Today's Millennials, also known as Generation Y, are often stereotyped as entitled with a sense of narcissism. But those tech-savvy young adults between the ages of 20 and 35 are also thought to be more civic-minded than generations past, with a strong sense of community, both local and global. It's important for companies to attract and engage this generation of future business leaders. One way to do this is through fostering a culture of philanthropy in the workplace.
Research shows it's important to Millennials that they work for a company with a broader mission to help the community at large, rather than just generating paychecks. The nonprofit Net Impact polled 1,726 college students and new graduates last year and found that 53% of young workers said that "a job where I can make an impact" was important to their happiness, and 72% of students about to enter the workforce agreed. More importantly is that with all other things being equal, 58% of Millennials would take a 15% pay cut to achieve this goal.
A separate study in a 2012 Millennial Impact Report also shows that 63 percent of these young Millennials will volunteer for a nonprofit group, and this was in 2011, and 90 percent of those polled will volunteer even more in the succeeding years. This can be a part of the lifestyle of these young Millennials, the volunteerism, and companies should include this in their corporate missions and strategies.
Workplace giving and volunteering activities help employees invest in their work. Instead of being a cog in the wheel, they are individuals who help their company make a difference in the community.
Charitable and philanthropic activities can help inspire employees, and there are four key areas to this.
Productivity: Productivity can increase when employees are inspired and engaged. Ethics: Employees can make good decisions if they are involved in humane and selfless activities. Gratitude: When employees are given the chance to give back to society, they will ever be grateful. Pride: Employees will be proud of their company when they are proud of their work.
One way companies have found success in attracting Millennials is by offering Volunteer Paid Time Off (VPTO) as an incentive. Employees are given time off to volunteer during work hours. U.S. Bank employees can draw up to 16 hours of pay per year for activities like serving breakfast to the homeless or reading to kids. Business leaders are finding that it costs less to let employees volunteer on the clock than it would to replace them if they quit.
IBM has taken these types of programs to a new height. They allow some employees to engage in a full month's volunteer activities in other countries. Some call this the corporate form of the Peace Corps, IBM's Corporate Service Corps, comprising a group of 500 employees chosen from thousands of employees. These are projects costing $250,000 each and producing good value to the countries receiving the aid, but these are also projects producing more skilled, loyal, helpful, but most importantly more civic oriented employees. Aside from this, IBM also looks at new and emerging markets and also the business leaders who can do different market researches globally.
Companies who want to recruit Millennials need to offer perks like attractive employee engagement programs in order to stay relevant and competitive. By developing a culture of philanthropy in the workplace, you'll attract socially conscious Millennials, who could help your business become even better as they become your company's next generation of leaders.
Research shows it's important to Millennials that they work for a company with a broader mission to help the community at large, rather than just generating paychecks. The nonprofit Net Impact polled 1,726 college students and new graduates last year and found that 53% of young workers said that "a job where I can make an impact" was important to their happiness, and 72% of students about to enter the workforce agreed. More importantly is that with all other things being equal, 58% of Millennials would take a 15% pay cut to achieve this goal.
A separate study in a 2012 Millennial Impact Report also shows that 63 percent of these young Millennials will volunteer for a nonprofit group, and this was in 2011, and 90 percent of those polled will volunteer even more in the succeeding years. This can be a part of the lifestyle of these young Millennials, the volunteerism, and companies should include this in their corporate missions and strategies.
Workplace giving and volunteering activities help employees invest in their work. Instead of being a cog in the wheel, they are individuals who help their company make a difference in the community.
Charitable and philanthropic activities can help inspire employees, and there are four key areas to this.
Productivity: Productivity can increase when employees are inspired and engaged. Ethics: Employees can make good decisions if they are involved in humane and selfless activities. Gratitude: When employees are given the chance to give back to society, they will ever be grateful. Pride: Employees will be proud of their company when they are proud of their work.
One way companies have found success in attracting Millennials is by offering Volunteer Paid Time Off (VPTO) as an incentive. Employees are given time off to volunteer during work hours. U.S. Bank employees can draw up to 16 hours of pay per year for activities like serving breakfast to the homeless or reading to kids. Business leaders are finding that it costs less to let employees volunteer on the clock than it would to replace them if they quit.
IBM has taken these types of programs to a new height. They allow some employees to engage in a full month's volunteer activities in other countries. Some call this the corporate form of the Peace Corps, IBM's Corporate Service Corps, comprising a group of 500 employees chosen from thousands of employees. These are projects costing $250,000 each and producing good value to the countries receiving the aid, but these are also projects producing more skilled, loyal, helpful, but most importantly more civic oriented employees. Aside from this, IBM also looks at new and emerging markets and also the business leaders who can do different market researches globally.
Companies who want to recruit Millennials need to offer perks like attractive employee engagement programs in order to stay relevant and competitive. By developing a culture of philanthropy in the workplace, you'll attract socially conscious Millennials, who could help your business become even better as they become your company's next generation of leaders.
About the Author:
Sebastian Troup loves blogging about corporate social responsibility companies. For more details regarding philanthropic solutions for businesses and non profit organizations, or to discover some employee giving campaign ideas, please check out the Truist.com website now.
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