Corporate Philanthropy: a Top Employee Perk
As a company looking to attract top talent, you’ve undoubtedly turned towards putting together an attractive benefits package. Skilled millennials and generation Z workers are looking for – and even coming to expect – perks like health and wellness initiatives, financial programs, and sometimes unique bonuses like laundry or childcare on site.
All of these perks are great, but there’s one initiative that’s even more valuable, both to employee satisfaction and employee retention: corporate philanthropy. More than ever, charity-minded employees are looking for CSR-approved ways to give back to nonprofits of their choice – particularly if it’s as easy as simply getting a pre-authorized portion deducted from their paycheck every month.
Take this article from Nonprofit Quarterly – it reports on a study that showed that employees were “more motivated to perform better” when their employers made donations on their behalf to a nonprofit of their choice. The article goes on to explain that “whether the donation was fixed or linked to productivity, job performance among workers included in the corporate philanthropy increased by an average of 13 percent.” To translate: doing good helps employees feel good about where they work!
You may be looking at these results and thinking okay, sounds great, but won’t it be a hassle to set up something like payroll giving? Not so – if you’ve got a program like Truist, the legwork is done for you. It’s fast and secure, and it lets your employees guide your fundraising.
Also, consider implementing corporate gift matching, where your company pledges to match the donations of its employees. This can build even higher corporate morale and lead to more employees taking advantage of payroll giving. Creating this level of good faith in an employer can be key to good employee retention, which is crucial to building satisfaction in the workplace – and preventing high turnover.
If you want to expand beyond payroll giving and really see how engaged employees can be, why not organize an annual corporate peer-to-peer event? Charitable events can bring employees together and foster a sense of team spirit, especially if it appeals to their competitive side (inter-department challenges, perhaps?). These out-of-the-office events bring a social aspect that young employees love, and they can be a huge piece of talent retention. (And if you don’t know where to begin with fundraising events, we’ve got a platform for that too – check out FirstGiving for all your peer-to-peer event fundraising needs!)
At the end of the day, being CSR-minded and giving employees the option to be charitable and flex their philanthropy muscles is proven to help them feel more satisfied in their jobs. As their employer, it’s up to you to give them the means. Give us a call today to find out how we can help bring a sense of charitable giving to your staff!