Corporate Philanthropy: The Ultimate Strategy for Employee Retention
Corporate philanthropy is continuing to grow as an effective component of many employers’ engagement strategies which is likely why 60% of companies now offer year-round giving and volunteer opportunities to employees, a 22% increase from 2014. What some companies don’t know is that corporate philanthropy can lay the foundation for one, critical and all-important thing: retention.
Successful employee retention strategies aren’t rushed and desperate plans to get employees to maybe stay around awhile longer. Corporate philanthropy is a documented, well-used and unique employee retention strategy that appeals to countless components of job satisfaction. It serves those in need and helps employers fulfill their responsibility to society. Here is why corporate philanthropy is the ultimate employee retention strategy.
Engagement at its finest.
Employees with giving and volunteer opportunities are more engaged. In fact, research shows 90% of companies who measure their corporate philanthropy efforts find a positive correlation between volunteer participation and employee engagement. According to recent Robert Half research, 41% of surveyed employees already volunteer outside of work and 61% feel doing so helps them do their job better. So many of today’s professionals are taking it upon themselves to use philanthropy to enhance their job performance. Employers, take a hint. Use their strategy!
Check out 10 Lessons from Top Philanthropic Companies of 2015
Building skills while doing good.
Employers offering a variety of employee volunteer programs are already reaping the benefits of this corporate philanthropy trend. The Giving in Numbers 2015 Report reveals skills-based volunteer programs like pro bono giving and company-wide day of service, receive some of the highest employee participation rates. Employers who offer both are averaging 238,000 volunteer hours. What’s so attractive about these options is the opportunity for employees to make use of and build on their existing skill set. It also gives managers the chance to scout employees for leadership roles or other talents. Looking for an employee development strategy? You just found it.
Read How the Most-Admired Companies Fuel Employee Engagement
Enhancing the reputation.
According to the 2015 Community Involvement study, over 85% of surveyed companies said their commitment to corporate philanthropy enhances their reputation. Other research suggests today’s employees are more particular about the philanthropy efforts of their employer than ever before. In fact, 61% of Millennials would prefer to work for a company with volunteer opportunities. What’s more is according to the 2015 Global CSR study, 90% of surveyed consumers said that when caught between two products of similar price and quality, they will most likely to switch to the brand associated with a good cause. Having a shining employer reputation isn’t just good for retention, it’s good for business.
Watch 9 Reasons to Invest in Corporate Philanthropy Programs
Satisfying intrinsic motivators.
There has been tons of conversations, articles and seminars about how the workforce doesn’t just thrive on compensation and benefits. They’re looking for purpose in what they do. In fact, 72% of Millennials want a job that makes an impact. The catch-all with corporate philanthropy is it’s not only a successful employee retention strategy, but its employee engagement, CSR, employee development strategy and more all wrapped into one. Employers are not able to satisfy every employee need, but by tapping into the deeper, human needs we all have, they can craft employee retention strategies that are sustainable and resourceful to their business.
Read How to Offer Big Volunteer Incentives on a Small Budget
One of the more interesting things about corporate giving programs is how easy it is to get others to jump come along. It’s contagious. People don’t just want to give back. They want to impact the world right alongside their colleagues, peer and management teams. In fact, Project ROI found 65% of Millennials are more likely to volunteer if their coworkers do and 44% are more likely to if their supervisor does. The 2015 Millennial Impact Report, 39% of managers would be more willing to participate in corporate philanthropy work if their CEO does. Want stronger, more deeply connected teams? Engage them in collaborative corporate philanthropy initiatives.
The benefits of corporate philanthropy are myriad, but when it comes to successful employee retention strategies, few are as comprehensive, resourceful and finely attuned to today’s workforce trends as corporate giving programs.
Ready to jump on the corporate philanthropy bandwagon? Contact us to learn how CyberGrants’ integrated, cloud-based corporate philanthropy platform can work for you.