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: DJ, play me a song while I shop!
18.11.2019   #brick and mortar retail #in-store marketing

DJ, play me a song while I shop!

Can music increase sales volume? Retail store music playlists generated in real-time make it possible

How do you select the right music and ad spots for your retail store to play at just the right time? Do you have an employee who visits every store armed with a USB stick and downloads ready-made playlists to the respective equipment?Are there ...

Thumbnail-Photo: 75 % of millennials abandon in-store purchases...
14.11.2019   #customer satisfaction #brick and mortar retail

75 % of millennials abandon in-store purchases

Zebra study: out-of-stocks drive shoppers to online

Zebra Technologies Corporation today revealed the results of its 12th annual Global Shopper Study, the industry’s only market tracker that analyzes the attitudinal behavior of shoppers, retail associates and retail executives and examines the ...

Thumbnail-Photo: The POS TUNING Pizza Presenter
24.07.2019   #product presentation #refrigerated shelves

The POS TUNING Pizza Presenter

The presentation solution for round pizzas in the chilling area

At the point of sale, customers can only buy what they see. This is the motto of POS TUNING from Bad Salzuflen, the solution provider for optimized product presentation at the point of sale for almost all product categories.The POS T Pizza Presenter ...

Thumbnail-Photo: A pearl among commodities: encouraging impulse buys...
11.09.2019   #pos marketing #customer analysis

A pearl among commodities: encouraging impulse buys

How to make the most of wait times

It’s wonderful if customers come to retail stores to buy things. It’s fantastic if they buy more than they planned to purchase. This offers many opportunities, especially for brick and mortar retailers as surveys show: customers are more ...

Thumbnail-Photo: Get your business ready for E-commerce!
30.09.2019   #e-commerce #customer satisfaction

Get your business ready for E-commerce!

E-commerce Berlin Expo 2020 starts on the 13th of February 2020

The E-commerce Berlin Expo 2019 gathered more than 55000 visitors, 150 exhibitors and 45+ speakers taking part in the annual fair. The numbers speak for themselves - EBE has become one of the most important e-commerce events in Europe. However, ...

Thumbnail-Photo: 91% of SMBs think customer reviews are critical...
25.07.2019   #customer satisfaction #customer relationship management

91% of SMBs think customer reviews are critical

Survey about online customer reviews on platforms

Uberall, Inc., a location marketing solution for businesses, released new data on how small- and medium-sized businesses feel about online customer reviews across platforms like Yelp, TripAdvisor, Facebook, Instagram, Google and more. For the ...

Thumbnail-Photo: POS TUNING supports Grips&Co
26.09.2019   #sales promotion #product presentation

POS TUNING supports "Grips&Co"

POS TUNING is committed to promoting young talent in the retail

Since the magazine "Rundschau für den Lebensmittelhandel" launched the Grips&Co competition, the annual cult event for junior staff, HR specialists and brand industry has been taking place for almost 40 years. Two days of ...

Thumbnail-Photo: 90+ year-old manufacturer redesigns its stores …...
19.09.2019   #consulting #customer satisfaction

90+ year-old manufacturer redesigns its stores …

… making window and door shopping easier, more personalized and enjoyable

Each year we hear about the increase in online sales, and the talk of the demise of brick-and-mortar stores. But, brick-and-mortar stores aren’t going anywhere – if they adapt. And Pella Windows & Doors is adapting.Rather than ...

Thumbnail-Photo: Distract or divert!
10.09.2019   #customer satisfaction #customer relationship management

Distract or divert!

How to engage customers at the checkout

Retailers and retail designers spend a considerable amount of time discussing and juggling a crucial aspect of the customer experience at the point of purchase: the checkout.To be fair, it’s not easy to turn the moment when customers have to ...

Thumbnail-Photo: Vast majority of consumers plan to return holiday gifts...
03.10.2019   #pos marketing #personalization

Vast majority of consumers plan to return holiday gifts

“Retailers need to seize the moment."

During the upcoming holiday season 77 percent of consumers surveyed said they plan to return a portion of their gifts, with nearly 20 percent expecting to return more than half of their presents (sorry grandma!). This is both a blessing and a curse ...

Supplier

HappyOrNot
HappyOrNot
Innere Kanalstraße 15
50823 Köln
APG Cash Drawer
APG Cash Drawer
4 The Drove
BN9 0LA Newhaven
Mood Media GmbH
Mood Media GmbH
Wandalenweg 30
20097 Hamburg
loadbee GmbH
loadbee GmbH
Nikolaus-Otto-Straße 13
70771 Leinfelden-Echterdingen
VKF Renzel GmbH
VKF Renzel GmbH
Im Geer 15
46419 Isselburg
POS TUNING Udo Voßhenrich GmbH & Co KG
POS TUNING Udo Voßhenrich GmbH & Co KG
Am Zubringer 8
32107 Bad Salzuflen