Giving Compass’ Take:
• Corporate volunteerism programs and paid volunteer time off (VTO) are mutually beneficial for employees, companies, and nonprofit organizations.
• How can donors help encourage or expand corporate volunteerism programs?
Volunteer time off, or VTO, is a popular trend in employee benefits and, as a result, more and more companies are taking notice. But why is corporate volunteerism a hot commodity, and what does it mean for businesses, employees, and nonprofits?
At face value, paying employees to spend time out of the office seems like the opposite of making a profit. Research has shown, however, that offering corporate volunteerism opportunities actually benefits companies. That’s because it reduces expenses allocated for benefits, cuts down on human resources costs, and essentially streamlines productivity and engagement.
How does this happen? The employees are the answer. Many employees today, especially Millennials, place a high value on volunteering. In fact, a study on employee benefits earlier this year found that 76 percent of employees agreed with the statement “When work and life blend and enrich each other, everybody wins.”
Part of this successful work-life balance included volunteerism.
When a company provides a solid VTO program, it also attracts talented, passionate potential employees who are more apt to fit in with the company culture. These employees are more likely to feel loyal to and proud of their company when their values align. Companies are noticing this, which is a major part of why VTO is on the rise. In fact, as of 2018, nearly one in four companies in the United States were using VTO to their advantage. It makes sense that other businesses will begin to offer these benefits as well to meet current demand (and especially to attract Millennial and Gen Z employees).
Of course, corporate volunteerism benefits nonprofits, too. Partnering with a company gives a nonprofit consistent access to a pool of volunteers.
Read the full article about corporate volunteerism by Latasha Doyle at GuideStar by Candid.
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