While the majority of human resource (HR) professionals view skills-based volunteerism as a powerful and cost-effective professional development tool, very few companies are leveraging volunteer programs for this purpose, according to Deloitte's fifth annual Volunteer IMPACT Survey.

According to the American Society of Training and Development, corporate America invests heavily in training and development, spending more than $100 billion a year. The 2008 Volunteer IMPACT 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.

Ninety-one percent of the Fortune 500 HR managers participating in the national survey agreed that skills-based volunteering would add value to training and development programs, particularly as it relates to fostering business and leadership skills. Yet only 16 percent make it a regular practice to intentionally offer these opportunities for employee development.

And while 87 percent of HR managers surveyed agreed that their company's training and development program is under pressure to develop the next generation of leaders, 70 percent indicated that their budget either remained flat or decreased over last year.

In this context, skills-based volunteer activities are perceived as a cost-effective development option. Only two percent of total respondents believe that incorporating them into talent development programs would cost more than traditional training and development options.

That said, the benefits of incorporating skills-based volunteerism into corporate training and development programs still remain largely unrealized. The survey found that even companies that do offer skills-based volunteer opportunities do not generally view them 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, just 13 percent offer it to all employees.

"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."