Corporate volunteering programs are growing in the United States in response to the corporate social responsibility (CSR) shift in consumer and stakeholder values. According to the Society for Human Resource Management (SHRM), in 2022, 47% of U.S. companies offered community volunteer programs (Navarra, 2023).  

Now more than ever, consumers and employees are more thoughtful about where they spend their money and how they invest their time. As a business leader, you might wonder whether incorporating VTO (Volunteer Time Off) or other volunteering initiatives is merely a PR boost or if there is something more to it.  

Many studies have shown that businesses with volunteering programs are in a better economic position because they save costs and increase sales. Let’s explore seven specific ways that corporate volunteering programs increase profitability.  

Volunteering Attracts Top Talent (Your Money Is Better Spent)  

In today’s market, job seekers care more about corporate social responsibility and making the world better than they found it (Wang & Chen, 2022). It follows that they desire to work somewhere aligning with their values. 

To attract top talent for your open positions, creating programs that allow employees to give back to causes they value is no longer an optional ethical practice but a need in competitive markets. If you do not, the most highly qualified candidates may apply elsewhere that does. This leaves you hiring subpar employees, costing you more money to do the job well. 

Volunteering Retains Current Employees (You Don’t Waste Money Backfilling Positions) 

Studies show that people employed by companies with volunteering programs are less likely to be burned out and more likely to feel good about where they work (Chief Executives for Corporate Purpose, 2021). In a 2017 Deloitte study, 89% of employees believe that companies that sponsor volunteer activities offer a better overall working environment than those that do not. In other words, happy employees are less likely to leave.  

According to the latest Society for Human Resource Management (SHRM) data, the average cost per new hire is nearly $4,700 (Navarra, 2023). For many companies, the cost is higher when you include soft costs such as current employees’ time reviewing candidates and interviewing. Volunteer programs attract new hires and could reduce the cost of your search. 

Volunteering Fosters Co-Worker Bonding (Employees Who Feel Like They Belong Stay Longer) 

People want to work at a company with meaningful co-worker relationships. Getting outside typical office duties (and no, I do not mean an after-work happy hour) is a beautiful way to foster those connections.  

Volunteering Attracts Customers (Socially Conscious Businesses Bring in More Sales) 

Now more than ever, consumers expect businesses to stand for something other than their products/services. A 2019 study from Aflac found that 70% of those surveyed agree that large companies have a responsibility to help make the world a better place.

Many businesses exist in a heavily saturated market with little differentiation. Companies that exhibit corporate social responsibility and value volunteering in their community draw in consumers (University of North Carolina Wilmington, 2023).

Volunteering Grows Word-of-Mouth Marketing (A Bigger Network Means More Customers) 

When your employees volunteer in the community, they are your company’s living, breathing representative. We all can relate to meeting new people and having the first question out of their mouth be, “So what do you do?” — meaning, who employs you, and what are they about? The connections your employees build while making a difference grow your business’s web of influence via word-of-mouth marketing. And a bigger network means more potential customers.   

Volunteering Strengthens Public Image (Your Business Is Better Thought of in the Community) 

Of course, we cannot overlook the PR basics – corporate volunteering undeniably enhances your public image and perception. However, it is crucial to distinguish that we refer to genuine, heartfelt volunteering, not actions taken to cover up shady business choices for a quick fix. 

Ways to Incorporate ABOH In Your Corporate Volunteering Program 

• With a flexible VTO option, employees can become Volunteer Drivers for patients who are struggling to find the support they need to navigate lung cancer Our drivers help patients get to their treatments and medical appointments on schedule to support the best possible outcomes. Your employee can even work remotely from a coffee shop while the patient is at the appointment. 
• A team of your employees can volunteer to help set up our annual Lung Run Walk held in Minneapolis each August. 
• Employees can shop together to create a silent auction basket for our Women’s Wellness Tea or Shining Bright Gala. The funds raised will support ABOH’s mission of defeating lung cancer. 
• A team of employees can create a third-party event that raises money and awareness for lung cancer, such as a golf or fishing tournament. 
• Has one of your employees experienced lung cancer? They can sign up to be a Companion to lend a comforting ear to someone in the community that is currently coping with lung cancer. It’s as simple as a phone call, virtual meeting or grabbing a coffee. 

Hear from a few of our ABOH Volunteer Drivers about why they volunteer.

 

 

Sources

AFLAC. (2019, July). Consumers, Investors Hold Corporations’ Feet to the Fire. https://www.aflac.com/docs/about-aflac/csr-survey-assets/2019-aflac-csr-infographic-and-survey.pdf 

Chief Executives for Corporate Purpose. (2021, January). The Value of Volunteering.  https://www.educationandemployers.org/wp-content/uploads/2020/12/The-Value-of-Volunteering-final-8th-Jan-2021-1.pdf 

Deloitte. (2017, June). 2017 Deloitte Volunteerism Survey. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/about-deloitte/us-2017-deloitte-volunteerism-survey.pdf 

Navarra, K. (2023, December 21). The Real Costs of Recruitment. SHRM. https://www.shrm.org/topics-tools/news/talent-acquisition/real-costs-recruitment 

University of North Carolina Wilmington. (2023, August 8). A Marketing Perspective on Corporate Social Responsibility. https://onlinedegree.uncw.edu/programs/business/masters-integrated-marketing-communication/marketing-perspective-corporate-social-responsibility/ 

Wang, H.-Y., & Chen, Z.-X. (2022, March 3). Corporate Social Responsibility and Job Applicant Attraction: A Moderated-Mediation Model. PloS one. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8893664/