Volunteers week takes place from 1st – 7th June and celebrates the contribution made by volunteers across the UK. In this blog we explore why employers should consider employee volunteering for their business.
Around 70% of Fortune 500 companies have an established volunteering programme in place compared to just 20% of medium sized businesses. Why the difference? One survey by vInspired highlighted that over half of managers had concerns about the financial and time costs relating to staff taking time out of the business to volunteer. It's a reasonable concern, however are medium sized businesses missing a trick?
Here are our top three reasons you should welcome employee volunteering into your business:
1. Improved employee engagement
Businesses that promote volunteer programmes have higher levels of employee satisfaction and morale which leads to greater productivity. Higher productivity in engaged staff leads to increased profitability.
2. Make your business more attractive to applicants
More and more people are looking to join companies that have values which align with their own. Studies have shown that 88% of millennials are looking for employers with values that match their own and that 86% would consider leaving an employer if values no longer matched. According to a Stanford Graduate School of Business study “graduates are willing to sacrifice an average of 14.4 percent of their expected salaries to work at socially responsible companies.”
3. Training and development
Employee volunteering can be considered a development opportunity for employees to learn new skills. A CIPD case study highlights the “double benefit” of volunteering and lists 10 areas where employee can further develop skills including coaching, confidence, communication, team-building, self-awareness and creativity. Improving these softer skills can help build leadership capabilities.
iMultiply is committed to being a socially responsibility company and we support our employees by offer 2 paid days per year that can be used to help a local charity.