Perhaps as a side-effect of the “Great Resignation,” companies across the globe are searching for authentic and effective techniques to improve employee engagement. How does Employee Giving Software fit into this paradigm? Well, employee retention depends heavily on such efforts.
As 65% of Americans are currently looking for new jobs, it’s becoming an uphill battle for companies to ensure their top talent wants to stick around. That means they need to be engaged, which in turn means your organization needs to give them the benefits and alignment they’ve been searching for. Another shocking statistic of note: 96% of employees cite empathy as an important factor in their retention.
Employee Giving Software provides a mechanism for employees to give back to their community and feel connected to their workplace. This type of software can improve employee retention by increasing engagement. By giving employees the ability to donate to a charity of their choice, Employee Giving Software allows employees to feel connected to their company and more engaged in their work.
In times like these, employees look to their employers as a source of hope and action. Even as the resignation spike becomes a critical concern, meaningful corporate philanthropy programs prove employee engagement is key to building morale and retaining your team. Demonstrating a commitment to purpose and action has never been more vital.
The Importance of Employee Engagement
Employee engagement is key to a thriving workplace. The Harvard Business Review recently published an article stating, “Employee engagement has a direct impact on business outcomes such as revenue growth, profitability, productivity, and customer satisfaction.” With impacts like that, it’s hard to ignore the importance of engagement.
There are countless studies that show a direct correlation between engaged employees and company success. A study by Aon Hewitt found that organizations with highly engaged employees outperform their peers by 2.3 times. And according to a Gallup poll, companies with engaged employees see 17% higher productivity.
Clearly, engagement matters, especially when it comes to retention.
Your Secret Weapon: Employee Engagement
In retaining your employees, you’re retaining their refined skill set, knowledge of your organization, and reducing recruitment costs.
Did You Know: According to a survey by Gallup, It costs approximately 148% of an employee’s salary to replace them when they leave?
Employees actively engaged in giving and volunteering through work are 57% less likely to leave their jobs; however, only an estimated 15% of employees are being so engaged. If ever there was a time to refresh your employee engagement program, this is it.
Employee Engagement through Philanthropy
What do you do to satisfy the ever-elusive engaged employee? Encourage employee giving is proven to help! Plus, it’s good for your community. If you’re wondering where on earth to even begin, we’re here to help. Here are a few tips to keep in mind.
The Connection Between Employee Engagement and Giving
When employees feel connected to their work, they are more productive and happy. But what may be surprising is the link between employee engagement and giving back.
A study by Bright Horizons found that employees who are engaged in charitable activities are 57% less likely to leave their jobs. Furthermore, when employees feel connected to their workplace and the causes their company supports, they are more likely to be productive and engaged.
The more barriers, the harder it is to participate, and the fewer participants you will have. Eliminating unnecessary friction points will maximize your results and your engagement possibility.
Encourage Local Giving
Giving back to the local community is a great way for employees to feel connected to their work. It’s also an opportunity to strengthen relationships with customers, clients, and vendors.
Make it Easy to Give
If you make it easy for employees to donate, they will be more likely to do so.
There are many ways to make giving easy. You can set up a payroll deduction, enable credit card giving, have a company-wide donation drive, or even start a giving campaign. If you’re collecting funds, make it easy for employees to give automatically. A good employee giving software can allow employees to give automatically through their paychecks, which increases the likelihood of participation more than donating funds immediately. If you’re setting up volunteer opportunities, allow for paid time off so employees can participate instead of requiring they take time from their families at after-hours events.
Not every employee will be engaged in the same way. Providing choices to your team regarding their philanthropic efforts is key. When you offer multiple causes, you’re more likely to capture your employees’ attention (and, therefore, their participation).
You don’t need to partner with every organization under the sun, but providing various options ensures that you’ll have opportunities for every employee to contribute to something near to their heart.
Employee engagement through philanthropy can take many different forms, but the goal is always the same: to create a more connected and productive workforce. When employees feel engaged in their work and the causes their company supports, they are more likely to be productive and happy. So how can you encourage employee giving and volunteering?
Encourage Employee-Led Efforts
It’s common for leadership to take a top-down approach to philanthropy, especially in choosing a mission that aligns with their corporate values. However, there may be opportunities when flipping the strategy can be beneficial.
Allowing your team to develop their own ideas is a great way to generate engagement. You are sure to have options that matter to your staff (they picked them, after all!), but you’re also far more likely to gain their support and engagement if they worked to have their cause considered.
When employees feel ownership of the philanthropic effort, they are more likely to buy in and be engaged.
Make it Personal
In order for employees to feel a connection to their work, it’s important for them to see how it impacts their lives. When giving back is personal, employees are more likely to be engaged. As an added incentive, your staff will find camaraderie in coworkers with similar interests and passions that they may have never considered before.
Track Your Efforts Together
Encourage perseverance with a visual representation of your progress. Set multiple, small goals and track them together, either physically on the breakroom wall or virtually on your company intranet. Set up a friendly competition between office locations or present company-wide success and be sure to report on your efforts often to keep your employee giving at top of mind.
Seeing what you’ve accomplished together is a sure-fire way to build teamwork and pride in the office. Allowing your team to celebrate as a group when you reach your goals helps keep the inspiration alive for much longer than simply sending a call to action email and then forgetting about it.
Leadership Communication and Participation
When a company promotes giving opportunities, it gives their employees the confidence they’re supporting trustworthy, vetted causes. Share with your team what you hope to achieve together, why it’s important for you to give to these organizations specifically, and bolster those desires through company-led giving opportunities.
We hope this goes without saying, but full leadership buy-in is crucial to philanthropic success. Join your team in their efforts, contributions, and celebrations, and you’ll benefit from a more engaged community. Plus, it’s fun!
This post was originally published on the CyberGrants blog.
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