Addressing the Great Resignation through Smarter CSR
“I think the idea to simplify corporate giving to put it in employee’s hands – and potentially make it a benefits offering for a company – is extremely compelling.”
- Thomas Gaissmaier, Global Chief Human Resource Officer (Formerly Match Group, 21st Century Fox, Boston Consulting Group)
You’ve seen the news: The so-called Great Resignation is upon us. A whopping 4.3 million U.S. workers quit their jobs in August, with that number rising to 20 million if extended back to April.Why? The reasons are complex. (It’s been a strange year or two.) But one big reason is that the modern employee will no longer settle for profit without purpose. They want their work life to integrate with their values, and they want their employer to help them express their values.This is doubly true amongst Gen Z, for whom a professional life imbued with meaning and impact is more important than ever.Unnerved by this nationwide mass resignation, how should leaders react? By reinventing corporate social responsibility programs to meet this new reality. By decentralizing CSR, and driving it through employees, companies can create a new type of benefit - a benefit with impact.
How Can Companies Adapt to the Great Resignation?
The Great Resignation is sending employers a message: The modern employee isn’t willing to settle. They aren’t willing to clock in and clock out like an automaton. After the pandemic – when all of us were reminded of things in life that really matter – this is truer than ever.As a BBC report puts it,
“The intensity has increased in terms of expectation; people are expecting more from companies. The early days of the pandemic reminded us that people are not machines. If you’re worried about your kids, about your health, financial insecurity and covering your bills, and all the things that come with being human, you’re less likely to be productive. And we were all worried about those things.”
These worries have morphed into new expectations, and are a big reason why employees leave their jobs in 2021.And the youngest generations of talent are the most discerning. 63% of millennials – essentially workers under 35 – said the primary purpose of businesses should be “improving society” instead of “generating profit”. This demonstrates that millennials place a higher importance on making a difference in the world than simply earning a wage.And Gen Z are even more committed to their causes. On social media, they share content related to environmental, human rights, political or social issues even more than Millenials.
Steps to a Smarter Form of CSR
How can leaders adapt to the needs of the modern employee to ride out the Great Resignation? By getting smarter with their CSR.Historically, philanthropy has been slow to innovate. Many companies, brands, and vendors have popped up with new ideas and tools – but these have often worked within the status quo. They don’t really offer the satisfaction that employees need to consider their workplace a socially responsible company.Real CSR innovation means decentralizing the program, and empowering employees. Leaders need to recognize that everyone's circumstances are unique and diverse – as are the challenges they attempt to resolve.The key here is the individual. There is no such thing as a one-size-fits-all CSR solution. It’s time for employers to recognize the need to give employees a say in where corporate impact happens.Here are some ideas on how to bring your talented and passionate employees into the CSR conversation.
Align Your Company Values with Benefits
Brand consistency is important, and it doesn’t need to stop at your employee benefits. Thomas Gaissmaier, former Chief People Officer at Match Group, tells us how to take a human-centric approach that aligns with your brand.
“What I’m passionate about is benefits that really help employees with their life situation. One of the things we did at Match Group was real fertility support. When the company is about dating, the company is about relationships, and ultimately about long-term relationships. From a benefits perspective, thinking through relationships and then family. It was these things where we believed they can have a real impact on life and have brand consistency. If the business is about relationships, we invest in relationships.”
Encourage Employee Volunteerism
One of the reasons we are living through the Great Resignation is because people lack the time to do things that matter. They are quitting their jobs so they can spend their time on activities that have purpose.Leaders can give employees what they want – but retain talent – by giving them dedicated time off for volunteerism. Volunteering is a great way to take a meaningful break and has proven mental health benefits, including reducing feelings of stress and overwhelm and increasing the sensation of fulfillment.Giving employees 16 hours of PTO to volunteer where they want, or work on a topic they care about, is generally more effective than trying to get 100 employees to all show up for a one-off event. A group exercise can feel like busy work and may not promote a cause that each individual is personally interested in. But allowing people to select where they want to make a difference, and targeting their efforts there, strengthens diversity.
