Payroll integration is a tool that allows your corporation’s employees to give to a nonprofit or other charitable organization straight from their gross salary, or what they earn before taxes. Payroll integration provides a multitude of benefits to companies, nonprofits, and employees.
Providing employees with the choice to make monetary donations straight from their paycheck encourages employee giving and can increase participation in your other corporate social responsibility (CSR) initiatives. We’ll cover three major benefits of adding payroll integration into your CSR program and how you can get started today.
Payroll deductions for charity benefit your business
Workplace giving is one of the most common strategies to improve overall employee engagement, retention, and workplace productivity. Up to 88% of managers believe that workplace giving is effective in attracting and retaining employees.
With payroll integration, your company can provide more opportunities for employees to engage in this influential program. When you incorporate payroll integration into your corporate philanthropy structure, employees will feel more inclined to participate because their contributions are easily tax deductible. You can also leverage this benefit when hiring!
How can you integrate this into your current corporate giving model? Invest in software that provides payroll integration that functions with your current payroll system.
Bonterra Corporate Social Responsibility’s Giving & Matching solution (formerly CyberGrants) allows employees to enroll in a payroll deduction program and customize the donation size and frequency.
Payroll integration allows employees to support good causes
When you implement payroll integration, your employees can easily provide foundations and nonprofits with the funds they need. Making donations through workplace giving is one of the most cost effective ways to support nonprofits, with around $5 billion raised annually.
Take a look at the ways payroll integration can make an impact on nonprofit organizations:
- Payroll giving allows for reliable and regular donations, giving nonprofits an idea of how to plan ahead with their budget.
- By implementing payroll giving, your company provides a vital, unrestricted income stream to nonprofits around the world.
- Donations made through payroll are sustainable, secure, and reduce administrative costs for nonprofit organizations.
Take part in this valuable contribution model to promote social good, keep your employees engaged, and increase participation in philanthropic giving. Start off by taking a look at how Bonterra CSR takes all aspects of the grants management lifecycle into account and offers payroll integration.
Measure your company’s social impact today, then see how adding payroll integration can increase your CSR program’s influence.
Engage your employees with payroll giving
An impressive 71% of people prefer to work for a socially responsible company, and doing so raises overall happiness and productivity levels.
Create a healthier workplace by encouraging giving and offering opportunities for employees to make a direct impact on the nonprofits they care about. Payroll deductions are an easy, tax-effective route to do so, allowing employees to give more with less effort.
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 both the employee and employer).
- Employees can choose to give to any nonprofit or cause that’s important to them.
- Payroll integration can work alongside company matching gift programs.
- CSR software that provides this tool allows employees to customize their accounts with amount and frequency.
When you’re ready to roll out the program to your staff, include these benefits along with plenty of information about the steps they need to take to take advantage of payroll giving.
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 encourage employees to sign up to start making regular donations.
Get our step-by-step guide to a successful execution of a corporate philanthropy program to learn more about the ways you can improve your own.
