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Definition of Volunteerism:

Volunteerism is the practice of dedicating your time, skill, and resources for the betterment of the society, and not for financial gain. 

In organizations, companies provide tools and resources that help employees volunteer for a cause that they believe in. Some companies provide sabbaticals (can be paid too!), or encourage employees to use their skills and resources for a good cause. 

It is a way by which companies are giving back to the community.