Show Employees That You Value Things Beyond Profit
Amidst the turbulence of the Great Resignation, companies need to differentiate themselves from apathetic competitors, and signal their values.Today, people want to work for (and buy from) businesses that have an active involvement in their community and in good causes. To retain talent, leaders should strive to integrate with their local community, and find causes to back.This could be on social media, it could be through live events or webinars, it could be through partnerships or sponsorships. Whatever you choose, these genuine actions will demonstrate to employees that they are a part of something more than a money-making machine. This type of morale boost will leave employees feeling fulfilled and inspired – and far less likely to quit.
Let Employees Drive Your CSR
Here is the most powerful way to evolve your CSR and maximize your chances of retaining your best talent: Put your employees in the driver's seat of corporate philanthropy.Solutions like Groundswell revolutionize how companies approach employee compensation and corporate philanthropy by empowering employees with their own personal donor-advised funds (just like what the 401k did for retirees).Groundswell’s CSR technology gives employees their own personal foundation, and a payroll integration will let them automatically divert their charitable giving into their account — with the option for the company to match those funds or gift money directly into it, eliminating the antiquated post-donation matching programs that companies operate today.
Fighting the Great Resignation by Making Giving to Charity an Employee Benefit
For leaders, the Great Resignation is an understandable worry. Losing good staff is a bruising experience for any company, and it can be tricky to know how to offset this risk.What we need to do is work with the reality of why so many people are quitting: because they want more than a paycheque, because they want their workplace to be an empowering place that helps them make a difference.With Millennials and Gen Z-ers accounting for an ever-larger majority of the workforce, leaders urgently need to innovate on their CSR. As we move into the coming years, providing purpose alongside profit will be crucial to the companies who want to hold on to their best talent. Today, for young employees, social responsibility is more important than a large salary or a corner office.At Groundswell, we’ve built the tech to help companies unlock a smarter CSR. We help companies support employees in having the social impact they desire – driving satisfaction, retention, and growth.
Contact Groundswell today helps employees give more.
Related resources
Unlocking Philanthropy: A Ready-to-Use Corporate Giving Policy for Modern Businesses
Sample Corporate Giving Policy You Can Use Today
In today’s socially conscious environment, more companies than ever are recognizing the value of corporate philanthropy. Not only can a robust giving policy boost a brand’s image and reputation, but it can also play a pivotal role in community development and global betterment. If your company is considering the establishment of a formal corporate giving policy or refining its existing strategy, this sample policy might be the perfect starting point for you.
Pillars of a Strong Corporate Giving Policy
Corporate giving programs range from employer donation matching programs to full blown corporate social responsibility programs with grantmaking and volunteerism. Many companies find somewhere in the middle that aligns with their size, budget, geographic presence and most importantly company values and commitment to diversity and inclusion. But what truly makes a corporate giving policy stand out? Let’s delve into the key features, from donation matching to the strategic use of platforms like Groundswell.
1. Donation Matching: Doubling the Impact
One of the most effective tools in a giving policy is donation matching. This is where companies match employee donations to eligible non-profits, effectively doubling the contribution. Such programs not only amplify the impact but also motivate employees to participate, knowing their chosen cause will receive twice the support.
2. Charitable Stipends: Encouraging Employee Choice
Charitable stipends are allowances given to employees to donate to a non-profit of their choice. This not only encourages a culture of giving but also empowers employees to support causes they’re passionate about. The stipends can be a fixed amount annually or can vary based on the employee’s role or tenure.
3. Dollars for Doers: Volunteering Translated to Contributions
“Dollars for Doers” programs convert volunteer hours into monetary donations. When employees volunteer their time for a cause, the company makes a donation equivalent to the hours spent. This fosters a culture of hands-on involvement and ensures that both time and money are being donated to valuable initiatives.
