Paid time off for volunteering (VTO) is a win-win for both employees and companies. It helps employees build new skills and gives employers a leg up in hiring and keeping talent. Wells Fargo was one of the first big companies to roll out paid VTO back in 1976, thinking it would benefit both their employees and the community.
Since then, more companies have jumped on board, with 28% of employers offering paid VTO by 2023, compared to 19% in 2002. Today, companies like Hasbro, Timberland, and Crunchbase offer their teams anywhere from a few hours a month to several days a year of paid VTO.
Not only does it give employees a chance to develop professionally, but it also helps businesses attract people who want to work for a company that shares their values. In fact, companies with volunteer programs see 52% lower turnover among newer employees, according to a 2022 Benevity survey.
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