The pandemic has prompted companies to vow to be better corporate citizens than ever before, and this change has been in the works for some time. According to the 2020 Deloitte Global Millennial Survey, workers are re-examining the businesses for which they work with an eye toward purpose and societal effect. Prospective employees, particularly younger people, want to work for companies that value equality, diversity, and community.
Employee volunteer activities that are meaningful are an often overlooked component of that equation. More and more businesses find that incorporating volunteer programs into their corporate giving strategy benefits their bottom line. According to research, these initiatives enhance employee happiness, encourage staff engagement, and increase retention. According to the Macquarie Graduate School of Management (MGSM), 93 percent of workers who volunteer via their business are satisfied with their employer, and 54 percent of those who are proud of their firm’s societal contributions are engaged at work.
However, another approach to seeing volunteering as a long-term commitment provides more significant advantages to all parties involved. After all, companies are actively and openly extending how they define their position in society, so the moment to rethink this aspect of corporate life has never been better. Many in the business sector are revamping their philanthropic efforts through various schemes and tools like wider scopes and corporate social responsibility (CSR) platforms.
A corporate donation program is an excellent approach to cultivate motivated, committed workers. A community involvement research performed in 2015 by the Boston College Center for Corporate Citizenship found a favorable connection between volunteer activity and employee engagement in almost 90% of businesses questioned.
Being a part of something larger than ourselves may help foster a feeling of pride and cohesion in the workplace. Employees are often stretched thin with obligations to work and family, making it tough to discover the glue that holds everyone together. Philanthropy has the potential to be that bond.
It is critical to discover a variety of choices that will appeal to people’s hearts and capacity to commit for it to succeed. Someone recently said, “My heart is larger than my pocketbook; therefore, when I choose to donate, it must speak to my heart so that I may also offer my time and skill.” Not everyone can write a check, so it is critical to offer opportunities for individuals to give their time and effort.
Talents Enticed by Philanthropic Schemes
You can obtain this corporate philanthropy benefit by promoting your program as an employee perk. If you have software that allows you to incorporate 401k-style, pre-tax contributions, and matching gifts, for example, you can include that information in job descriptions, posts, and advertising.
Use the same strategy with your existing workers to urge them to become involved with your business and its charitable initiatives. They will be more inclined to remain with your business as they get more engaged and realize the effect they can make. This is also a great way to develop the company’s reputation among its employees and prospective applicants, making it a dream company for many people.
Purpose as a Corporate Tool
This innovative strategy necessitates assisting a nonprofit organization in resolving organizational or operational problems and delivering specialized resources to the population serviced by the charity. This entails selecting a charity to which your workers can donate their time and expertise for a certain length of time or on a series of related events. Your employees’ talents are essential and in demand at charities regardless of industry. Access to your talent and their expertise can be just as crucial as money for specific organizations, if not more so.
A concrete and long-term connection is established between the business and nonprofit partners in this strategic approach. It also fosters and deepens relationships among participants, frequently across departments and hierarchies. The company also invests much in the professional development of its employees. As a consequence, the effect is readily visible and quantifiable.
When done correctly, mutually beneficial skill-based volunteering adds up to a triple win in this paradigm. Purposeful relationships provide quantifiable effects for all parties involved: the business and its employees and the nonprofit partners and people they serve.
Companies are searching for new ways to engage young workers, and philanthropy is a powerful tool for reaching this generation. Employees are searching for opportunities to make a difference in their communities and society as a whole. The opportunity is to create a culture that encourages workers to recognize possibilities and seek innovative and practical solutions to significant problems, making the world a better place.