Do you want to make a positive impact in your community? Are you looking for ways to give back? If so, then consider establishing a corporate giving program. A corporate giving program is a great way to support the local charities and organizations that are important to your employees and customers.
This blog post will discuss the steps you need to take to establish a corporate giving program.
What Is a Corporate Giving Program?
A corporate giving program is a type of philanthropy in which a company provides donations to charitable organizations. The donation may be in the form of cash, goods, or services.
Corporate giving programs are often established as part of a company’s social responsibility initiative. Prior to ReciprociT many companies partnered with charities that align with their business goals or values.
Corporate giving programs can positively impact both the recipient charity and the donating company. The charitable organization receives much-needed financial support, while the company gains goodwill and positive publicity.
It can also help to build employee morale and create a sense of community within the workplace. When employees see that their company is committed to making a difference, they are more likely to feel proud of their work and engaged with their employer.
ReciprociT streamlines corporate giving programs from start to finish and promotes a positive employee culture by letting employees choose exactly what charitable organizations they wish to give to.
How To Start a Corporate Philanthropy Program in 6 Steps
Setting up a corporate foundation or a corporate giving program goes beyond simply writing a check to your favorite charity.
It’s essential to take the time to develop a strategy that will ensure your program is successful. ReciprociT streamlines and simplifies this process to the delight of both employees and employers. Helping you create an impact right away for the causes your employees value most.
- Look at Your Company’s Goals
Your company’s philanthropic goals should be aligned with its overall business goals. Analyzing the corporate giving strategies of your competitors and other companies in your industry can give you some ideas. ReciprociT takes this step out of the natural corporate giving program process – Allowing employees to choose their charities directly. This creates a more positive company culture with employees choosing what charities resonate with them the most.
If your company does not have any specific goals in mind, consider the following:
- What causes are important to your employees?
- What type of impact do you want to make?
- What issues or problems are you looking to solve?
- What would it take for your HR department to administer a corporate giving program
This will help you narrow down the list of potential charities you could support.
2. Research and Look Into Corporate Giving Program Models
Currently, there are six main models for corporate giving programs:
- Community Grants: These are typically given to local organizations that support the company’s community outreach goals. Community grants involve a simple application process and are often awarded on a first-come, first-serve basis.
- Scholarships: Many companies choose to set up scholarship programs for employees or their dependents. Scholarships can be used to cover the cost of tuition, books, and other educational expenses.
- Matching Gifts: The company matches an employee’s donation to a qualifying organization with a matching gifts program. It is a great way to encourage employees to give back and get involved with causes they care about.
- Volunteer Opportunities: Some companies offer paid time off for employees to participate in volunteer activities. Most businesses limit the number of volunteer hours, but it is a great way to encourage employees to get involved in their community.
- Donations: Companies can choose to make donations to charities on a one-time or recurring basis. This is the most common type of corporate giving program.
- Sponsorships: Lastly, companies can choose to sponsor charitable events or programs. One example is a corporate sponsorship of a marathon or walkathon.
As soon as you’ve decided on the model (or models) you want to use for your corporate giving program, you’ll need to align your program with your company’s budget.
This will help ensure that your program is sustainable and does not strain your company’s finances.
3. Build your Corporate Giving Program
The amount of money you set aside for your corporate giving program will depend on the size of your company and its overall financial health.
It is important to remember that a corporate giving program is not a tax-deductible expense.
With that said, you’ll want to ensure you are not overspending on your program. You need to allot enough money to make a significant impact, but you don’t want to break the bank.
A good rule of thumb is to set aside between 0.01% and 0.05% of your company’s annual revenue for philanthropic giving.
You may want to start with the lower end of that range if your company is smaller.
As your company grows, you can gradually increase the amount of money you set aside for your corporate giving program.
Once you’ve decided on a budget, it’s time to start looking for charities to support.
4. Find Charities to Support – Or Better Yet Let Employees Choose
Now that you know how much money you have to work with, it’s time to start looking for charities to support.
ReciprociT is a gift-matching plan that allows employees to donate directly to their favorite charities through payroll deduction. This way, your employees can easily contribute to the causes they care about, and you can be confident that your money is going to a good cause.
This program is a great way to get your employees involved and engaged with your corporate giving program.
5. Communicate Your Giving Program to Your Employees
After you’ve selected the charities you want to support, it’s time to start spreading the word about your corporate giving program.
Your employees are your most powerful asset in promoting and executing your program. Make sure that you take the time to educate them on what your program is and how it works.
The more they know about the program, the more likely they will get involved and take advantage of it.
You can promote your corporate giving program in various ways, including through email, your company’s intranet, or even posters and flyers around the office. It will help if you are clear and concise about your program and how it works.
If you can get your employees on board, they will be your biggest advocates and help ensure the success of your corporate giving program.
6. Your Corporate Giving Program – Listening and Learning from Employees
As with any new employee benefits program, it’s essential to take a step back and regularly evaluate your corporate giving program.
Listening and learning what is important to your employees is important to any corporate giving program. It gives employee’s a deeper sense of purpose in their day-to-day jobs and strengthens company culture.
See what’s working and what’s not. Make adjustments as needed to ensure that your program has the desired effect.
It’s also essential to keep your employees involved in the evaluation process. They are the ones who are on the front lines and have a unique perspective on how the program is working.
Their feedback will be invaluable as you look to improve and adjust your corporate giving program. Additionally, by involving your employees in the evaluation process, you will help to create a sense of ownership and buy-in that is essential for the success of any corporate giving program.
Tips for a Successful Corporate Giving Program
If you’re looking to start a corporate giving program, keep the following tips in mind:
- Have corporate giving levels: You want to make sure that your employees have the opportunity to give at a level that is comfortable for them. This could be anything from $5 to $200 per paycheck.
- Be flexible with your charity selection: You don’t want to be too rigid regarding the charities you support. Allowing your employees to pick the charities that they wish to support is key, which is exactly why ReciprociT differs from other programs.
- Make it easy for employees to give: The easier you make it for them to provide, the more likely they are to do so. A digital platform like ReciprociT makes it easy for companies and employees to manage and give to their favorite charities.
How ReciprociT Makes It Easy for Employees To Give
Gone are the days when employees had to write a check or send in a donation form to get involved with their company’s corporate giving program.
Now employees can have an instant and ongoing local community impact, making them feel more heard and engaged in their jobs.
ReciprociT makes it easy for employees to give by allowing them to donate automatically from their paychecks. This way, they can support the causes they care about and Additionally, the platform empowers employees to donate to the organizations of their choice instead of being restricted to a specific list. This allows employees to support critical charities and makes giving more personal.
The first end-to-end corporate giving solution of its kind, ReciprociT is changing the way companies and employees give.
Small and mid-sized businesses can now quickly establish and manage corporate giving programs that engage and inspire their employees.
If you’re looking to start a corporate giving program, contact us today to learn more about how we can help.