to address the problem.However,some of the fundamental changes in the companies approach should be made and all the business organizations should rethink where they should focus on philanthropy.
Areas to Focus
The economic and social objectives have become distinct and are often competing.This represents a change in perspective and emphasizes on knowledge based competition.The ability to compete relies on the situation of business operation. The social improvement in any particular area leads to more economic benefits to the business.
The social and economic goals are integrally connected in long run. Today, competitiveness depends more on productivity and this in turn depends on education of workers,safe and healthy work environment and high motivation levels to make the best use of the existing opportunity. It does not mean that every corporate expenditure or social benefit will benefit the business.It is only when such expenditures leads to economic and social gains so that corporate philanthropy takes the business in best interest.This shows that corporate philanthropy influences the company’s competitive context and is strategic in nature.
Influencing Competitive Context
A careful analysis of different elements of competitiveness should be analyzed. It helps to identify the areas of overlap between the social and economic value that will enhance the competitiveness of the cluster. So,consider all the elements and how the business will be influenced through philanthropy that improves the long-term economic prospects.
