Philanthropy: it’s good for business

Corporate philanthropy in Australia is thriving, according to a new article on QUT Business Insights. Over the past financial year, giving across large, medium and small enterprises has totaled $17.5 billion. Though larger businesses make up only 0.2 per cent of the Australian business population, they’re now more likely to give, and in greater amounts, than others, highlighting a significant change around ideas of corporate social responsibility.

“This is a significant shift from ten years ago,” says Associate Professor Wendy Scaife, director of QUT’s Australian Centre for Philanthropy and Nonprofit Studies (ACPNS) and the Giving Australia study. “Back then it was small businesses who cumulatively were the biggest givers in the country.

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Disrupted generation: What can we learn from Millennials’ attitude to giving?

Millennials should be considered no less disruptive than the apps they use and the economy they’re shaping, according to QUT Business Insights. Their impact can be seen in the changing face of corporate responsibility and the growing importance of philanthropic work.

ACPNS Director, Associate Professor Wendy Scaife says we are seeing a stronger emphasis on young people’s values alignment to those of the organisations they choose to engage with.

‘Millennials are generally giving more in a spontaneous way than older generations,’ Wendy says. ‘We’re also seeing this idea of serial volunteering – many don’t want to be involved with a single organisation for life, but to make as much impact as they can in the short term before moving on.’

The ideal workplace for Millennials is one of shared values, recognition and a sense that what they’re doing matters.

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Where to next for arts philanthropy in Australia?

Find out what makes Bangarra Dance Theatre a philanthropy success story

The arts perennially faces the problem of scant public money and competition for the donated dollar so what is the state of arts giving in Australia and can more be done to foster arts philanthropy?

As part of Giving Australia, more research on arts-specific giving will be undertaken and will help identify the way forward. While the research is still underway, three strong themes emerging are the growing appeal of collective giving; the role of technology in telling the stories of need and facilitating easy giving; and the need for organisations to work with an increasingly diverse pool of donors.

We thank The Conversation for publishing this article.

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