Friday (with benefits) – Planning to take some VTO?

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Friday (with benefits) – Planning to take some VTO? free time. We all want it. some have. And we would assume that not many people really get the most out of it. Certainly the “ideal” way to spend your time is subjective, to say the least. But based on this week’s article, it seems more people are finding value in a new kind of free time: vacation time that might be even better for the soul.

Planning to take some VTO

Here’s why VTO is the next big thing in employee benefits: Lauren Pope, G2. No, that’s not a mistake: VTOs are the last thing to affect employee benefits. In short, VTO is when a company offers its employees paid time off to volunteer in non-profit organizations. Voluntary time off is generally paid and recorded separately from sick or vacation days and is offered with a use or loss policy.

Although some businesses are a bit more structured than others, VTO is generally done with approved donations over a set period of time and is completely voluntary. (Although we don’t want to be the only person who chooses not to attend a charity event.)

Is VTO something real? Or just a trend?

Oh it’s real According to the Society for Human Resource Management (SHRM), approximately 21% of American businesses offer a VTO. In turn, CECP says that more than 60% of enterprise-level companies are making VTOs a large part of their plans.

Why the sudden focus on philanthropy?

Given the obvious benefits of “good press” and public relations, research shows that dedicated VTOs improve:

  • employee engagement
    retention
    corporate visibility
    Recruit young talents with a social mindset

That last part is especially important. With the Bureau of Labor Statistics reporting that the number of employees leaving their jobs is greater than ever, it is important to get the best young talent to fill (and keep) those positions. These younger employees are more likely to work for a socially active and conscientious company, making VTO a huge asset on many levels.

FSAs to fitness and wellness programs

This article explains more statistics on companies that offer VTO as part of a regular benefits package, and even some simple ways to run a VTO program in your own company. As you read this on Friday afternoon, possibly preparing for a few days off, consider how your business allows you to use your time and how you could make better use of it – or not. With a dedicated VTO initiative, it will soon be easier to make the most of your free time.

Friday (With Benefits) is a weekly roundup of the latest employee benefits headlines, from FSAs to fitness and wellness programs throughout the workplace. It is presented every Friday, exclusively at the fsa.store.com Learning Center. And for the latest information on your financial health and wellness, be sure to follow us on Facebook, Instagram, and Twitter.

Planning to take some VTO
Here’s why VTO is the next big thing in employee benefits

Here’s why VTO is the next big thing in employee benefits. Will you volunteer time to volunteer for your employees?

American businesses is VTO

With more job market than ever, employers are looking for the best employee benefits to offer potential employees. It’s not enough to have good health or dental insurance – high-quality candidates look for employers who take them to the next level. One of the latest employee benefits that has gained popularity in American businesses is VTO.

What Is Volunteer Time?

Volunteer time is closed when a company provides paid time for its employees to volunteer at non-profit organizations. Volunteer time is generally paid for and set aside for sick or vacation days and a use or loss policy is introduced.

How Does VTO Work?

In most cases, a company will set aside a few days that employees can take to volunteer with approved donations. Employees are not required to participate in the VTO, but it offers options to employees who enjoy philanthropy.

How popular is VTO?

It depends on who you ask. The Society for Human Resource Management (SHRM) states that about 21% of US companies offer VTO, while CECP states that more than 60% of enterprise-level companies opt for VTO.

How Is VTO Good For Business?

VTO is good for more than just optics. Implementing a VTO policy for your employees can help your business in more ways than one. Companies are projecting their investment in returned VTO in the form of increased employee engagement, higher retention rates, and corporate visibility. Let’s break each of them one by one.

Recruitment

If you work in recruiting or HR, you probably already know that we live in a candidate market. According to the Bureau of Labor Statistics, the number of workers who voluntarily quit their jobs is higher than ever. People have more jobs than the market to fill positions, which means that companies must compete to win the best talent.

The good news is that VTO can help attract the attention of new young talent. A report from Fortune showed that Millennials were more likely to work for a company that has a proven history of social activism and corporate volunteering.

It might not sound like much, but think of it this way. If a potential employee is weighing two job openings and your company has a couple of VTOs, you can push them to the limit and help them fulfill their dream.

