The Company Giving Secret Weapon: Payroll Integration
Feb 8, 2017 - LJ Villafuerte, Client Solutions Team
Payroll integration is a tool that allows your employees to give to a cause or charity straight from their gross salary. Payroll integration provides a multitude of benefits to companies, charities and employees.
Providing employees with the choice to make monetary donations straight from their paycheck is the most common component of employee engagement. Increase your employee giving participation by adding payroll integration into your corporate social responsibility program and reap these benefits:
Benefit Your Business
The benefits of incorporating payroll integration into your corporate giving structure are valuable. Around 55% of employees (full-time) who made a donation in 2015 did so via a payroll deduction. Employees feel more inclined to participate in charitable giving when it’s easily tax deductible. Workplace giving is one of the most common strategies to grow employee engagement and increase overall workplace productivity.
When you provide employees with the opportunity to give, 88% of managers believe that it’s effective in attracting and retaining employees. With payroll integration, you are providing more opportunities for employees to engage in charitable giving, with the potential of providing your company with leverage when recruiting or hiring.
How can you integrate this into your current corporate giving model? Look into a software that provides payroll integration that can function with your payroll system. For example, the CyberGrants software allows employees to enroll in a payroll deduction program, with the choice of being able to customize how much and how frequent they would like it to occur. Request a demo and start integrating today!
Support Good Causes
When utilizing payroll integration, it provides charities, foundations and nonprofits with the funds they need. Payroll giving allows reliable and regular donations, which gives charities an idea of how to plan ahead with their budget. Workplace giving is one of the most cost effective ways to support charities, with around $4 billion raised annually.
By implementing payroll giving, your company provides a vital unrestricted income stream to charities around the world. These donations are sustainable, secure and reduce administrative costs for charities.
Processing thousands of individual donations becomes an issue of time and efficiency. Processing those individual donations into one lump-sum check is efficient and allows those administrative hours to be spent elsewhere. By giving back directly through a payroll deduction, those donations are worth up to 40% more to the chosen cause.
Be a part of this trend. Don’t be the last company to implement a corporate social responsibility model with a payroll integration option. Take part in this to start doing good, getting your employees engaged and increasing participation in philanthropic giving. Start off by taking a look at how CyberGrants takes all aspects of the grants management lifecycle into account and offers payroll integration.
Engage Your Employees
Payroll deductions are an easy, tax-effective route for employees to give monetary donations. This option gives employees the opportunity to give more with less work. 79% of people prefer to work for a socially responsible company, and by doing so raises overall happiness and productivity levels.
Creating a workplace of happiness is made easier by encouraging giving and offering opportunities for employees to make an impact.
How can you introduce this concept to employees? Some of the most attractive features you can emphasize about payroll integration are:
- It’s easy to set up and requires very little additional work (for the employee or employer)
- Employees can choose to give to any cause they believe to be important to them
- Payroll integration can work alongside company Matching Gift programs
- CSR software that provides this tool allow employees to customize their accounts with amount and frequency
Your next steps? If your company has yet to dive into the benefits of giving through payroll integration, put together a plan of action today. Invest in CSR software that integrates with your payroll system, promote the payroll integration throughout your company and get employees to sign up to make regular donations.
Get our step-by-step guide to a successful execution of a corporate philanthropy program.