Read our in-depth blog post about the significant advantages of Volunteer Time Off (VTO) as a Corporate Social Responsibility tool and how it helps both workers and employers.
One of the most humane traits that most of us possess is empathy and compassion. Even the most frivolous activities become interesting and worthwhile when we know that there is something good that will come of it or be beneficial to someone, even in a small way. This very concept that one is working for a greater good instills in one a sense of purpose and people tend to enjoy their work, while nudging employees to give their hundred percent to their work.
Corporate volunteering is a growing business trend that we're a rise of daily. While it is not required by law, investing in a business volunteering program has lots of advantages. More than a quarter of businesses today have some type of volunteer program for their employees. Businesses no longer exist only to conduct business. They are uplifting individuals and communities, as well as making the globe a better place. 71 percent of Americans desire to either work at or be customers of socially responsible corporations, while a survey of 7,000 people from 14 industrialized countries found that 78 percent of people favor companies that have CSR activities.
Employee volunteer activities are an important aspect of a business’s corporate social responsibility strategy equation, yet are often underestimated. A large number of businesses are realizing the benefits of incorporating volunteer programs into their corporate giving strategy. Employee satisfaction, engagement, and retention are all improved by these programs, according to research.
Let’s look at some of the ways corporate volunteering programs can help reduce employee turnover.
Volunteering can provide employees with a wealth of personal rewards. It can help employees get out of their comfort zones by giving them a meaningful method to put their professional skills to good use for a good cause. This can be an effective way to make employees feel valued and to show them how valuable their abilities are. Volunteering has also been demonstrated to relieve stress, increase self-confidence, and reduce the risk of depression, which is beneficial not just to employees but also to employers.
Millennials and Gen-Z. have also been given the title of the purpose generation. They have earned this reputation as a result of their dedication to trying to change the world and make a positive impact. We are seeing a movement towards a working population that cares not only about taking home money, but also about doing corporate good, as the purpose generation grows in the workplace every year. As a result of this transition, corporate volunteerism has become increasingly important in attracting and maintaining highly skilled, socially conscious young employees. Companies that offer a volunteer program are better connected with employee values and allow employees to assist causes that they believe in.
As an organization, you will seek to attain particular values, visions, and missions. These values will be applied to your CSR as the general course of action is business values dictate the types of activities you want to promote and have your employees participate in. Your volunteer programs will reflect the causes your company wishes to support, and how it would like to give back. This will set a base for your company culture. Having an employee volunteering program for your professionals will give them a better understanding of the company they work for and the type of work culture they are a part of.
The more employees that are encouraged to volunteer, the more engaged they are at work. This includes increased productivity, employee happiness, and enhanced morale among employees. Employees who work for companies that have volunteer programs are more engaged, and they report having greater autonomy and support from their coworkers and bosses. Employees that participate in socially beneficial events enhance their bonds with one another and with the organization as a whole.
When it comes to choosing their next employer, 83 percent of Gen Z prospects feel a company's commitment to diversity and inclusion is critical. Your corporate volunteer program can help you improve your employer’s reputation and competitive hiring position, making you more appealing to job seekers looking for organizations with a purpose. Aside from employer branding, if you have a skills-based volunteering program, it can be a very appealing element for talent who are looking to upskill or reskill. In addition, 73% of adults said they would not apply to a company whose beliefs are incompatible with their own. Getting the attention of outstanding talent is difficult.
Thousands of employee responses from firms on Great Place to Work's 50 Best Workplaces that Give Back list were analyzed, and it was discovered that employees at these organizations are more likely to stay with their employer for a long time as a result of the company's voluntary programs. According to Elizabeth Stocker, a consultant at Great Place to Business, "when employees are actively involved in giving back, it can lead to a stronger dedication and connection to the work."
Set up your very own corporate volunteer program with Chezuba. With tie-ups with seven thousand plus nonprofits from 95 different countries, you will be able to offer your employees a diverse range of volunteer opportunities to choose from and skills to volunteer for. Book a free demo to learn more.