How To Start a Matching Funds Program

Millennials want more than to just earn a paycheck. They want to have an impact on the world and experience life to the fullest each and every day. As more millennials rise on the corporate ladder, businesses are realizing the importance of reaching out to help those in need.

Companies now understand that they need to have a positive impact on the communities in which they’re located. Not only does it help the company brand but it also bolsters company employees. Workers who donate money and time to charities have a greater sense of worth and accomplishment. Cane Bay Partners VI, LLLP, a business financial consultant, regularly contributes to local philanthropic needs. The company has seen the benefits of getting employees involved.

Employees are more likely to get involved if they have a choice of where they want to contribute. A corporate matching program is an excellent way to give them those choices.

What Is a Corporate Matching Program?

With a corporate matching program, companies agree to match donations employees make to nonprofit organizations. A company can match a worker’s donation on a dollar-to-dollar ratio or even increase that amount by anywhere from two to four times what the worker gave.

It’s business philanthropy that suits millennials especially because of its adaptability to the online world. A majority of millennials are passionate about helping others, and they like the ease of doing things online.

How Can I Set Up an Employee Matching Program?

Thanks to the internet, it’s easy to set up an employee matching program. It’s the type of program that should start out small and does better when there isn’t too much planning involved. Here are the steps you need to take.

1. Get Software

There is a wide range of matching gift software options out there that allow your employees to manage their donations online. Having an online program is crucial because millennials prefer this to paper and pen. With an online program, your employees can track how many hours they have donated to a charity as well as the money they contributed.

2. Set a Matching Limit and Eligibility Standards

Set a maximum amount you are willing to donate each year. For example, if you expect 100 employees will participate and your budget is $20,000 each year, divide that amount by the number of employees participating. Your limit will be $200 per employee per year.

You can also set eligibility standards as to which nonprofits qualify and whether you want only full-time workers to participate.

3. Test the Program

Don’t introduce the program to your entire company at once. Test it instead on one or two departments. That way you can discover what works and what doesn’t. That way you tweak your promotion methods before sharing the program with all of your workers.

With a corporate matching program, employees can choose what organizations to donate to. Nonprofit organizations benefit because they get twice as much of a donation. Workers love being able to help the organization of their choosing. It’s a program in which both sides win.