Benevolence Fund: Another Way to Give Back
June 24, 2024
The journey begins with a single act of generosity. Learn how a benevolence fund has benefited The Miller Group since 2008 and how to implement your own.
The journey begins with a single act of generosity. Learn how a benevolence fund has benefited The Miller Group since 2008 and how to implement your own.
Giving back to the community has always been a cornerstone of The Miller Group, embodied through the “Miller Way.” This initiative provides financial support through employee contributions that are donated to surrounding community causes. However, Sean and Matt Miller recognized that there was also a need to support their employees as well.
Life can be unpredictable. Emergencies, whether medical, household or family-related, can strike any moment. After helping an employee who was in dire need years ago, Sean and Matt established The Miller in Action Benevolence Fund in 2008.
The goal of this new initiative was to foster a sense of family within the workplace by helping employees in their time of need. Initially, the fund was designed solely for emergencies, but now in 2024, it has expanded to be an overall safety net for employees who need assistance.
When the benevolence fund was created, it was used for medical and home emergencies and other expenses that took employees by surprise.
Today, our fund has expanded its support to include:
Initially, money in the benevolence fund was built up through employee donations, which were matched 100% by the company. Over the years, funds grew significantly, and by investing the account wisely, it now continues to grow on its own. While employee donations are no longer essential, they are always welcomed.
Applying for financial support from the benevolence fund can be daunting for an employee, especially with the uncertainty of approval. Rejection is never fun and could create a disconnect between the employee and the company. To mitigate this disconnect, we utilize a committee within our company and partner with Helping Hands.
Helping Hands, a trusted nonprofit we’ve worked with since 2008, offers a Corporate Assistance Program (CAP) where companies can support employees in need. The company is the deciding factor for who receives funds and the amount. This relieves us of direct decision-making on individual cases.
Though Helping Hands is beneficial, we maintain a committee that oversees our program and ensures its alignment with our mission. They set the guidelines for the benevolence fund with final approval from the executive team. The committee consists of employees who excel in confidentiality, possess empathy, and demonstrate fairness with no judgment. A crucial aspect is that no member is part of the executive team.
One of the most significant challenges a fund encounters is the stigma associated with receiving a “handout”. Asking for financial support can be perceived as embarrassing and difficult for some employees. Promoting open communication and providing education over the fund can help them feel more comfortable when requesting assistance.
It’s important to also provide reassurance that the committee maintains strict confidentiality regarding applicants and recipients. Transparency about who is a committee member can also foster a sense of trust, knowing who is involved can help them feel more comfortable.
When employees understand that the fund exists for their benefit, it creates a culture of mutual support. They gain peace of mind knowing that when an unforeseen emergency comes up, they have a safety net. Furthermore, when employees choose to contribute to the fund, they experience a sense of community, understanding that they are helping their colleagues.
There are many factors to consider when starting a benevolence fund. It is always best to think objectively about what you want to achieve and start small. By allocating a small portion of funds, you can test the waters and make necessary adjustments where needed. This approach helps when setting guidelines with committee members and potentially working with an outside party such as Helping Hands.
Additionally, it’s also important that managers are properly trained to identify and address when employees need to request funds. This can help maximize the effectiveness and impact of your benevolence fund.
In the end, establishing a benevolence fund is not just about giving back to your employees. It’s the embodiment of your organization’s values and the commitment to your employee’s well-being. By offering a safety net, you can foster a culture of empathy, solidarity and empowerment.
The journey begins with a single act of generosity. If you are interested in learning more about what a benevolence fund can mean to your organization, our trusted advisors are ready to answer questions and help your company get set up.
