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.
The spirit of generosity and volunteering can help employees in their work ethics. They are not just the ordinary employees but people who can help their companies achieve a good image in the eyes of people.
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.
One step further to this type of program was utilized by IBM. Volunteer assignments to some developing countries, up to a month, were given to some select employees. This is IBM's Corporate Service Corps, a group of 500 select employees selected from thousands, and this is often called the modern corporate version of the Peace Corps. This project produced employees that are more skilled, loyal, and collaborative, while also the more civic oriented IBM employees, where the project cost $250,000 each and producing good value to the countries the aid is given. More global business leaders doing different market research also were identified by IBM through the project and also emerging markets identified.
For companies who want to get the young Millennials, they need to offer incentives such as attractive employee engagement programs, for them to be competitive. When they spread the spirit of generosity within the company, they can get the young Millennials who are socially conscious, those who can help in business and those who can be the next generation of business 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.
The spirit of generosity and volunteering can help employees in their work ethics. They are not just the ordinary employees but people who can help their companies achieve a good image in the eyes of people.
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.
One step further to this type of program was utilized by IBM. Volunteer assignments to some developing countries, up to a month, were given to some select employees. This is IBM's Corporate Service Corps, a group of 500 select employees selected from thousands, and this is often called the modern corporate version of the Peace Corps. This project produced employees that are more skilled, loyal, and collaborative, while also the more civic oriented IBM employees, where the project cost $250,000 each and producing good value to the countries the aid is given. More global business leaders doing different market research also were identified by IBM through the project and also emerging markets identified.
For companies who want to get the young Millennials, they need to offer incentives such as attractive employee engagement programs, for them to be competitive. When they spread the spirit of generosity within the company, they can get the young Millennials who are socially conscious, those who can help in business and those who can be the next generation of business leaders.
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 discover some employee giving campaign ideas, please check out the Truist.com website now.
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