Business owners, are you wondering about the potential impact of introducing an employee volunteer program? You might think paying employees to spend time working for others is a zero-sum game. In truth, creating a strong culture of corporate volunteerism within your ranks is one of the smartest fiscal decisions you can make.
How? By investing in an employee volunteer program, you can effectively reduce turnover rates, save on overhead, and build a corporate culture that attracts valuable talent — instead of pushing it away.
Reduce turnover rates with a strong volunteer program
Any business owner will tell you that attracting quality talent is no easy task. Unfortunately, retaining great talent after you acquire it can be even more difficult. As unemployment rates start to drop, the employee talent pool will dwindle — and you do not want to scrape the bottom of the barrel.
Instead, focus your efforts on retaining top-performing employees. One proven path toward employee retention involves investing in a strong volunteer program, which can help meet the needs of workers who might otherwise feel unseen and unheard within your organization.
Employees overwhelmingly believe volunteering opportunities boost company morale, improve employee well-being and contribute to a positive working environment. It makes sense, then, that workers given the opportunity to volunteer often find themselves more motivated to work and less likely to leave.
Investing in workers pays dividends
Beyond reducing employee turnover rates, incorporating a volunteer program into your business model might just save on cost. Some studies suggest corporate volunteerism can reduce employment costs by $1,000-$6,000 per employee — a statistic that should impress any organization looking to reduce overhead.
Simply put, when employees feel engaged, they perform better. By contrast, unmotivated employees cost management significant time and money. These workers may spend more time in the office than their volunteering counterparts, but what good is time spent at-desk when that time is not used wisely?
Corporate volunteerism is a powerful way to increase employee engagement. The cost itself is relatively low — you lose nothing except the opportunity cost of more time spent in-office, which is not necessarily a determinant of high-quality work.
Improving corporate culture and professional skills
Instituting a volunteer program is more than a way for organizations to show they are serious about creating a vibrant corporate culture. These programs are also a valuable way to offer skill development for high-achieving workers who want additional opportunities to hone their talent.
Certain charities, community groups and institutions can help match employees with volunteer opportunities that coincide with their unique skill sets. In essence, this acts as free off-the-job training for companies who want to nurture their organizational talent.
Let your employees give back and watch your business grow
Corporate culture is not a given. If companies do not offer the right combination of attentive management, meaningful work and well-developed workplace programs, employees will walk.
Fortunately, businesses do not have to foot the bill when it comes to offering workers additional opportunities. By creating and growing a strong corporate volunteerism program within your business, your company can save on cost, lessen turbulent turnover rates and build the foundation of a lasting corporate culture.