New Benevity Report Reveals the Power Corporate Purpose Programs Play in Employee Retention
CALGARY, Alberta, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Benevity, Inc., the leading provider of global corporate purpose software, today released its Talent Retention Study, a report from Benevity Impact Labs that reveals companies see a 52% lower turnover rate among newer employees who participate in corporate purpose programs including workplace giving, volunteering and micro-actions.
To further understand the link between new employees’ participation in a corporate purpose program and their tenure at a company, Benevity analyzed data from over 10.6 million Benevity platform users at more than 400 companies around the world. The study highlights how corporate social responsibility (CSR) and HR professionals can involve employees in doing good during their onboarding and keep them engaged in these programs during their tenure. It also uncovers best practices for companies to follow to boost employee involvement in purpose programs from the get-go and grow engagement over time.
The study comes at a crucial time, as employees who are not engaged or who are actively disengaged cost $7.8 trillion in lost productivity globally, according to Gallup. Companies can more effectively engage employees at all levels – especially millennials and Gen Zers, who make up 46% of the full-time workforce in the U.S. and average just two to three years of tenure – by boosting participation in corporate purpose programs.
Key findings from the study include:
Engaging employees in CSR programs at every level and making sure they are participating early and often is key to increasing their tenure at a company. Incorporating purpose into onboarding, connecting CSR efforts to affinity groups or employee resource groups (ERGs), and finding ways to encourage employee giving and action throughout the year are just a few tactics the report highlights to increase participation in purpose programs and ultimately boost retention.
“This past year and a half revealed just how easily employees are leaving companies and jumping to other jobs,” said Sona Khosla, Chief Impact Officer at Benevity. “There are a number of reasons for that, but we know that workers, especially ones entering the workforce for the first time, are increasingly prioritizing finding meaning and purpose in their workplace. Businesses that engage their employees in doing good are retaining and attracting top talent while strengthening their company culture.”
To learn more about how purpose programs can be used to retain employees, read Benevity’s Talent Retention Study here.
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