While monetary donations and donated products or services can have a tremendous impact on a worthy cause, many charities and non-profits – along with the companies themselves – have actually noted that corporate volunteer programs have a potentially greater value in the long run. Why? It all comes down to increasing employee engagement, improving the ability to recruit younger employees, and increasing the company’s visibility in the community.
1. Improved Employee Engagement
Corporate volunteer programs actually drive employee engagement. In other words, companies that promote active corporate volunteer programs enjoy greater employee satisfaction, higher morale, and – as a result – greater productivity and profitability.
As highlighted in a recent report issued by Realized Worth, “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%.”
This is even more amazing when contrasted with the estimated $350 billion disengaged employees cost their employers every year just in the United States alone, (according to a 2002 Gallup Poll). The 2013 figure is likely much higher.
2. Strong Recruitment of Younger Employees
The millennial generation just coming out of college for the last several years – and likely the generation to follow – is committed to changing the world for the better.
As a result, “graduates are willing to sacrifice an average of 14.4 percent of their expected salaries to work at socially responsible companies” according to a Stanford Graduate School of Business study.
This is very different from the older model where competitive wages and benefits were basically the only variables potential employees were interested in, especially in circumstances where a particular type of person or skill set is in high demand.
But millennials see the career landscape differently, and they want to work for a company that shares their values, including supporting causes they agree with.
3. Improved Corporate Visibility
Giving doesn’t mean there aren’t going to be very clear financial incentives for the company as well.
A well-established and skillfully-promoted corporate volunteer program can raise a company’s visibility in the community. This can improve a company’s reputation in the public’s eye, or help maintain a hard-earned reputation in the face of challenges.
While the media is not always quick to cover business-related announcements and accomplishments for a local business, a beneficial volunteer event, or a cause well supported always makes good news.
These are just three examples of the kinds of benefits a strategic corporate volunteer program can provide. Some other important factors include:
- Employee development
- Encouraging teamwork
- Improved communication
- Building brand awareness
- Improved employee retention
- Providing subject matter for corporate content creation
All of this still just scratches the surface in regards to how corporate volunteer programs benefit the company that commits to them. Learn more about developing a lasting, sustainable corporate volunteer program in your organization.