What do employees want? If you thought only high salaries, advancement opportunities and a promising career, think again.
The work force is beginning to integrate many young adults from Gen Z (born in 1996 and after), who hold firm positions regarding the role of work in their lives, based in large part on a high need for flexibility and “contribution to personal development.” The young members of Gen Z join the Millennials (born in the ‘80s and ‘90s) who have already made changes in the labor market. Currently, many employers find themselves facing an increasing demand from new employees: for meaningful work in a place that has a positive impact through contributing to the society.
A survey conducted of 5,000 employees, 800 managers and 1,800 HR managers in 21 industry branches in about 44 countries around the world examined factors in choosing a workplace. The survey discovered the three most important parameters for workers today are: flexibility; personal and emotional wellbeing; and meaningful work. In another survey, 5,000 employees in the USA were asked to rank the most important characteristics for them in choosing a workplace. In first place with 42% was the ability to make positive change. High salary and career advancement were marked as the most important characteristics among only 14% of employees.
The worldwide COVID-19 pandemic, which undermined job security for many people and prompted a rethinking of the relationship between work and personal life, contributed to these trends.
Public technology companies with highly developed programs for contributing to the community have benefited over the years from increased market share, dramatic decreases in employee turnover, and increased productivity.
Organizations in which employees feel engaged and that they have influence in the company benefit from better business performance and an increase of up to 20% in profits – as found in research conducted by Gallup.
But how exactly can we give employees a greater sense of engagement and belonging to the organization? One of the effective ways is to provide them opportunities to volunteer or contribute financially to social goals through the workplace. Alongside the clear contribution to the community, opportunities like this create a positive mindset within the organization itself, strengthen employees’ self-worth, and improve their productivity, which also encourages better business performance.
These trends are especially prominent in high tech. Over time, public technology companies in which contribution to the community was developed have enjoyed growth in their market share of 4-6%, a 50% decrease in turnover and a 13% increase in productivity.
Encouraging employees to volunteer in the community is important; yet most workplaces are for-profit business organizations, and they don’t always have the appropriate resources to develop this area. Providing an easy, convenient option for employees (especially those who already do this independently) to donate financially through their workplace, is a solution that is accessible, convenient and effective for both employers and employees. Workplaces that add to or even match employee donations (that is, they commit to donating an additional sum to match every employee donation), strengthen the positive impact of donations on workplace relationships and the organizational mindset even further.
Currently, anyone who donates over 190 ILS annually to non-profit organizations with Article 46 authorization is entitled to a tax-credit of 35% of the donation amount. If you donate an accumulated total of 2,000 ILS to non-profits over the course of a year, you will receive a 700 ILS tax refund. If you donate 10,000 ILS, you will receive 3,500 and so forth. Employees can receive the credit in the framework of their monthly salary during the tax year in which the donations were made.
However, many people who donate regularly are not aware of this option, and those who are aware do not always make the effort to submit their request for credit, due to fear of cumbersome bureaucracy. According to estimates, every year the country accumulates in its coffers approximately one billion ILS that donors are eligible to receive as refunds, which are not returned to them.
The fear of dealing with bureaucracy at the Tax Authority has also deterred workplaces from dealing with the issue, but an innovative collaboration between JGive and the Innovation Authority proposes an advanced solution for this issue. The JGive platform currently enables anyone to donate in a secure way, with the knowledge that the non-profits to which they are donating meet all the standards of proper management and have received authorization according to Article 46 of the tax code. Donors (employees or self-employed) who want to receive income tax credit can request this independently through the JGive interface with the Tax Authority.
The new JGive@Work system makes the process even easier – both for employees and employers, saving significant bureaucracy for the employer. The system, designed for implementation in organizations, allows the employee to contribute directly through their workplace, and to receive their tax credit quickly, through their pay slip.
In addition, employees can double the amount of their donations through employer matching, an option that encourages people who have not previously donated to begin donating and achieves meaningful results both at the organizational level and on the social plane., much more than the net financial contribution for a good cause. The system is authorized by the Tax Authority and is already integrated into Israeli organizations.
Managers? Employers? Do you want to know more about JGive@Work and how to join the platform? For further details, click here
The JGive Team