October 20, 2010 | Read Time: 1 minute
Why do many Fortune 500 companies give to charity?
In an interview with The Chronicle, Stanley S. Litow, IBM’s vice president for corporate citizenship and corporate affairs, explains why his company’s philanthropic efforts are a part of its larger business strategy.
The technology corporation’s employees are working with universities and other nonprofits to develop a sturdier strain of rice to fight hunger, bring Internet access to rural Kenya, and monitor the health of the Chesapeake Bay watershed, among other challenges.
While the company and its foundation do make some cash grants (about $42-million last year), most of IBM’s giving is in the form of employee assistance.
This strategy helps IBM attract better employees and also encourages the use of technology overseas, Mr. Litow says.
