Skills-based volunteerism is an effective, yet underutilized, professional development tool, states new research from Deloitte's fifth annual IMPACT survey. Only 16% of employers regularly offer this option to employees, the survey finds.

Skills-based volunteering, contributing business knowledge and experience to help nonprofits, can be a valuable business asset.

"Talent development is one of the most critical priorities facing corporate America today," says Barry Salzberg, chief executive officer at Deloitte. "By intentionally linking two 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," he explains.

The national survey of Fortune 500 HR managers found that 91% agree that skills-based volunteering would add value to training and development programs. America already invests over $100 billion each year in training and development, according to the American Society of Training and Development.

In the 2008 IMPACT survey, 87% of HR managers agreed that their training and development programs are in need of enhancement to create effective future leaders, while many also report that their programs had a flat or decreased budget last year.

"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," says Susan Burnett, national director of talent management at Deloitte.