Giving Starts at Work
In the non-profit world, the 4th quarter of every year is known as the “giving season.” As much as 50% of all contributions to non-profits comes during the year’s end. Yes, the spirit of the holidays can add glitter to the idea of giving, but in truth, the tax benefit of making cash donations plays an important role in encouraging giving.
For the last forty years, Americans have been setting record-breaking numbers just about every year. According to the Giving USA Foundation, total donations in 2023 amounted to $557.16 billion, and the research also revealed that more than 60% of Americans took part in that charitable giving. Equally important to the cash, we dedicate a significant amount of our personal time to charitable causes. It is estimated that more than 61 million people volunteer annually, contributing a whopping 4.1 billion hours of service, which equates to an estimated $122.9 billion in volunteer work, according to the financial statistics site WalletHub.
Americans are the most charitable people on earth. The phrase “charity begins at home” is attributed to English author and polymath, Sir Thomas Browne in his 1642 publication “Religio Medici." But the act of generosity is not limited to monetary donations, nor is it restricted to home. While Marylanders are busy donating, and giving their time and talent to worthy causes, the 4th quarter should also be a time for Maryland employers to think about giving something to the people that make them great—their staff. One great gift idea is to offer a payroll-deducted retirement savings plan at work.
In addition to providing a thoughtful benefit to employees, employers receive a reciprocal benefit—the warm and fuzzy kind. According to Google, “giving activates the brain's reward and pleasure centers, which release dopamine and oxytocin. Oxytocin, also known as the "cuddle hormone," can create a sustained feeling of trust, safety, and connection.”
In short, giving employees the opportunity to secure their financial futures will activate the cuddle effect.
While actual cuddling is probably not a good idea at work, science tells us that generous acts at work can generate “trust, safety, and connection.” This is why one of the best gifts an employer can give to staff is the opportunity for employees to put their well-earned wages to work for them and their families.
MarylandSaves can truly be the “gift that keeps on giving.”
It’s the next best thing to cuddling at work, and comes with much less risk.
See how to get started at marylandsaves.com