Along with boosting goodwill and serving community needs, a well-designed employee volunteer program (EVP) can improve employee morale, develop leadership skills and enhance your recruitment efforts.
"We have a tremendous competition for talent, especially in the knowledge professions where many small businesses are starting up," said Katherine Smith, executive director of the Center for Corporate Citizenship at Boston College.
The value of volunteerism
According to Smith, research shows that EVPs increase employee productivity and loyalty.
"Their rate of turnover is lower, and they are more likely to stick with a company in down times, because the company is allowing them . . . to explore and express their personal values," Smith said. "With employees spending so much time at work these days, that's an important opportunity. It's proven to be even more important for the Millennial Generation."
The value of capturing the attention of Millennials can't be overstated. These young professionals will become the majority in the U.S. workforce by 2015. By 2030, that number will jump to a staggering 75 percent. Attracting and retaining them will only become more important-and that means appealing to their values.
Despite Millennials' reputation for being self-absorbed, Deloitte's Millennial Survey 2014 revealed that 63 percent donate to charities, and 43 percent volunteer or belong to community organizations. And of those who rarely or never volunteer, 61 percent reported that an employer's commitment to its community would play a role in their decision to accept or decline a job offer.
In another Deloitte survey-the recent Deloitte Volunteer Impact Survey-88 percent of human resource executives polled said corporate volunteerism portrays their company in a positive light, and 65 percent said it benefits their employees.
A number of companies are already capitalizing on the value of corporate volunteerism to attract and retain top talent, regardless of age.
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