The Growing Significance of Corporate Volunteer Programs: A Key Factor in Business Growth and Talent Retention

Sudhir Mishra

Times of crisis often lead to new awakenings. The pandemic helped us navigate the bend towards a better understanding of how all actions have consequences sometimes impacting communities globally. It has indeed been a moment of reckoning for all of us and taking cue, societies, organizations, and businesses have welcomed and adopted social responsibility as a prime imperative in today’s day and age. Social responsibility is important because it truly reflects that companies care! In fact, employee volunteer programs, are usually a core pillar of a company’s broader CSR strategy. Now, an imperative for employers, employees, and customers alike, every stakeholder considers social responsibility as a crucial aspect before they engage with an organization.

Organizations are increasingly realizing they have significant resources that can make a world of difference and that matter to their employees, customers, and themselves. ‘People’ are now taking precedence over profits and companies are realizing the value of integrating volunteer programs with their corporate giving roadmap. ?

Studies suggest that the younger cohorts aspire to bring about constructive changes in the social milieu. This set of people is inspiring other age groups to act more responsibly, compassionately, and sustainably, through their actions. Volunteering programs involve giving selflessly for a cause one deems fit. When companies identify a cause, sans gain, employees are encouraged to contribute to the greater good. They can lend their skills and expertise over a designated period of time. Interestingly, if managed appropriately, volunteer work for a charitable cause can aid employees to inculcate essential prowess that can be used at work too. In point of fact,?as HR departments explore the effect of volunteering on honing skills, the lines between corporate social responsibility and talent development are blurring.

More importantly, volunteering as a group is one of the most impactful ways to inspire unity within a team and explore leadership traits within self, while giving back to the community! It not only allows employees to use carved-out/leisure time fruitfully but also builds and strengthens connections between participating employees – often across departments and hierarchy. The result of these endeavours generates an impact for the company, that can be easily observed, measured, and greatly appreciated.

Companies can benefit from aligning with the personal ethics, beliefs, and passion for social development of millennials and Gen Z workers, who may reject job offers from organizations that don't share these values. On the contrary, by implementing well-defined volunteer programs and initiatives, businesses can establish a positive brand image and easily attract and retain top talent. Corporate volunteer programs are increasingly seen as strategic components of business growth and talent retention efforts in the current business ecosystem.

While corporate volunteer programs are important social initiatives, their actual impact and ROI must be evaluated to justify the resources spent on them, including time, money, and human efforts. Having clearly defined goals and objectives, like enhancing brand reputation, increasing employee engagement, improving employee satisfaction ratings, in place, can stand companies in good stead.

In addition, recording the tangible outcomes and the actual impact of CVPs on the employees and communities could allow corporates to assess their programs and re-imagine them if needed. For instance, if the program was an educational initiative, the number of people who benefited should be recorded.

Mutually beneficial skill-based volunteering has the underlying potential to boost employee engagement, productivity, and retention leading to better business outcomes. In a crux, a company’s corporate volunteering program can be compared to a drop of water - if the program is planned, organized, and implemented well, that single drop can create a massive ripple effect leading to a positive and sustainable social change for every member involved.