The young adults of today, called Millennials or Generation Y, are sometimes being called by many as ego centered and narcissistic. However, these are extremely tech savvy adults who are also more civic minded than their elders and having a strong sense of community. For many companies, engaging and getting the services of these young adults, the future business leaders, can be an advantage. A strategy is through spreading a culture of generosity within the company.
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.
Another study by 2012 Millennial Impact Report indicates that 63% of Millennials volunteered for a nonprofit in 2011 and 90% of survey respondents said they expected to volunteer as much or even more in the following year. Since volunteering is very much a part of the Millennial lifestyle, companies would be wise to include corporate philanthropy when developing a strategy for employee engagement.
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.
A strategy that companies have found successful with attracting young Millennials is through giving VPTO or Volunteer Paid Time Off as incentive. These employees are given time off with pay when volunteering during working hours. There are US Bank employees who can get up to 16 hours of pay in a year for their volunteer activities to the homeless, aged people, and even to kids. Companies find it less costly for their employees to do volunteer activities than replacing them if they decide to resign.
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.
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.
Another study by 2012 Millennial Impact Report indicates that 63% of Millennials volunteered for a nonprofit in 2011 and 90% of survey respondents said they expected to volunteer as much or even more in the following year. Since volunteering is very much a part of the Millennial lifestyle, companies would be wise to include corporate philanthropy when developing a strategy for employee engagement.
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.
A strategy that companies have found successful with attracting young Millennials is through giving VPTO or Volunteer Paid Time Off as incentive. These employees are given time off with pay when volunteering during working hours. There are US Bank employees who can get up to 16 hours of pay in a year for their volunteer activities to the homeless, aged people, and even to kids. Companies find it less costly for their employees to do volunteer activities than replacing them if they decide to resign.
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.
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 additional information about philanthropic solutions for businesses and non profit organizations, or to find some employee giving campaign ideas, please go to the Truist.com website now.
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