Today I came across an article that describes how a US-based bank started giving 5% of its profits to employees, and asking them to pass the money forward to someone who needs it. You can read the full article here.

One thing that many Australians don’t realise is just how socially responsible one of their banks, Westpac, really is. One of their HR policies allows employees to take one day off every year to donate to charitable organisation. As bank with over 30,000 employees, this effectively translates into about 82 years of labour for non-for-profit organisations – EVERY YEAR!! It is absolutely staggering. Obviously, not everyone is disciplined enough to make the most of the policy and use one day every year for someone who needs it; but even if only 10% of its’ workforce uses the entitlement (8 years of labour every year? Not bad!), it is still a significant amount of time that non-for-profit organisations would not have received from volunteer.

One product I have really loved from this same bank that makes it far easier to give money to those in need is the Westpac Gift card. You go to a branch; decide how much money will the gift card have; add $5 to cover the cost of the card, and you get back a DEBIT MASTERCARD. Yup, that is right. It is effectively the same as a “pre-paid” credit card with a limit you chose. You can then give this card to whomever you choose: a single mum you know is going through some trouble; a homeless person; or your neighbour whose car got smashed by a tree in the latest storm.

I wish more banks thought of – and acted on – ideas to make the world a better place…