In past posts, we’ve talked about how Pinkaloo is modernizing financial giving and how companies can incorporate the three T’s of giving into their charitable initiatives. But what we haven’t talked about is the WHY of modernizing your workplace giving program. How does it benefit your company and your bottom line?
According to Pew Research Center, Millennials now make up thirty-five percent of the overall workforce, and as Baby Boomers move into retirement, that percentage will only grow. And with that comes increased spending power: $600 billion per year in the United States alone, according to Accenture. What that means is that millennials are wielding increasing power as both employees and consumers. To keep up with the changes in demographics and demands, companies need to put their best foot forward with this generation, and one of the strongest ways to do this is brand identity that embraces modern charitable giving.
Attract and Retain Talent
So how do you attract and retain this generation of employees? Let’s start with the problem. A Deloitte study shows that millennials just don’t trust businesses the way previous generations did. A majority of millennials don’t believe businesses behave ethically or are committed to improving society, which may be contributing to a lack of loyalty to employers beyond two years. A Modern Giving program is tangible proof to employees that your company is committed to doing good in the community.
One of the key factors in any workplace program is adoption rate. It’s all well and good to offer an employee giving program, but it’s worthless if no one’s using it. With Pinkaloo’s Modern Giving program, your company can automate processes to relieve administrative burdens and increase adoption rate. Employees can set up recurring donations, take advantage of funds matching, and distribute funds to the charities they choose, all from one central hub.
Another factor to workplace programs’ success is defining and measuring success. Is it simply adoption rate and usage that will determine whether a program is worth the investment, or are there more benefits that can be derived from implementation? The insights gained from a Modern Giving program help companies better understand employee motivations and what values. Data gathered from the platform can help companies align their overall philanthropic efforts with employees’ favorite causes and measure which charitable initiatives garner the most interest.
In addition to trust in a company’s value, modern employees want to work for companies whose culture aligns with their values. With a Modern Giving program, employees learn about their colleagues and foster real connections based on shared values. Insights gained through the platform can also drive adoption of new programs and performance incentives that are more meaningful and thus more motivating to employees.
Ultimately, you’re in business to make money and while Modern Giving can improve employee morale and productivity, it can’t boost your bottom line…can it? Of course it can! As millennials’ trust in businesses wanes, it opens up the opportunity to build loyalty through creating a positive impact in the world. Modern Giving can give your company the data it needs to share a more engaging story with consumers about what sets you apart from competitors.