Paid Time Off for Volunteer Work: A Growing Trend Among Credit Unions
When we think of paid time off, we often associate it with relaxation and vacation. However, a new trend is emerging among credit unions, where employees are using their PTO not for rest, but to serve their communities.
The Rise of Volunteer Time Off (VTO)
Many of the top credit unions recognized in American Banker’s recent ranking of the Best Credit Unions to Work For have one key employee benefit in common: Paid Time Off specifically designated for volunteer work, often referred to as “VTO.”
Without having to dip into their vacation or sick days, employees at these credit unions can take time off to contribute to various community service activities such as volunteering at food pantries, serving on nonprofit boards, or participating in disaster relief efforts. While some credit unions have partnerships with specific charity organizations, many allow their employees the freedom to volunteer wherever their passion lies.
The Benefits of VTO
According to the Society for Human Resource Management, around 28% of U.S. employers now offer PTO for volunteering, citing benefits such as increased engagement, enhanced employer branding, and improved employee attraction and retention.
April Brasher, an HR knowledge advisor at SHRM, highlights the positive impact of VTO on employee morale and skill development, particularly among younger generations who seek meaningful work experiences. By encouraging employees to give back to their communities, employers also bolster their reputation and connection with the local populace.
Leading the Way: Examples of VTO in Action
One standout credit union embracing VTO is the PAHO/WHO Federal Credit Union, ranked No. 13 on American Banker’s list. Offering their employees “Annual Volunteer Time,” the credit union allows staff to use their dedicated hours for community service activities of their choosing.
Despite the challenges posed by the COVID-19 pandemic, PAHO’s employees continued to utilize their VTO, finding ways to support their communities even during times of isolation. From volunteering at local hospitals to participating in disaster relief efforts, PAHO’s staff exemplifies the spirit of giving back.
Another notable example is the Arkansas Federal Credit Union, ranked No. 21 by American Banker, which provides employees with 48 hours of VTO per year. Partnering with organizations like Ronald McDonald House, the credit union’s staff participates in events like “Meals From The Heart,” offering hot meals to families in need.
The Community-Centric Nature of Credit Unions
Derek Fuzzell, CFO of PAHO/WHO Federal Credit Union, attributes the popularity of VTO among credit unions to their inherent focus on community service and support. The core principle of “people helping people” that underpins credit unions extends beyond financial services to encompass active involvement in community welfare.
By empowering their employees to make a difference through volunteer work, credit unions like PAHO and Arkansas Federal Credit Union not only enhance their employees’ sense of purpose but also strengthen their ties to the communities they serve.
Overall, the trend of offering Paid Time Off for volunteer work reflects a broader shift towards employee well-being, community engagement, and corporate social responsibility. As credit unions continue to lead by example, the impact of VTO reaches far beyond individual acts of service, contributing to a more connected and compassionate society.
Source: American Banker
