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.
There is also a study that shows 63 percent of Millennials volunteered for nonprofit in 2011 and 90 percent of these individuals agreed to volunteer even more the following year, and this from a study in the 2012 Millennial Impact Report. Developing corporate strategies in getting employees should be done by companies, and this should include corporate charity and philanthropy, because volunteerism is a strong part in the lifestyle of Millennials.
Employees can get inspired in their work when there is the spirit of giving and volunteering in the workplace. Employees can feel that they can help their company make a difference in society, instead of them thinking that they are just ordinary employees.
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 takes this program a step further. They send select employees on month-long volunteer assignments to developing countries. Often called a "corporate version" of the Peace Corps, IBM's Corporate Service Corps consist of 500 employees chosen from a pool of thousands. The projects, each valued at $250,000, create significant value for the countries receiving aid, but also produce more skilled, collaborative, loyal, and culturally aware employees for IBM. In addition, IBM identifies new emerging markets and global leaders in a different type of market research.
Offering attractive employee programs for companies to be competitive should be done by companies, for them to get the young Millennials. Attracting the civic and socially oriented Millenials who can help the business achieve better can be done, and these people can be the next generation business leaders, when companies develop a culture of charity and philanthropy within.
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.
There is also a study that shows 63 percent of Millennials volunteered for nonprofit in 2011 and 90 percent of these individuals agreed to volunteer even more the following year, and this from a study in the 2012 Millennial Impact Report. Developing corporate strategies in getting employees should be done by companies, and this should include corporate charity and philanthropy, because volunteerism is a strong part in the lifestyle of Millennials.
Employees can get inspired in their work when there is the spirit of giving and volunteering in the workplace. Employees can feel that they can help their company make a difference in society, instead of them thinking that they are just ordinary employees.
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 takes this program a step further. They send select employees on month-long volunteer assignments to developing countries. Often called a "corporate version" of the Peace Corps, IBM's Corporate Service Corps consist of 500 employees chosen from a pool of thousands. The projects, each valued at $250,000, create significant value for the countries receiving aid, but also produce more skilled, collaborative, loyal, and culturally aware employees for IBM. In addition, IBM identifies new emerging markets and global leaders in a different type of market research.
Offering attractive employee programs for companies to be competitive should be done by companies, for them to get the young Millennials. Attracting the civic and socially oriented Millenials who can help the business achieve better can be done, and these people can be the next generation business leaders, when companies develop a culture of charity and philanthropy within.
About the Author:
Sebastian Troup loves writing about corporate social responsibility companies. For additional details regarding philanthropic solutions for businesses and non profit organizations, or to find some employee giving campaign ideas, please check out the Truist.com website today.
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