In part 2 of our series on Volunteering Time Off we explore the benefits of VTO for the company.
Right now our national unemployment rate is 3.7%--edging towards a 50-year low. With this low rate, companies are actually finding it increasingly harder to hire and retain great talent. One way to combat this issue is by increasing employee engagement through volunteering.
In survey after survey, employees state that they want to work for companies who care for others. In fact, “71% of employees surveyed say it’s very important to work where culture supports volunteering,” according to America’s Charities Snapshot. There are different types of volunteer options when looking to begin a volunteer program at a company. For example, entire companies can come together for a big “Day of Service” event. Or perhaps there is an ongoing need in the community, like Meals on Wheels, and employees sign up to help when needed by the charity. Offering pro bono services to non-profit community groups or donating skills for specific projects are other ways to assist charities in your area.
The issue of time worked and pay typically comes up when talking about employer sponsored/encouraged volunteering. There are a couple different ways that companies structure this. One way is to simply pay employees for their usual time at the workplace even though they are not actually working on company business at the time of the volunteer project. This is typical of big “Day of Service” campaigns during the workweek. Another way is to encourage employees to donate their break or lunch time to complete volunteer service projects. Finally, and this is the emerging trend in employee benefits, is to give each employee Volunteer Time Off (VTO) hours as part of their benefits package.
The benefits of VTO are numerous. One of the biggest values of VTO is that of employee recruitment and retention. PricewaterhouseCoopers conducted a survey and the results were that “59% of Millennials gravitated towards companies with pronounced Corporate Social Responsibility programs.” For retention, the value is even higher, “74% of employees say their job is more fulfilling when given the opportunity to make a positive impact at work.” Companies also see a benefit in camaraderie across departments and company hierarchy. Working together towards a common goal builds these interdepartmental relationships. Also, by playing towards strengths unseen in a regular office setting, employers have a chance to discover untapped leadership skills and completely unknown skill sets of employees. Finally, your company’s brand image is boosted by the view of its involvement in the community.
Whatever the benefit that your company assigns to a healthy VTO program, be it retention, image, or team building, the fact remains that there WILL BE a benefit. If you are looking to begin the search for the right fitting program, there are great resources available for you. Check out this quick read on Charities.org and also the great tips on SalesForce.com. Start the conversation today with your leadership and start making an impact in your community!