4 Reasons To Invest In Corporate Volunteerism
As more and more employees continue pressing companies to have the ability to volunteer in their local communities or across the globe, companies are asking really good questions:
- What is the ROI of our corporate volunteer programs?
- How do we ensure volunteerism is making an impact and helping us reach our overall social goals?
Below are 4 reasons to help justify the investment in your corporate volunteer program.
- Employee turnover decreases by up to 50% – When companies invest behind corporate volunteerism, morale increases, teamwork increases, culture increases, and when your team is aligned around socially valuable projects, they stay longer. Let’s look at this from a cost perspective as well. The cost of turnover is extremely high. According to BuiltIn, it’s estimated that losing an employee can cost 1.5-2 times the employee’s salary. Depending on the individual’s level of seniority, the financial burden fluctuates. For hourly workers, it costs an average of $1,500 per employee. For technical positions, the cost jumps to 100-150 percent of salary. At the high end, C-suite turnover can cost 213 percent of salary.
- 77% of millennials listed their company’s commitment to the community as an influence on their decision to work there – Trying to recruit and having a challenging time getting the best talent? For all generations and especially younger generations, corporate volunteerism programs and social impact plans are a factor in the decision-making process for recruits. WeHero continues to receive reports that 1 in 3 employees ask about a company’s volunteer programs during the interview process.
- 55% of buyers are willing to pay extra for products or services from companies that have dedicated social impact plans – Corporate volunteerism is a component of an overall social impact strategy, and buyers are taking notice. More and more companies are showing positive revenue growth as a result of having well-executed social impact programs including, you guessed it, corporate volunteerism.
- The benefit your community or focused areas across the globe can receive as a result of the efforts – Let us not forget that while 1 through 3 are wonderful positive side-effects, the real goal is to make a social impact that is meaningful with the company resources that are available. Seeing the impact corporate volunteerism can have when well-executed and measured is one of the greatest reasons to implement a program.
We hope this excites and inspires many companies to make the leap or continued investment in corporate volunteering. We’re excited to see the impact your company makes and we’re available to support at every step along the journey!