As our world becomes increasingly connected, many businesses enjoy the benefits of nearly limitless access to potential clients. In turn, this connectivity gives people the opportunity to learn a lot about companies when deciding where they want to spend money and where they want to work. A survey conducted by IBM in 2020 found that 71% of Americans consider it essential for businesses to be socially responsible – from protecting the environment to fair treatment of their workers. Consumers and potential employees also increasingly seek companies that prioritize giving back to the community. At the start of a new year, when people are looking for ways to make positive changes in their personal lives, many companies turn to corporate volunteering initiatives to fulfill the philanthropic interests of their staff and make a lasting impact on the communities they serve.
What is corporate volunteering?
Corporate volunteering, also known as employer-supported volunteering, is a business initiative that benefits companies and their personnel, which allows them to better engage with their communities. Companies that intentionally connect employee volunteerism to their Corporate Social Responsibility (CSR) strategies are regarded most highly by consumers. According to the 2019 Employee Benefits Survey, administered by the Society for Human Resource Management, one-fourth of US businesses offer workers either a volunteer program or incentives for participating in community service, including a reported 90% of Fortune 500 companies.
Wondering what effect a corporate volunteering initiative will have on your bottom line? Consider these factors for your ROI (return on investment), compiled by GoEco, when contemplating employee volunteering programs:
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The 2023 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.