4. Corporate Grants: Sowing Seeds for Bigger Change
Beyond individual employee contributions, companies can set aside a dedicated fund for corporate grants. These grants can be given to non-profits, research initiatives, or community projects that align with the company’s CSR objectives. Such grants can lead to substantial, long-term changes and foster strong partnerships with community leaders and organizations.
Why Choose Groundswell for Your Giving Initiatives?
Incorporating these elements into a giving policy requires streamlined management, transparency, and ease of execution. This is where platforms like Groundswell come into the picture.
Groundswell offers an efficient and affordable solution for companies aiming to elevate their philanthropic endeavors. Here’s why it’s the ideal choice:
- User-Friendly Interface: Groundswell’s platform is designed for both companies and employees, ensuring smooth navigation and straightforward donation processes.
- Versatility: Whether it’s donation matching, handling charitable stipends, or managing corporate grants, Groundswell offers solutions tailored to each company’s unique needs.
- Cost-Effective: Groundswell provides a comprehensive suite of tools at competitive prices, ensuring that more of your money goes towards the cause rather than platform fees.
- Transparency: Track donations, monitor employee involvement, and generate detailed reports to measure the impact—all in one place.
Conclusion
An effective corporate giving policy is a blend of structure, employee engagement, and impactful contributions. By incorporating elements like donation matching, charitable stipends, “Dollars for Doers,” and corporate grants, businesses can create a ripple effect of positive change. And with platforms like Groundswell, executing these initiatives becomes not just feasible but also highly efficient and cost-effective.
5 Tips to Boost Engagement & Impact on Giving Tuesday
Leverage GivingTuesday to boost generosity
Every November, the Tuesday after Thanksgiving is known as GivingTuesday, which often serves as the unofficial start of end-of-year giving campaigns. This comes on the heels of holiday shopping deals on Black Friday, Small Business Saturday, and Cyber Monday. It is a worldwide phenomenon, inspiring millions to lean into the end-of-year holiday spirit with generosity and compassion. For many charities, GivingTuesday has become their biggest day for donations – and can help resource their ability to have an even greater impact in the year ahead.
For companies, GivingTuesday and the end-of-year giving season offers an opportunity to double down on their commitment to social responsibility, strengthen relationships with employees, and boost their impact in the community and broader world.
At Groundswell, we partner with companies all across the country to design and launch GivingTuesday campaigns – leveraging our easy-to-use platform that makes it easy for employees to participate and send donations to the causes and charities that they care most about. Below are some best practices to boost engagement and inspire generosity during the giving season.
1. Make Giving Easy:
A lot of giving platforms out there make it incredibly hard to donate. Some don’t have all 1.5 million IRS-approved charities listed. Others require employees to navigate through a web of intranet or sharepoint sites to find the giving program landing page. And others require that HR is notified of any donations an employee wants to make. At Groundswell – we are committed to removing all of the friction, and ensuring that employees can find charities easily, through a platform that is accessible from the palm of their hand, so they can give whenever they want to.
2. Launch a GivingTuesday Match Campaign:
Through Groundswell you can customize and launch a special GivingTuesday match campaign in a matter of minutes. Simply pick the nonprofits to include in the special campaign, select the start and end-date for the campaign, and then determine the match – 2x, 3x – along with any overall budget limits, then you’re done!
3. Boost engagement by involving ERGs:
Share nonprofit recommendations from Employee Resource Groups to provide inspiration around causes and nonprofits that matter to your employees. You can feature these nonprofits on dedicated ERG Corporate Spotlights and Campaigns that will be visible to all employees on their Groundswell dashboard.
4. Surprise (and Delight) Employees With A Gift to Give:
Consider sending a surprise “gift to give” to reward those already participating in your giving program (and to incentivize others to enroll). These gifts might be used to further maximize impact through the existing campaign, or to donate to other nonprofits your employees care about. Groundswell’s custom gift feature allows companies to easily schedule and send gifts with little to no administrative burden.
5. Level up with Volunteer Matching:
Groundswell’s Volunteer Matching program – sometimes known as Dollars for Doers – recognizes that some employees may not have funds to contribute, but have time – and rewards them in the same way. It’s an inclusive approach that invites everyone to participate in GivingTuesday, even those who may not be able to donate their own funds.
