If you’ve been following our company, then you know Pinkaloo works great with foundations and associations. What you may not know is that we also work great with small and medium sized businesses!
We’re in the process of rolling out and testing Modern Giving accounts with corporate partners to power their workplace giving programs, and from what we are seeing, empowering employees' charitable giving can have a major positive impact on the bottom line.
First, it’s essential to acknowledge that cost of hiring new employees is HUGE, even for entry or mid-level employees. Recruiting alone can be a huge cost, regardless of whether your company uses a recruiting agency. Accordingly to SHRM, we’re talking $5,000, best case, or more just for a single employee, which includes not only agency fees (if one is used), but productivity time needed to advertise, interview and review candidate qualifications.
Then, even once an employee is hired, there’s the cost of training that employee and getting them up to speed. Investopedia cites a Harvard Business School study that found the average break-even point—the point where employee productivity exceeds the cost to hire that employee—is 6.2 months. And today’s millennial workforce is famous for job hopping, only staying in a position for one to three years. That means that organizations and businesses may get as little as 6 months of productivity from an average employee. That’s not very long.
Thankfully, there’s at least one excellent way to help keep employees in their positions longer. It’s to empower them to be more charitable in a way that aligns with what they want and expect of a workplace. And what do millennials expect? According to this Seattle Times article, millennials want to work at companies that:
Are committed to social improvement
Offer a sense of empowerment and meaning
Provide job stability, flexibility and automation
Have leaders who are direct and passionate
While we can’t do much about job stability, we’re certain that a Pinkaloo’s Modern Giving program checks off the rest of these bullet points. Our platform helps your employees find great charitable projects that align with their own interests and beliefs. And as such, our platform is built to empower those employees by giving them the opportunity to express themselves through giving. Our platform is also highly flexible in terms of how much money users put aside each month, as well as how they choose to use those funds. And what better way to demonstrate a company’s—and its leadership’s—passion for making the world a better place than empowering employees to be more charitable?
For employers, it’s important to note that for less than the cost of recruiting one employee, employers can offer a charitable giving program that can keep many employees engaged. Will Pinkaloo’s Modern Giving Accounts tip the scales entirely for employees looking for opportunities elsewhere? Probably not. However, think of all the money a business can save by reducing employee turnover, which is impacted by the quality of its benefits program.
Want more information about how to use Pinkaloo as an employee engagement tool? Contact us.