3 Reasons Why Volunteering Strengthens Your Company
Volunteering has continued to gain traction as an employee engagement tactic over the past decade, even as many other corporate benefits stagnated. The number of companies offering Volunteer Time Off (or VTO) increased 10% in only 3 years, and many HR experts call it “the next big thing” in employee engagement (1).
On their face, these investments seem counterintuitive. Why would a company invest thousands of dollars to give away its most precious resource—the time and talents of its workforce? In this blog post, we’ve set out to uncover why intentional corporate volunteering can make a meaningful difference for a company’s bottom line.
Can volunteering impact returns?
Volunteering has a wide range of corporate benefits, especially when it comes to fostering an inspired, engaged, and passionate workforce. Here are 3 reasons why an active volunteering culture will strengthen your company.
1. RECRUITING AN AWESOME TEAM
Employer culture and organizational values are two of the highest ranking priorities for Millennials when seeking a new role (2). With hundreds of companies competing to attract jobseekers, your volunteering program will help you stand out by shining a spotlight on your values. Your volunteering program is also an indicator of how your company invests in its employees and workplace: 89% of American workers believe that companies that sponsor volunteer activities offer a better overall working environment than those that don’t (3). Given this, it’s no wonder that 60% of enterprise-level companies offer VTO for employees (8).
“After graduation, I was recruited by several firms and one of the main reasons that I chose to work at PwC was their corporate volunteering culture. The PwC team really cares about responsible business leadership and engaging with social impact.”
2. ENGAGING YOUR EMPLOYEES
Employee engagement — the emotional commitment that a worker has to their employer — is linked to all kinds of positive results for companies, from improved customer satisfaction, to higher sales and shareholder returns. Volunteering is a great way to ignite employee engagement, satisfaction, and team bonding. According to a study by Deloitte, 77% of employees say that “volunteering is essential to employee well-being” (3). Employee engagement can seem like a fuzzy concept but it really impacts a company’s bottom line — a study by Gallup showed that companies with the highest engaged employees outperformed those in the lowest quartile by 22% in profitability and 21% in productivity (4).
“I think it’s wonderful that Dell promotes giving back so much. I wouldn’t want to work for a company that makes billions of dollars and says you don’t have to do anything but work for us. I’ve always felt supported at Dell.”
3. RETAINING HIGH-QUALITY TALENT
Engaged employees say they’re 87% less likely to resign (5). Given the evidence linking workplace volunteering to employee engagement, it stands to reason that companies with volunteering and philanthropy programs reduce worker turnover by 57% (6). It costs $15,000 to $25,000 to replace a millennial employee, so making even a small investment in volunteering could save your company thousands in attrition alone (7).
“Working in a corporate setting can make it difficult to feel like you’re making a tangible difference for the better, so I appreciate having an outlet to give back in a way that fits with my schedule. I feel like a better and more balanced person knowing that I made a positive difference in someone’s life.”
Next steps
Thank you for taking the time to learn more about corporate volunteering! If you’re ready to take the plunge and get started on your corporate volunteering journey, UPchieve can help.
We partner with large companies — like Goldman Sachs and Farmers Insurance — and smaller companies — like New Relic and Mizuho Bank — to engage their employees as volunteers. Our flexible, convenient opportunity was designed to empower even your busiest employees to take part in the movement to democratize access to academic support.
If you’re interested in learning more, check out what we have to offer corporate partners!
References:
(1) Rodell, Jessica. “Volunteer Programs That Employees Can Get Excited About.” Harvard Business Review, Harvard Business Review, 21 Jan. 2021, hbr.org/2021/01/volunteer-programs-that-employees-can-get-excited-about.
(2) Wilson, Arthur, et al. “What Millennials Want from Work: 7 Research-Backed Truths.” Employee Recognition and Engagement Blog, www.workstars.com/recognition-and-engagement-blog/2019/10/21/what-millennials-want-from-work-7-research-backed-truths/.
(3) Deloitte. 2017 Deloitte Volunteerism Survey, 2017, www2.deloitte.com/content/dam/Deloitte/us/Documents/about-deloitte/us-2017-deloitte-volunteerism-survey.pdf.
(4) Sorenson, Susan. “How Employee Engagement Drives Growth.” Gallup.com, Gallup, 5 Aug. 2021, www.gallup.com/workplace/236927/employee-engagement-drives-growth.aspx.
(5) Kiehner, Elizabeth. “What You Risk by Forgetting Employee Engagement.” Inc.com, Inc., 23 Apr. 2018, www.inc.com/elizabeth-kiehner/whats-forgotten-in-cultures-and-your-companys-obsession-with-technology.html.
(6) The NonProfit Times, News, June 1, and The NonProfit Times. “Worker Turnover Drops 57% When Giving, volunteering encouraged.” The NonProfit Times, www.thenonprofittimes.com/npt_articles/worker-turnover-drops-57-giving-volunteering-encouraged/.
(7) Ask Rex Huppke: I Just Work Here. “The Cost of Millennials Job Hopping.” Chicagotribune.com, 8 Sept. 2018, www.chicagotribune.com/business/ct-xpm-2013-08-05-ct-biz-0805-work-advice-huppke-20130805-story.html.
(8) Pope, Lauren. “Here's Why Vto Is the next Big Thing in Employee Benefits.” Learning Hub, 2019, learn.g2.com/vto.
Image Credits:
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