While monetary donations and donated products or services can have a great impact on a worthy cause, many have noted that corporate volunteer programs have a potentially greater value in the long run. Find out why below with 5 key benefits of corporate volunteering programs.
Improved Employee Engagement
Corporate volunteer programs are reported to drive employee engagement. Companies that promote active volunteer programs enjoy greater employee satisfaction, higher morale and, as a result, greater productivity and profitability.
A report issued by Realized Worth states that “for companies where employees were more engaged than not, their profitability jumped by 16%, general productivity was 18% higher than other companies, customer loyalty was 12% higher, and quality increased by 60%.”
Improved corporate visibility
A well-established and skillfully promoted corporate volunteer program can raise a company’s visibility in the community. This can improve its reputation in the public eye or help maintain a reputation.
Although the media is not always quick to cover business-related announcements and accomplishments, participating in a local volunteering program can gain attention from potential clients in the area.
Attracting and hiring the best talent in the industry is the aim of every company. Volunteer programs can help in this domain by increasing the attraction of a business for potential employees.
This is especially the case for younger employees who are part of a generation that is more than ever committed to changing the world for the better. According to a Stanford Graduate School of Business study, “graduates are willing to sacrifice an average of 14.4% of their expected salaries to work at socially responsible companies”.
Implementing volunteer programs can be an effective way to help employees develop skills which will, in turn, be beneficial to their job performance. Professionals agree that volunteering is beneficial to developing leadership, communication and problem-solving skills all the while learning to be a team player.
Creating a workplace that allows employees to find pride in the company and the work they do helps keep them. A 2004 Lloyd Morgan study of 50,000 employees showed that companies can have an 87% reduction in the number of resigning employees when they increase employee engagement through, amongst others, corporate volunteering programs.
In the long run, this serves as a benefit for the firm who can help save costs associated with replacing an employee.