4 Employee Benefits of Corporate Volunteerism
Author: Hannah Henry
Published: Tuesday, 17 Jul 2018
What will community volunteerism do for your work family?
America's Charities reports that the average business turnover rate in all U.S. industries is 15.1% with those making under $75,000 or less a year, costing $15,000 to be replaced. That is hard-earned money that is being taken out of the budget to find someone who may or may not be the right fit for the position. In this era of hiring, it is more important than ever to invest in your employees from an individual AND work-community standpoint. The best way to knock out these two standpoints with one stone? Volunteering! Check out the following benefits volunteering has on your company and on those who make up your business.
Improved Connectivity and Performance
According to a PwC study, 10% to 15% of the world workforce reports feeling unsatisfied within their workplace dynamic. In turn, only 4 in 10 employees are planning on spending at least another year at their current jobs. Yet, through volunteering, employees have the ability to feel more "connected" to their co-workers and executive teams. A large component of employee performance is not only one's passion for his or her work, but also an environment that harnesses challenges. Volunteering provides employees with an opportunity to impact their local community by coming together with their professional family. It is with challenges in a group setting that connectivity is formed and therefore provides a foundation that an employee feels committed to. In fact, committed employees have been found to put in 57% more effort into their job and are 87% less likely to resign.
Investing in Skill Building
By encouraging your employees' input in volunteer efforts for your company, you are providing them with the ability to take on leadership roles that in turn build experience. Through various community efforts, employees are moved from their comfort zones to work with others to solve challenges in order to achieve goals. Collaboration, self-awareness, and leadership skills are just a few of the many skills that are exercised through volunteering. Professional skill-building should not be limited to those looking to be hired, skillsets should also be harnessed within one's work environment.
Attract Future Employees
A Deloitte study found that almost 9 in 10 (89%) employed Americans believe that companies that encourage volunteer activities offer a better workplace than companies that do not. Corporate Social Responsibility (CSR) can not only serve to benefit your company when seeking employees, but it can also serve to benefit your sales. A 2017 Cone Communications Survey found that 87% of Americans will purchase a product from a company advocating an issue they care about. If making a difference can sell your product or service, why wouldn't it sell your company to a possible job candidate?
Harnessing Charitable Giving
In this day and age, Millennials make up 1 in 3 labor force participants in the United States, making them the largest labor force generation that America has ever seen. Further research conducted by Cone Communications, revealed 2 out of 3 millennials will not consider taking a job if the company does not have strong CSR values and 9 in 10 reported they do a better job in CSR-friendly environments.
With all the benefits of volunteering, one thing is for certain -- providing volunteer opportunities not only helps your company in the eyes of potential candidates and consumers, it also fulfills the professional desire in your employees to make an impact in their local communities.