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.
Working for a company with a corporate mission to help the people in the community rather than just receiving their paychecks can be their goal, and research shows this. Research studies show that 53 percent of young workers prefer work where they can make an impact and where they can get happiness, and 72 percent of the graduates who are about to go into work agree to this, and this is from a poll of 1,726 college students and new graduates conducted by a nonprofit organization Net Impact. In this study, 58 percent of the young Millennials will accept to a pay cut of 15 percent, just to achieve the 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.
Four key areas in the spirit of philanthropy and charity can help employees:
Productivity: Engagement increases productivity. Ethics: Employees who are involved in altruistic endeavors are likely to make ethical decisions. Gratitude: Employees are grateful when employers provide opportunities to allow them to give back to the community. Pride: When an employee is proud of their work, they are proud of their company.
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.
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.
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.
Working for a company with a corporate mission to help the people in the community rather than just receiving their paychecks can be their goal, and research shows this. Research studies show that 53 percent of young workers prefer work where they can make an impact and where they can get happiness, and 72 percent of the graduates who are about to go into work agree to this, and this is from a poll of 1,726 college students and new graduates conducted by a nonprofit organization Net Impact. In this study, 58 percent of the young Millennials will accept to a pay cut of 15 percent, just to achieve the 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.
Four key areas in the spirit of philanthropy and charity can help employees:
Productivity: Engagement increases productivity. Ethics: Employees who are involved in altruistic endeavors are likely to make ethical decisions. Gratitude: Employees are grateful when employers provide opportunities to allow them to give back to the community. Pride: When an employee is proud of their work, they are proud of their company.
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.
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.
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 blogging 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 go to the Truist.com website today.
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