Point Your Corporate Giving Inward This #GivingTuesday (November 29th this year) by Supporting Employees with an Employee Assistance Fund (EAF)
Start an EAF to Ensure Your Employees Have the Financial Resources They Need to Withstand Unexpected Hardships and Emergencies.
By America's Charities on November 14, 2022
In December 2021, America's Charities helped a mortgage company, with a large employee base located in Texas, launch an employee assistance fund. Little did that company know the widespread damage that would impact their employees just a couple months later, February 2022, when Winter Storm Landon caused over 375,000 people to lose power and many accidents to occur on snowy roadways as well. Fortunately, because the mortgage company had the forsight to set up an EAF with America's Charities, their disaster fund was set up properly and ready to go. When their employees needed help the most, the mortgage company was able to demonstrate their commitment to their employees’ well-being and help employees through the EAF program.
You never know when a disaster or tragedy will strike, nor do you necessarily know when an employee has hit a financial rough patch and needs a little help. 39% of Americans can't cover a $400 unexpected emergency expense, or would need to borrow or sell something to do so - and the impact of financial stress on workers costs employers 13-18% of annual salary costs.
As we approach #GivingTuesday, a worldwide movement that celebrates the generosity and collective impact of charities, businesses, and individuals, consider pointing your corporate giving inward this year by making a commitment to support your staff in times of hardship and emergencies.
How exactly do you establish an EAF (also known as an Employee Relief or Crisis Fund) and should you manage it in-house or outsource the program to a nonprofit partner? While there are a few different ways you can establish an EAF, the following are key reasons more than 150 companies have chosen America’s Charities as their EAF partner.
Employers who Choose America’s Charities as their EAF Partner benefit by:
Mitigating Risk: Outsourcing management of the sensitive application review and appeals process to America’s Charities minimizes your company’s risk and legal ramifications.
Reducing Overhead and Administrative Burden: America’s Charities provides consistent, objective application review, conducts necessary follow-up, approves grants or makes recommendations, and answers employee questions, allowing your team to focus on program promotion and utilization, rather than administration.
More Flexibility and Tax Advantages: With America’s Charities’ 501c3 status, grants are tax-free, and working through a public charity reduces the amount of restrictions, providing additional flexibility to defined disaster and emergency hardship categories to be covered.
Confidentiality and Uniformity: Having America’s Charities serve as point of contact throughout entire application process, provides anonymity, protecting employees’ privacy and reducing their reluctance to apply. Employees know who to ask questions to and can depend on a knowledgeable response and timely grant determination.
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If you are an employer interested in hosting an EAF to help your workforce, please complete this form and our team will follow up with you soon. Thank you.