12 Employee Benefits Survey Questions Modern Companies Should Ask
In today's business environment, having the right and highest performing talent is more critical than ever. With benefits packages playing a vital role in these decisions, how can companies truly gauge their effectiveness? By initiating regular employee benefits surveys.
Scroll down for a free survey template below.
Let's dive in to the importance of asking the following questions.
Is our workforce satisfied with the current employee benefits package?
Gaining insights from "how satisfied are you with our company’s benefits package?" can offer companies a quick pulse on the effectiveness of their benefits. A dip in satisfaction might signal a need for re-evaluation, especially if you're looking to maximize your budget.
How comprehensive are the employee benefits we offer?
Do employees feel that the organization covers a wide range of their needs? Asking, "do you feel our benefits package is comprehensive in its offering?" can shed light on any potential gaps in coverage.
Are we showing true commitment to Diversity, Equity, & Inclusion through our benefits?
Are the company's efforts in promoting DE&I resonating? This can be gauged by asking if the benefits genuinely support diversity and inclusion. If they aren't, here's an opportunity to collect ideas directly from your employees.
Read more about how to make sure your giving program is equitable and inclusive.
Do our benefits reflect our company culture and values?
The question, "do you feel our benefits package supports our cultural values?" will highlight any potential discrepancies in practicing what you're preaching.
Did you know? Two-thirds of employees say it’s important for a company to align to their values.
Are we catering to the needs of a remote or multi-location workforce?
With remote work on the rise, is the company adapting its benefits accordingly? It's essential to find out if employees feel supported, regardless of their work setting.
Would employees recommend the company based on our benefits?
This is an easy one to skip, but it's a great question to ask. See how influential your benefits package is for employee referrals. Determining if employees would advocate for the company based on its benefits can be a key metric for recruitment.
How do specific benefit categories fare?
By querying satisfaction levels across various benefits – physical health, social impact, mental health, financial health, and fringe benefits – can companies discern which areas are thriving and which need enhancement?
What additional benefits do employees desire?
Is there a particular benefit that could make a difference in employee satisfaction and retention? Discovering this can be as straightforward as asking, "if you could choose one benefit not currently offered, what would it be?"
If your workforce desires a more meaningful benefit, see why decentralizing your corporate philanthropy strategy can achieve greater impact at scale.
How often should I send an employee survey about our benefits?
While every business has their own set of unique needs, conducing a quarterly employee survey at minimum can help you get a pulse check.
There will be some natural and unplanned peaks in valleys throughout the year that can drastically affect employee morale and company culture. By proactively seeking feedback through surveys, companies can foster a culture of continuous improvement, ensuring they remain at the forefront of employee satisfaction.
What are some affordable benefit options we can provide employees?
Corporate matching or giving programs can be a low-cost addition to your benefit offering that supports your employees’ unique passions and perspectives through charitable giving and boosts your company’s commitment to social impact. Groundswell offers a comprehensive solution with a simple implementation and nearly zero administration burden.
- How satisfied are you with our company’s benefits package?
- Do you feel our benefits package is comprehensive in its offering?
- Do you feel our benefits package supports our cultural values?
- Do you feel our benefits package supports our commitment to Diversity & Inclusion?
- Do you feel our benefits package supports our remote or multi-location workforce?
- How likely are you to recommend applying based on our benefits package?
- How satisfied are you with our physical health benefits (i.e. health care, sick leave, etc)?
- How satisfied are you with our social impact benefits (i.e. corporate matching, volunteering, etc)?
- How satisfied are you with our mental health benefits (i.e. vacation time, EAP, etc)?
- How satisfied are you with our financial health benefits? (i.e. retirement, student loan assistance, etc)
- How satisfied are you with our fringe benefits and perks? (i.e. fitness subsidies, stipends, etc)
- If you could choose one benefit not currently offered, what would it be?