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Volunteering: The most cost effective way to train and develop your staff
In May 2010 The City of London Corporation released a report which shows that corporate volunteering offers significant financial benefits for business.
Produced by Corporate Citizenship, the report – “Volunteering: the Business Case” – tracks the learning and development of almost 550 employees from 16 major City firms volunteering in schools and colleges across the UK. These firms include Aviva, Bank of America Merrill Lynch, Deutsche Bank, Ernst & Young, Nomura and Santander. The study found that:
- Employees are able to develop a range of business relevant skills through their volunteering assignments including communication skills, coaching skills, influencing and negotiating skills
- This skills gain was not simply self-reported, but was corroborated by the line managers of volunteers
- The costs of developing skills through volunteering are considerably lower than the costs of more traditional approaches to training and development.