Volunteer work helps fuel our economy – why businesses should get on board

Today, 5 December, marks International Volunteer Day – a day to “raise awareness of the important role volunteers play in responding to challenges facing the world.” The benefits extend beyond the community and can be beneficial for all involved.

NSW is home to a staggering 4.3 million volunteers, according to The Centre for Volunteering. That equates to 63.9 per cent of the state’s total population.

This important work does more than support the community and those in need – it generates a significant amount of revenue. In NSW alone in 2023, the value of volunteer work added up to around $178 billion.

Meanwhile, the replacement cost of volunteering in NSW was $39.7 billion. For every dollar invested, $5.50 is returned, equating to a 550 per cent return on investment. Volunteers across the state contributed 893.9 million hours of volunteer work this year alone.

The Centre for Volunteering chief executive Gemma Rygate commented: “The findings highlight the true value and impact of volunteering, and will help people understand the characteristics, needs and challenges of the volunteering sector.”

"This data supports the imperative need to invest in volunteering and reveals the true contribution that volunteering makes to our communities and our economy. We know how integral volunteers are to New South Wales and that we can’t get by without them … volunteering isn't just a service; it constitutes the largest workforce in New South Wales.”

The massive impact this work has on the country can’t be ignored. With International Volunteer Day upon us, recognising the efforts of these people is crucial.

"With over half of the population participating, volunteers play an integral role in shaping the social fabric of our state. Recognising and appreciating the significance of this workforce is essential for the continued well-being and prosperity of our communities,” said Ms Rygate.

"The $178 billion value of volunteering is not just a number; it symbolises the collective effort of individuals working towards the betterment of our communities. The replacement cost of $39.7 billion further emphasises the scale of this contribution, surpassing even the entire cost of the New South Wales public sector.”

There is a business case for volunteer work, too. The immediate effects of supporting the community and disadvantaged people are obvious, but there are more nuanced benefits to be had.

According to Talent Magnet Institute, there are four key reasons why it’s good for business:

1. Volunteerism increases employee engagement
2. Build a healthier workforce through volunteering programs
3. Help your employees grow professionally
4. Improve your brand image

Minister with responsibility for volunteering, Jodie Harrison, said that our volunteer system is something to be proud of: “Whether volunteers are on the sports field, in the foodbank, patrolling the beach or deployed to an emergency, they are the heartbeat of every community.”

“This report provides valuable insights into the contributions volunteers across New South Wales make and identifies challenges experienced across the sector, such as increased demand, cost-of-volunteering pressures, volunteer recruitment, and retention. By working together, we can respond to these challenges.”

Ms Harrison concluded: “Our united vision for the future is one where volunteering in New South Wales grows and is vibrant, everyone can volunteer more often throughout life, and their contributions are celebrated.”