Retention

We have already mentioned that more workers are leaving their jobs than ever. One of the main reasons employees jump is the lack of flexibility that employers can offer. The 2019 Global Talent Trends Study revealed that 51% of employees want their company to offer more flexible career options. And of all the offerings your company can give to philanthropic employees, VTO is the most desired option.

Volunteer Statistics

VTO offers are another way for your company to show your employees that you trust them to manage their time effectively. An NP Source article featured employees participating in corporate giving programs, with a 75% longer tenure trend. When employees have confidence in their work, retention and employee loyalty increase.

Corporate Visibility

This is a no-brainer that you support your employees voluntarily with donations that can increase your corporate visibility. This can come in the form of face-to-face interactions, social media posts, and more. Turning your employees into brand ambassadors for employees gives them the right to represent your company in a positive way.

According to the same NP Source article, 90% of companies indicated that partnerships with reputable nonprofits enhance their brand and 89% believe that the association leverages their ability to improve the community. There are several ways you can promote your business through philanthropic work:

Organize volunteer days for the entire company to participate together. Volunteer to post employee photos on social media. Write a press release highlighting the impact of your employee volunteers. Non-profit partners in large projects or initiatives. One company that is frustrating its VTO strategy is Patagonia.

They have an entire section of their website dedicated to employee activism, where they highlight all the events their employees participate in, talk about the number of hours they put in, and more.

Company Culture

The primary focus of the HR and recruiting world has recently been on improving company culture. More companies are striving to highlight their workplace culture as a way to retain current companies and hire the best talent. A 2017 study from Project ROI showed that companies that invest in corporate responsibility are seeing the fruits of their labor:

  • 50% Decrease In Business
  • Up to 13% increase in employee productivity
  • Employee engagement increased by 7.5%

And that’s not all. A 2017 Glassdoor survey revealed that 75% of employees expect their employers to participate in charity through donations or volunteer efforts and the same study showed that almost all employees surveyed expected their employers to give them time at the company to promote social change for self-service.

Employee Development

The growth of employees looking for growth opportunities has caused a change in companies that help develop talent. Volunteering is a very popular way to reinvent yourself and hone your skills. Which is another reason many employees find VTO days attractive.

The NP source showed that 92% of the HR executives surveyed agreed that contributing nonprofit business skills and experience could be an effective way to improve staff leadership and more business skill sets. spacious.

Encouraging your employees to seek growth opportunities through VTO will allow your employees to engage more effectively and discover new skills, all of which can make them more effective leaders in your company.

Tips For Managing Your VTO Program

Now that you understand how VTO can help your business, you need to think about how to build your VTO program. Many teams will have to work and provide leadership to get the VTO program off the ground, but these tips can help streamline the process.

1. Organize Your Time Off Request Process

Most companies provide VTO with different offers from other paid timelines and as such, VTO requires a separate time application process. This can be done by creating a volunteer time form to serve your employees and it has been approved by a manager prior to volunteering. Depending on the size of your company, you can choose to manage this team by team or company. The decision is completely yours. Need help getting your VTO program up and running?

2. Communicate With Employees

If you plan to start a VTO program, you don’t want to communicate the change to your employees. Take the time to make sure they understand who is eligible to participate, what the process for requesting time off is like, and what expectations there are for volunteering.

3. Use Software For Optimization

Managing your VTO program can be done without the use of software, but many HR professionals find it helpful to have a single location for all of these details. Businesses that have more than a handful of employees can benefit from investing in a software solution to help launch their VTO program. A corporate volunteering platform can help you access the platform to facilitate all of your philanthropic initiatives.

Employee volunteer information

With the Corporate Volunteering Platform, you can track employee time for VTO, provide tools to design, administer and manage corporate volunteer initiatives, and track volunteer activity and efficiency. It also provides robust analytics tools that allow you to measure activity and program effectiveness and manage all employee volunteer information such as contact information, availability, skill sets, interests, and participation.

It is true that connecting with Corporate Social Responsibility has some disadvantages. Your employees, your community, and your bottom line will thank you in the long run.

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