The national  2008 Volunteer IMPACT Survey of Fortune 500 human resource managers found that, while training and development is perceived as vital to corporate success, many managers are laboring under shrinking or flat budgets, underscoring the need for cost-effective innovation. One solution could be found in an unlikely place — the company's volunteer program.

Fully 91 percent of respondents agree that skills-based volunteering (which involves the contribution of business knowledge and experience to help nonprofits increase their capacity) would add value to training and development programs, particularly as it relates to fostering business and leadership skills. However, only 16 percent make it a regular practice to intentionally offer these opportunities for employee development, suggesting a missed opportunity to boost learning in a way that offers substantial benefits.

"Talent development is one of the most critical priorities facing corporate America today," said Barry Salzberg, chief executive officer, Deloitte LLP. "By intentionally linking two often unconnected areas like community involvement and training, innovative companies can meet strategic business goals, save money and, at the same time, release new resources for the community. It's powerful."

According to the American Society of Training and Development, corporate America invests heavily in training and development, spending more than $100 billion a year. 

Deloitte's survey revealed that the slowing economy and threat of a talent shortage are placing increased pressure on talent development programs, often without added financial resources. Eighty-seven percent of human resource managers surveyed agreed that their company's training and development program is under pressure to develop the next generation of leaders, yet 70 percent indicated that their budget either remained flat or decreased over last year. Skills-based volunteer activities are perceived as a cost-effective development option; only 2 percent of total respondents believe that incorporating skills-based volunteering into talent development programs would cost more than traditional training and development options.

"Skills-based volunteer programs provide valuable experiential learning opportunities for employees that build business and leadership skills without the expense often associated with traditional corporate training programs," said Evan Hochberg, national director of community involvement, Deloitte Services LP. "As leading companies become adept at leveraging their community investments to drive key business goals, corporate community involvement programs will be positioned to deliver more business value and social impact."

However, the benefits of incorporating skills-based volunteerism into corporate training and development programs remain largely unrealized. The survey found that even in those companies that do offer skills-based volunteer opportunities, they are generally not viewed as a strategic business tool. In fact, among HR professionals who agree that skills-based volunteering is an effective way to further develop leadership skills, only 13 percent offer it to all employees.

"Corporate America has yet to fully tap the benefits of integrating skills-based volunteerism into talent development strategies and programs," said Susan Burnett, national director of talent development, Deloitte Services LP. "With a focus on learning and development, a volunteer role can become a stretch assignment that develops leadership and client service skills that benefit the volunteer organization, the employee and their company. This will be a priority for Deloitte as we ‘refresh' our talent development agenda."