‘Tis the season for giving, and in today’s socially conscious environment, giving back has become more than just a buzzword. It’s an expectation.
Corporate social responsibility is an important aspect of a business. As a result, many companies and their employees are giving back to their communities through employee giving programs.
So, what exactly are employee giving programs?
Employing giving programs empower and encourage employees to support local, national and international causes they care about.
How do employee giving programs work?
Some workplaces host seasonal campaigns, but many employers have started year-round engagement programs. Employees find a charity (or charities) they want to support, pledge a contribution and have it automatically deducted from their paycheck for a specified amount of time. Many employers take this one step further and match employee donations to their charity of choice.
What are the benefits of employee giving programs?
- Attract top talent. Socially responsible employers realize employee giving programs are an attractive feature when it comes to recruiting qualified employees. In fact, many employees today won’t work for a company that doesn’t have strong social commitments.
- Decreased turnover. Providing employees the opportunity to support causes that are important to them greatly reduces employee turnover.
- Increased ROI. A well-designed employee giving program can increase revenue by as much as 20%. That’s because committed employees put in more effort and are less likely to resign.
- Impact the community. In addition to the value generated by activities like volunteering and fundraising drives, employee giving programs account for more than $5 billion in charitable contributions!
Philanthropic opportunities are an important company benefit, just like tuition reimbursement and flexible schedules. If your firm needs help accounting for employee benefits, Boris Benic and Associates can help. Our strong team of experts understand the requirements of employee benefit plans and can effectively provide the services you need. The Long Island and New York plans we currently audit collectively have over 25,000 participants with total net assets in excess of $700 million.
Happy Holidays from our team to yours! We hope you’ve had a great year, and we look forward to the opportunity to be of service to your company in 2020.