Pleasing today’s workforce is not an easy task. Every month Gallup reports on workforce engagement numbers and U.S. engagement, though it has slowly increased from previous years, and has had little-to-no change since March of this year. At a mere 32.1%, employee engagement should be a top priority for employers. Growing research suggests one solution to this problem: corporate philanthropy. So, how much can it really improve employee engagement? And, how can it be done? Well, glad you asked…
Watch the Numbers Grow
Employees today have a wide range of values and expectations when it comes to their career. They are less driven by money and are more receptive to career growth and development opportunities which is probably why Pro Bono Service is the fastest-growing corporate volunteer program, according to the CECP’s 2015 Giving in Numbers study.
The workforce wants to make a difference and that difference can be made through corporate giving. In fact, the benefits of doing so go beyond employee engagement. In a recent comprehensive report conducted by IO Sustainability, the presence of corporate philanthropy efforts can (just to name a few):
- Increase employee engagement by up to 7.5%
- Increase employee productivity by up to 13%
- Reduce employee turnover by up to 50%
What’s more is this study is one of the first to shed light on the corporate benefits linked to philanthropy programs, providing a foundation for future pioneers of cutting edge corporate philanthropy programs.
The Most Successful Programs
There are plenty of diverse and meaningful employee giving programs for employers to choose from, and it doesn’t have to be just one. In fact, in 2014 companies offered an average of five programs for domestic employees and three for international employees. Some of the most common (and successful) employee giving programs are:
- Company Wide Day of Service. This program highly impacts employee engagement which is why it’s the most successful volunteer program, driving increases in total volunteer hours year after year. It’s also a great way to encourage team building and reinforce company values.
- Matching Gifts or Donation Matching Program. Recognized as an integral strategic corporate program, matching gift programs or donation matching programs, are offered by 88% of companies worldwide.
- Paid release time. Today’s workforce is driven by self-improvement, which makes paid release time a wonderful employee giving program. Giving employees the choice to give back on the company’s time means they don’t have to worry about missing out on any volunteer activities because of a busy work schedule. It also sheds favorable light on the company for accommodating the workforce for the sake of giving back.
- Pro Bono Service. Engaging employees in Pro Bono Service volunteering not only directly involves them with the nonprofits they seek to help, but it gives them the opportunity to strengthen the skills they use in their career. This is crucial for engagement, not to mention career development!
What you can do
The world of corporate philanthropy, or philanthropy in general, can be overwhelming and difficult to navigate. An abundance of resources goes towards making these programs organized, compliant and, ultimately, successful.
Companies like JK Group exist to make corporate philanthropy a reality for today’s employers. With over 2.1 million charities in the charity database, JK Group offers a diverse group of legitimate charities for your company to consider. The Consiva philanthropy software makes corporate philanthropy management easy for employers. Some added benefits to using JK Group for all of your philanthropic needs:
- Compliance Services. A team of experts performs specialized compliance and vetting services, always keeping up with any regulatory changes.
- Payment Processing. JK Group can manage all aspects of Treasury services from payments processing from the U.S. to over 150 countries around the globe to complete reconciliation. In over 25 years in this industry, JK Group has never had a security breach with their system so employers can rest assured they are in safe hands.
- Client Strategy Consulting. JK Group wants to ensure companies make the most out of their investments and ensure that their clients’ programs are successful in the long-term. So depending on the need, JK Group can provide strategic help around program design and development, trending analysis, best practices and more.
Giving back to the world has a powerful impact on how we humans behave. It’s important for employers to understand the value in having employee giving programs so they can continue to satisfy the workforce. It doesn’t hurt that lives in need might be impacted by those actions too!