By Brenna DeBlasio
The world of corporate philanthropy is changing. Now, more than ever, it’s important for companies to have strong employee engagement programs. Research shows companies that support their local area are more profitable and have higher employee retention. How can giving back make a difference in the workplace? Check out these for reasons doing good is good for business:
When employees are coming together to complete a service project or raise money for a charitable campaign, they are bonding with their coworkers over an issue that is larger than the company. This connection strengthens teams and allows for a more positive work atmosphere. According to The UnitedHealth Group, 87% of people who volunteered in the last year said that volunteering had developed teamwork and people skills. Corporations already practice team bonding activities, so adding in the community engagement element helps companies double the impact.
Local companies also understand the value of a highly engaged workforce, so much so, they’ve made giving back more than something they simply do. “Our employees are encouraged to support philanthropic programs of their choice through employee-donation matching and employees receive up to 52 hours of paid time off per year to volunteer,” said Jan Hanak, vice president of marketing and communications at Regency Centers. “With giving back at the core of who we are, Regency employees gave an average of $3,172 per person last year. We are also proud to report that 91% of Regency employees donated their time to community service last year.”
When employees participate in volunteer opportunities through their work, they develop a more positive image of their employer. Employees are three times more likely to say they are proud to work for a business if that business gives back to the community. When an employee is happy with the company they work for, they are motivated to put their best effort into their work. According to a study from Lexington Law, nearly 60% of Americans would take a job they love over a job they hate, even if the preferred position paid half the amount of salary they would earn at the job they dislike.
Employees who are more involved develop a deeper connection to the company they work for, which encourages them to want to stay with that business. Ultimately, a strong employee engagement program can reduce staff turnover rate 25% to 50%. High employee retention not only saves time, it saves the company money. An effective employee engagement program can even have the same effect on retention as an annual salary increase of $3,700, according to Project ROI.
Companies that give back also benefit by bettering their image with their customers. This is especially important in today’s market where an increasing number of consumers are basing their brand loyalty on a business’ societal impact. Companies taking on corporate social responsibility can increase their overall value up to 11%, according to Project ROI.
Regency Centers is one of several companies leveraging their relationship with United Way of Northeast Florida to strengthen their employee engagement program. By utilizing Salesforce.org Philanthropy Cloud, an innovative technology developed by Salesforce.org and United Way, companies like Regency Centers, employees, customers and partners are connected with the causes they care most about.
For the first time, digital technology is bringing social and personal purpose together in one easy to use platform, streamlining workflows and making corporate social responsibility measurements easier. To join trailblazers like Regency Centers, Guidewell, and Baptist Health in the new and exciting era of corporate philanthropy, visit unitedwaynefl.org/corporate-engagement/philanthropy-cloud to learn more.