There are many benefits of having employees volunteer together. Aside from helping the community, a study by PricewaterhouseCoopers (PWC) have shown that corporate volunteering programs actually help employees become increasingly passionate about their work within the company and in the community.
Increased Job Satisfaction
Statistics gathered by Junior Achievement show higher approval rating for companies with volunteer programs and also increased job satisfaction that went from 64% to 67%. Also positive words about employers rose from 49% to 57% once the programs were offered.
Higher Retention Rates
According to a study by Michael Tuffrey – Good Companies, Better Employees – employees who participate in volunteering are more “prone to pursue promotion and development activities” than those who don’t. In reasons employees leave a company – lack of relationships/friendship with co-workers and overall corporate culture are listed in the top ten. And America’s Charities also found “88% of employers believe effective employee engagement programs” – such as volunteering – help retain employees.
Attracting New Employees
Studies by Junior Achievement show about 62% percent of workers under 30 years old prefer to work for a company that provides opportunities for them to apply their skills to benefit nonprofit organizations. And according to Ryan Scott, a writer at Forbes, “Millennials want to volunteer together and feel connected through a shared passion for their company’s cause work, ideally through initiatives that help their surrounding community.”
Independent Sector estimates, an hour of volunteer time in 2013 was worth $22.55 per hour. Using the U.S. Bureau of Labor Statistics’ data if 50 employees volunteer 400 hours a year, that’s about $8,856 worth of volunteer time. Company volunteer programs are steadily becoming the center of company’s social responsibility initiatives over the last decade as well as an important business strategy.