News • 06.06.2018

Study links corporate goodness programs to big gains in retention

Turnover is reduced by 57 percent for employees actively engaged in company giving

parachute jump of a team; Copyright: panthermedia.net/Iurii...
Source: panthermedia.net/Iurii

Benevity, Inc., the global leader in corporate social responsibility and employee engagement software, today announced the results of the Benevity Engagement Study, an analysis of the link between participation in corporate Goodness programs and employee retention within a large cohort of Fortune 1000 companies. The study, which examined the activity of more than 2 million users on the Benevity platform, found that turnover dropped by 57 percent in the employee group most deeply connected to their companies’ giving and volunteering efforts.

Studies show that the total cost of losing an employee can range from tens of thousands of dollars to 1.5-2 times an employee’s annual salary, which for U.S. companies totals more than $160 billion a year. To the extent that employee turnover is often a proxy for how engaged employees are with their company, these costs are likely understated. Gallup estimates that actively disengaged employees cost the U.S. up to $600 billion every year in lost productivity.

Findings from the Benevity Engagement Study underscore the true value of employee-centric Goodness programs that embed prosocial behavior like giving, volunteering, and taking action on social and environmental issues, into a company’s human capital management strategies.

“This is a revealing study that arms leaders with data that proves the value of their social impact initiatives for their company’s HR and broader corporate goals,” said Bryan de Lottinville, Benevity Founder and CEO. “These days, people don’t necessarily leave or disengage with a company or a business vertical, they leave a culture and values that they perceive are misaligned. Inclusive and user-centric corporate Goodness programs not only help to avoid that, they can become a source of differentiation and attraction for employees.”

Results of the benevity Engagement Study; Copyright: Benevity...
Results of the Benevity Engagement Study, an analysis of the link between participation in corporate Goodness programs and employee retention, found that turnover dropped by an average of 57 percent in the employee group most deeply connected to their companies’ giving and volunteering efforts.
Source: Benevity

Methodology: Benevity analyzed a global dataset of more than 2 million employees from 118 companies that have integrated corporate giving and volunteering programs. They were then segmented based on activity in the preceding 365 days up to either removal from the platform or having a continued presence. The study found the following turnover rates for each category, with the giving and volunteering cohort showing far greater retention than the cohort that did not participate in Goodness-related activities:

  • Employees that neither donated or volunteered: 28 percent turnover
  • Employees that only donated money: 18 percent turnover
  • Employees that only volunteered time: 17 percent turnover
  • Employees that both donated money and volunteered time: 12 percent turnover

Companies in this dataset displayed an average churn rate that is well below today’s national average.

Many of Benevity’s 450 enterprise clients—including companies like Microsoft and Prudential—are tapping into the power of Goodness to more deeply engage their employees, integrate CSR and HR objectives, and infuse their organizations with passion and purpose. For example, Microsoft’s employee giving program is so successful that it is now viewed as a keystone benefit for its workforce and an attractive draw for job applicants.

“The passion of our team and the infrastructure of this program are what make it happen,” said Mary Snapp, corporate vice president and head of Microsoft Philanthropies. “We’ve become so flexible in the ways that we invite people to give and so nimble responding to causes people care about that we are actually attracting purpose-driven employees to work at this company because of the history, legacy, and strength of the giving program.”

Source: Benevity Inc.

related articles:

popular articles:

Thumbnail-Photo: What retailers and brand experts need
08.02.2019   #event #brand management

What retailers and brand experts need

Retail & Brand Experience World Congress

Retail & Brand Experience World Congress (RBEWC) is the industry’s first-ever, all-encompassing event focusing on how retailers and brands can leverage experiential retail to enhance the shopping experience and reach a larger pool of ...

Thumbnail-Photo: U.S. prestige beauty industry sales grow six percent in 2018...
07.02.2019   #brick and mortar retail

U.S. prestige beauty industry sales grow six percent in 2018

Artisanal fragrance was the fastest growing aspect of the market

The U.S. prestige beauty industry reached 18.8 billion dollar in 2018, a six percent sales increase over 2017, according to The NPD Group. The skincare category grew by 13 percent and contributed 60 percent of the industry’s total gains; ...

Thumbnail-Photo: Luxury fashion spending is on the rise online...
05.02.2019   #e-commerce #fashion

Luxury fashion spending is on the rise online

Nearly half of the online luxury fashion dollar sales come from footwear

U.S. online sales of luxury fashion items are showing significant growth coming from each of the key segments – footwear, accessories, and apparel – according to the new U.S. Luxury E-commerce Report from The NPD Group. Much of the ...

Thumbnail-Photo: Good news for brick and mortar retailers
08.03.2019   #brick and mortar retail #in-store marketing

Good news for brick and mortar retailers

71 percent of shoppers are spending more in-store than online

Both men and women are spending significantly more in-store than online during a typical shopping visit according to a new report, by First Insight, Inc. The company, which recently surveyed consumers on shopping habits, purchase behavior and ...

Thumbnail-Photo: Retail jobs grew nearly 15,000 in January over December...
07.02.2019   #retail #economy

Retail jobs grew nearly 15,000 in January over December

The economy seems to be in a good place

Retail industry employment in January was down by 15,100 jobs unadjusted from a year earlier but increased 14,800 jobs seasonally adjusted from December, the National Retail Federation said today. The retail numbers, which exclude automobile ...

Thumbnail-Photo: Retailer app identifies counterfeit products and strengthens customer...
21.01.2019   #app #labels

Retailer app identifies counterfeit products and strengthens customer relationships

Secure barcodes on paper labels offer retailers and customers many benefits

Counterfeit goods prompt harmful financial losses due to a loss of sales and profits, decreased tax revenues and by threatening jobs – and this doesn’t just impact retailers and manufacturers. According to EUIPO (The European Union ...

Thumbnail-Photo: Digital Sales Summit in Hannover
08.01.2019   #e-commerce #digitization

Digital Sales Summit in Hannover

The E-Commerce Event

The Digital Sales Summit will be held for the first time in Hanover on 21 February.An extraordinary location and a LineUp which you have never seen before in the eCommerce industry, this is the easiest way to describe the Digital Sales Summit.In his ...

Thumbnail-Photo: 2nd World Retail Forum, Amsterdam
07.03.2019   #event #artificial intelligence

2nd World Retail Forum, Amsterdam

The latest developments in the industry

World Retail Forum is a platform for retail professionals from across the globe to come together, share experiences and learn from top industry leaders and retail gurus. ...

Thumbnail-Photo: Digital Marketing Forum
22.02.2019   #software developement #event

Digital Marketing Forum

Comprehensive, neutral, scientifically accompanied, critical

At the Digital Marketing Forum (DMF) on 06. and 07.03.2019 at the Stuttgart Media University, 18 proven experts from science and practice will explain the current status of methods, techniques and tools in digital marketing.With its program the DMF ...

Thumbnail-Photo: Burger King and Millennium Hotels discuss brand messaging...
18.03.2019   #marketing planing #brand management

Burger King and Millennium Hotels discuss brand messaging

Incite Groups free webinar, 14:00 GMT 3rd April

Nearly two-thirds of millennials and Gen Z express a preference for brands that have a point of view and stand for something. As customers demand a more personalised and meaningful relationship with the brands of their choice, it is imperative you ...

Supplier

Westiform GmbH & Co. KG
Westiform GmbH & Co. KG
Kinzigtalstrasse 2
77799 Ortenberg