4 Benefits to Workplace Giving Initiatives
It’s no surprise companies of all sizes are increasingly embracing initiatives to engage their workforce with the community.
Recently, a Glassdoor survey found 75% workers expect their employers to donate money to people in need in their own communities or allow workers to volunteer their time. Most common are workplace giving programs, sustainability initiatives and volunteering events.
There has been a societal shift in focus from ambition (focusing on our goals, achievements, status and possessions) to meaning (focusing on fulfillment, joy, purpose and happiness).
Consequently, many professionals are looking for workplaces that offer meaning and purpose.
From an employee perspective, it’s difficult to find which companies offer paid time off time for volunteering, employee giving programs, corporate matching and other ways to give back and make a difference.
So how do workplace giving initiatives benefit the employer?
Four key benefits for companies:
- Studies have shown that time off for volunteering is the #1 tool for staff engagement. Engaged staff give better customer service, generate more sales and are more productive.
- Workplaces that clearly demonstrate a commitment to corporate giving attract like-minded, generous, empathetic, grateful and thoughtful employees. These prosocial behaviors create a winning culture for these employers of choice.
- Retention increases when staff are involved with workplace giving, volunteering, donating and fundraising. These activities promote loyalty to the company and more likely to stay. This leads to significant savings in staff turnover which leads to savings in recruiting, onboarding and training.
- A generous company leads to better customer attraction, loyalty and advocacy.
Most millennials want to work for ethical companies, and more than half (56%) want to work for a company that will have a positive impact on the world (Deloitte).
Moreover, studies have found that young people favor one employer over another if they offered workplace giving.
By 2025 millennials will make up 75% of the global workforce which will be a game-changer for companies that give back and possibly the end game for companies that do not support such programs.