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.
Studies have shown the importance to these Millennials of working in companies with corporate missions of engaging in charity, and not only thinking of their pay. There is a nonprofit organization Net Impact who polled more than 1,700 college students and graduates last year, where the results was 53 percent of the young workers stated that they prefer work where they can make an impact and where they can find happiness, and 72 percent of the students and graduates polled agreed. Even more important is that with all things equal, 58 percent of these young adult Millennials will accept pay cuts of as much as 15 percent, and still will work for a company that is engaged in charitable endeavors.
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.
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: Engagement and commitment can increase productivity. Ethics: Employees actively involved in selfless activities can make good decisions. Gratitude: Employees get grateful when they are given opportunities to give back to the people and society. Pride: Employees who are proud of what they are doing can get proud with their company.
Offering Volunteer Paid Time Off or VPTO to young Millennials can be a way to attract them, and this is a way that companies can implement. Volunteering during working hours is the way employees are given time off. Volunteering and serving the aged and homeless are done by employees and this is seen as giving them up to 16 hours of paid time each year for these activities, as some US Bank employees have done. Letting employees do volunteer work is less costly than replacing workers when they quit, and this is seen by many business leaders.
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.
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.
Studies have shown the importance to these Millennials of working in companies with corporate missions of engaging in charity, and not only thinking of their pay. There is a nonprofit organization Net Impact who polled more than 1,700 college students and graduates last year, where the results was 53 percent of the young workers stated that they prefer work where they can make an impact and where they can find happiness, and 72 percent of the students and graduates polled agreed. Even more important is that with all things equal, 58 percent of these young adult Millennials will accept pay cuts of as much as 15 percent, and still will work for a company that is engaged in charitable endeavors.
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.
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: Engagement and commitment can increase productivity. Ethics: Employees actively involved in selfless activities can make good decisions. Gratitude: Employees get grateful when they are given opportunities to give back to the people and society. Pride: Employees who are proud of what they are doing can get proud with their company.
Offering Volunteer Paid Time Off or VPTO to young Millennials can be a way to attract them, and this is a way that companies can implement. Volunteering during working hours is the way employees are given time off. Volunteering and serving the aged and homeless are done by employees and this is seen as giving them up to 16 hours of paid time each year for these activities, as some US Bank employees have done. Letting employees do volunteer work is less costly than replacing workers when they quit, and this is seen by many business leaders.
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.
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 likes blogging about corporate social responsibility companies. For more information about philanthropic solutions for businesses and non profit organizations, or to find some employee giving campaign ideas, please go to the Truist.com site today.
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