Work based schemes where employees give up their time for good causes could be worth as much as £6.4bn to the UK economy, research is estimating.

For every £1 spent on setting up such schemes, there are between £1.50 and £3.60 of benefits, says the analysis, which is urging companies to set up volunteering initiatives for staff.

It says that economic gains via the schemes through boosting workers’ wellbeing could be worth between £1.2bn and £3.6bn.

Meanwhile, taking part in workplace volunteering schemes could boost the economy by between £1.6bn and £2.8bn a year in improved productivity.

It is also estimated that staff’s access to work-based volunteering could save as much as 2.5m in total sick days.

The research cites previous analysis by charity body NCVO, which found between a quarter and a third of employees would take advantage of workplace volunteering if it was available.

However, the research, published this week by think tank Pro Bono Economics for business volunteering charity Pilotlight, found that between 17m and 21m workers do not have access to workplace volunteering.

“Increasing access to workplace volunteering opportunities has a triple dividend, as it could boost productivity and unlock billions in the UK economy, while providing much needed support for charities,” said Pro Bono Economics director of research and policy Dr Jansev Jemal.

“In addition to wellbeing for employees, there’s a compelling, hard-nosed business case for considering workplace volunteering, including boosts to health and skills.”

When setting up schemes he urged businesses to consider further support for charities to cover the cost of administering volunteering “rather than assuming that an offer of time alone will suffice”.

Pilotlight chief executive Ed Mayo added: “Volunteering is not a cost, it is an investment. It is good for charity, good for the volunteer and good for the bottom line.”

Among employers offering workplace volunteering schemes is Strand Palace Hotel in London.

“Our team love to get involved in team-building hikes, red nose days, wellbeing walks, ‘Wear it Pink’ days, charity runs, bingo nights, themed quizzes, clothing donation drives, as well as offering our team a paid volunteering day each year,” said the hotel’s head of sustainability Alexandra Berry.

“Feedback from our team has expressed these community events provide socialisation and relaxation outside of the hotel alongside contribution to a charitable cause, of which they are passionate about supporting.”

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