When it comes to getting your employees engaged in corporate philanthropy, matching gift programs are one of the most effective means of doing so. In fact, according to Double the Donation, $2 – $3 billion is donated through matching gift programs every year.
To learn more about these programs and how to implement your own, it helps to look at today’s biggest, most profitable matching gift companies. Here are seven successful matching gift companies to inspire your company’s philanthropic initiatives.
What are matching gift programs?
Matching gift programs are a corporate philanthropy initiative in which employers contribute a ratio of their employees’ charitable contributions to an organization. Most companies donate $1 for every $1 their employees donate, but some companies give at a 2:1 or even 3:1 rate.
Matching gift programs are effective because they are mutually beneficial for the employee and employer. The employer gets a reputation boost for their philanthropic activity while the employee maximizes their impact on the causes they’re passionate about. Plus, companies with corporate giving programs have higher employee productivity and satisfaction rates.
Let’s examine how the top matching gift companies use their programs to maximize employee engagement.
Top matching gift companies
General Electric
General Electric pioneered corporate philanthropy by implementing the first corporate matching gift program in 1954, solidifying its track record of valuing charitable activity. General Electric matches any employee donation, as well as their retirees’ donations, at a 1:1 ratio and will match up to $5,000 per employee. To date, the company’s matching gift programs have raised $1.5 billion. To participate, employees must submit their matching gift request within 12 months of the donation.
Highlight: General Electric has employees submit their matching requests through an online portal.
Microsoft
The world’s leading producer of computer software has been matching employee gifts since 1983. Matching employee gifts 1:1 and up to $20,000 per employee, Microsoft has donated over $9 billion since 1983. In 2021, Microsoft employees donated $214 million (including company match) to nonprofits.
Highlight: Microsoft’s annual October Employee Giving Campaign encourages employees to participate in corporate philanthropy by offering over 200 fundraising events, such as a 5K run and an online auction.
Johnson & Johnson
Johnson & Johnson has one of the highest participation rates for matching gift programs in the consumer goods industry. The company matches employee donations 2:1 for up to $20,000 for current employees.
Highlight: This matching gift program is unique because it matches retirees’ gifts 1:1 for up to $10,000 per year.
State Street Corporation
State Street Corporation, one of the oldest financial institutions in the U.S., matches employee gifts 1:1 for baseline employees, while leadership positions are eligible for higher matching rates. They offer a variety of matching gift programs to their teams. The GiveMore program matches employee contributions to educational institutions or charities. The CollectMore program matches employees’ pledges for fundraising events such as charitable walks, runs, and bike rides hosted by nonprofits.
Highlight: State Street’s matching gift limits vary by company role. For instance, leaders (such as the CEO and board members) have a matching maximum of $40,000, whereas baseline employees have a $10,000 limit.
Soros Fund Management
Soros Fund Management’s investment firm matches up to $100,000 per employee at a 2:1 ratio per year. Soros’ qualifying organizations include most registered nonprofits. In order to qualify for a match, requests for corporate funds should be submitted within a year of the initial donation via the company’s online matching gift portal.
Highlight: Due to their company’s matching ratio, Soros Fund Management employees can have a $100,000 impact on their cause, which is the largest in the business world.
Get started with matching gifts
These matching gift companies are high-level examples of corporate philanthropy, but even smaller businesses can donate matching gifts. To get started, create a corporate social responsibility committee that will structure the matching gifts program. Then, outline the matching ratio, the minimum and maximum you’ll match per employee, and when each match request must be submitted. With a matching gift program, you can boost your company’s reputation and make a difference.
