More than 63 million Americans — one-fourth of the population — volunteer each year, with many saying that they experience emotional, physical and mental health benefits when they do. Turns out, that well-being is good for the workplace too.
According to recent reports, corporate volunteer programs not only allow employees to make the community a better place to live in, but they also increase revenue and create happier, more engaged employees. Approximately 90 percent of Millennials — the largest generation in the U.S. labor force — report that they find their jobs more fulfilling when they are given opportunities to make positive impacts in their communities.
Experts indicate that employers can contribute to and benefit from these programs in several ways:
Time
According to researchers, roughly 60 percent of companies offer paid time off to employees when they volunteer. Creating a formal volunteer time off (VTO) policy, an average of eight hours per year, has the added benefit of boosting employee engagement and a deeper understanding of a company’s culture.
Experience
Once an organization acquires great employees, it takes constant effort to retain them. Volunteering can present a great opportunity for employees to take a leadership role and to network. These skills and opportunities are directly translatable to the workplace. According to a United Health Group study, 87 percent of respondents said volunteering has developed their people and teamwork skills.
A Smart Investment
In 2017, corporate giving raised more than $20 billion in donations for nonprofit organizations. But volunteering is also a smart investment. Giving employees the chance to give back — and feel inspired both inside and outside the workplace — can be invaluable to recruiting and retaining them. Experts indicate a small investment in a volunteer program can save a company thousands in retention alone.
In this edition of the Business Magazine, we’ll highlight the many nonprofit organizations, such as the National Alliance on Mental Illness (NAMI) of Erie County, that are giving back to the communities in which they operate with essential programs and services.
We’ll also learn more about the NAMI Homefront program, which is the beneficiary of this year’s Allstate Roar on the Shore® charitable bike rally at its new “Hub” location in North East, Pennsylvania.
In addition, this month’s Legal Brief article provides greater insight on why matching gift programs can be a good fit for business of all sizes.
Be sure to share this information with clients or colleagues by registering for our free, digital magazine at www.mbabizmag.com. And, as always, take a moment to learn more about the Association and its many value-added programs and services at www.mbausa.org!
