Harnessing Financial Expertise: How To Get Started With Skills-Based Volunteering

In skills-based volunteering, people bring their job-related expertise to volunteer work, either in person or virtually. It’s a win-win: nonprofits benefit from volunteer contributions, and employees feel not only rewarded from offering a truly valuable service, but can also further hone their skills and realize career benefits.

Skills-based volunteering is a particularly ripe opportunity for companies in the financial services sector. Financial services and institutions, including banks, credit unions, and insurance companies, have a wealth of expertise that can significantly benefit local nonprofit organizations (NPOs) and the communities they serve.

Professionals in these sectors have specialized knowledge in areas such as financial management, risk assessment, investment strategies, and compliance regulations. By leveraging these skills, employees from financial institutions can support NPOs in areas such as budgeting, financial planning, grant management, and fundraising strategies. 

For instance, a financial analyst could help a nonprofit develop sustainable budgeting practices, while an investment advisor could provide guidance on diversifying revenue streams to various community groups in settings such as libraries. Additionally, employees from these institutions can offer valuable insights into financial reporting and creating transparency and accountability in organizational operations. 

Through skills-based volunteering, financial services professionals can make a meaningful impact in their communities by empowering NPOs with skills to grow their programs and fulfill their missions effectively. Here’s how to get started.

Skills-based volunteers can choose from a range of commitment options. Here are a few examples:

• 30 minutes of guidance on revenue steams

• A one-hour seminar on financial literacy

• A few hours a week over three weeks to develop and hone budgeting skills and strategy

• Several hours a week over three months to help understand fundraising strategies and risk assessment

Pro bono (‘for the public good’) is a type of skills-based volunteering. This descriptor applies to any donation of professional services that an organization would normally charge for. An  example would be a bank might provide a free budget, forecasting, and financial analysis sessions for local NPOs on a pro bono basis.

Nonprofits with a small staff or limited budgets appreciate the contributions of talented volunteers who help fill their skills gaps. Patricia Toothman, social impact manager at Splunk, said her colleagues who volunteer help bridge the “data divide” at many nonprofit organizations. Skills-based volunteers bring valuable expertise and perspective to a nonprofit’s mission-critical projects and operations.

When nonprofits work with skills-based volunteers, they don’t have to spend money hiring staff and consultants for projects and one-off tasks—talent they couldn’t otherwise afford.

Volunteering is a win-win for the employee and the nonprofit. Employees can practice skills and gain experience that opens up new opportunities at work.

While volunteering, employees develop new relationships with nonprofit staff, other volunteers, and perhaps colleagues from other departments who are also contributing their talents. For example: A co-worker from IT might assess the nonprofit’s technology needs while someone from HR helps the CEO hone their interview skills.

Employees get a sense of purpose from this transformative type of volunteering. They have the satisfaction of producing a clear deliverable, such as a new website, employee handbook, or strategic plan. They make a difference with their skills and knowledge.

Skills-based volunteering gives employees a chance to feel a deeper sense of purpose at work. They’re not just another set of hands. They get to bring their brain power and experience to the cause. Skills-based volunteering gives them the opportunity to develop and practice skills in real-life situations. Even less-experienced volunteers can shadow and learn from their more experienced colleagues.

These opportunities to enhance skills and grow professionally are what job hunters seek. A skills-based volunteering program makes it easier for you to attract and retain top talent, especially socially conscious professionals. Per Deloitte Global’s 2022 Millennial and Gen Z Survey, young professionals seek “increased learning and development opportunities” along with “a greater commitment from businesses to make a positive societal impact.”

Volunteering together strengthens relationships between employees and lays the foundation for future collaboration. For example, a volunteer team with staff from IT, finance, advocacy, and marketing work together on a nonprofit’s fundraising campaign. These employees might not have worked together before, but now the departmental silos are breaking down. 

With skills-based volunteering, your company creates community impact in a substantial and tangible way. You can share data, such as volunteer hours, about your employees’ accomplishments with your board and the press. Consumers appreciate and support brands that actually live up to their CSR promises.

In addition to skills-based volunteering benefitting your company from a company culture perspective, skills-based volunteering plays a critical role in helping banks and financial institutions meet Community Reinvestment Act (CRA) requirements. By using their expertise and resources to support local NPOs and community development initiatives, banks can demonstrate a commitment to fulfilling their CRA obligations while also positively impacting the communities they serve. 

Through skills-based volunteering, financial institutions can address key CRA assessment factors, like investment and service activities, by providing valuable financial education and economic development support. By collaborating with NPOs on projects related to affordable housing, small business development, financial literacy, and other community reinvestment initiatives, banks can strengthen their ties to the community, enhance their CRA performance, and promote sustainable economic growth and prosperity for all residents.

Follow this general framework for launching a skills-based volunteering program. However, since no two nonprofits are alike, tailor your project management process to the nonprofit’s needs and circumstances.

1. Identify nonprofits that align with your company and staff values. 

2. Focus on low- and moderate-income communities to make sure your programs align with your CRA requirements.

3. Meet with nonprofit leadership to discuss their goals and needs.

4. Determine how your company can help.

5. Appoint an account or project manager who serves as a liaison with the nonprofit. This person ensures the volunteers—and nonprofit staff—stick to the plan and follow through on their responsibilities.

6. On your volunteering platform, describe open opportunities along with project goals, required skills, and time commitment. Employees can browse these listings and find the ones that match their skill sets and interests.

7. Invite employees who would benefit most from the experience to sign up.

8. Ask employees to regularly update their volunteer hours on the platform.

Afterwards, do a retrospective after major projects with the volunteers and nonprofit staff involved. Discuss what went well, what didn’t, and what you would do differently next time. This information is useful for liaisons and volunteers for future projects.

Share project success stories and outcomes with the entire staff—your public relations team will love them too. When volunteers see a visualization of the hours spent on the project, they’ll feel a great sense of accomplishment.

Skills-based volunteering helps individuals leverage their unique skills to give back in meaningful ways. Moving forward, corporate leaders should look for ways their organization as a whole can do the same. Explore how your team can deepen your partnership with nonprofits, incorporate social impact into your business mission, and become a values-driven brand.