Abstract
Innovation
Comprehensive, SaaS based, workplace charitable giving and corporate matching program that eliminates administrative costs and hassles while empowering each employee to support their favorite non-profits.
Problem Addressed
In today’s corporate environment, corporate social responsibility (
Innovation
The newest technology in workplace giving is a SaaS based program that enables any size company to create or customize their workplace-giving program with a fully branded experience. At the center of the technology, is the ability for every employee to start their personal foundation, a charitable savings account, where they can mange, grow and share their charitable giving as they see fit. Think of it as a 401k for charitable giving. Once the employee establishes an account online, they can select to fund the account through payroll deductions, credit cards or ACH transfer. All the money that is deposited into the account is tax deductible immediately.
The company can then establish a corporate matching program with the parameters and limitations they decide upon. The social media aspect of the platform enables the employees and the company to come together around select causes and campaigns. No matter what the criteria is established for the program, the platform tracks and administers all of the giving and the company writes one single check per period; no more sending checks to hundreds of non-profits throughout the year. All of the tax deductions are itemized and one single report for taxes is available online.
Lastly, the platform also offers a selection of reward programs that enables every employee to earn more to give. For example, every time an employee shops at Amazon, they can earn up to 4% for their account and give it to their favorite charity.
Return on Investment
Historically, workplace giving requires tens of thousands of dollars to set up, and hundreds of man-hours throughout the year to manage. With this new innovation, set up is at a fraction of the cost and administration functions are all completed on the web and available for review at anytime.
The reduced cost and elimination of administration are tangible returns. However, a robust workplace giving program will also create:
Engaged employees who report a much higher level of satisfaction in their job and company
Better retention rates for employees reducing turnover and training costs
A highly improved CSR profile and the best CSR ambassadors, your employees.
Invitation to Share Innovative Ideas
If you have an innovative practice or idea that could benefit employers or employees, please consider sharing the idea with The Innovators’ Corner, by sending a note to:
Tom Ference
Human Resources Mining & Distribution Co.
Email:
Footnotes
From the Editor . . . Each issue will showcase a new idea related to compensation and/or benefits. The purpose is to accelerate the time it takes for fresh thinking to reach the reader’s desk for consideration.