Employers, listen up. According to The 2014 Millennial Impact Report, one-third of Millennials surveyed said their companies’ volunteer policies affected their decision to apply for a job; 39 percent said it influenced their decision to interview; and 55 percent said such policies weighed into their decision to accept an offer. Additionally, the report found that clearly defined company policies on giving and volunteering help employers attract and retain young talent.
As Millennials will make up 50 percent of the workforce by 2020, it is important for companies to walk the walk and talk the talk and establish a corporate philanthropy initiative sooner rather than later.
Leaders at many organizations have embraced corporate philanthropy initiatives since they are able to give back to the communities in which they are located, and support causes related to their businesses. The benefits to the charities are immense—the same can be true for organizations. While companies are supporting charities and nonprofit groups, they also are reaping benefits from these programs within their organizations. Of course, employers shouldn’t develop corporate philanthropy programs solely to experience these rewards—it is far beyond that. Yet it is undeniable that these initiatives provide pleasant residual benefits, in addition to providing an opportunity to do good and give back. Today, businesses of all sizes and types are discovering they can do good by doing right.
Here are some examples of how charitable giving can benefit and strengthen an organization’s internal business strategies and attract and retain Millennials:
- As a powerful recruitment tool. Structured corporate philanthropy programs can help to attract the most accomplished and qualified candidates to organizations, especially Millennials. Implementing a corporate giving program gives organizations an edge over the competition, so they can recruit top talent. In an economy when hiring dollars are stretched tight and every new hire needs to count, community philanthropy programs often can be the catalyst that makes a candidate choose an organization. In a robust economy, organizations can recruit the best and the brightest, even during a labor shortage, because employees want to work for a company that gives back.
- To enhance employee relations. Corporate philanthropy programs can be a powerful way to increase cohesiveness and morale among employees. Participating in employer-sponsored programs allows employees the opportunity to volunteer, and their altruism is endorsed by the office. It’s also a great way for people to sample different types of volunteer work to see what a good personal fit may be.
- Corporate philanthropy programs also present many opportunities for teambuilding that would not normally occur during a typical day in the office. Employees are able to partner across divisions and work in team environments outside of their direct work groups. People from different departments or offices—who typically wouldn’t see each other during a workday—can serve a meal, volunteer in a classroom, or help build a home, side-by-side. This promotes a greater sense of camaraderie and unity among employees as they work toward a shared mission and common goal. Giving employees a chance to give back to their communities also helps to instill a sense of pride in themselves and their organization. They are proud to work for a company that supports philanthropic programs, which can lead to increased loyalty and better retention.
- Experience trumps (just) money. Millennials want to feel they are contributing to a company that makes a positive impact in the world and often prefer participating in team-based volunteer projects rather than company-wide giving campaigns. This does not mean your organization should not donate money, as well, but it is important to know what satisfies this generation.
- To help define the corporate identity. Some organizations are as well-known for their corporate philanthropy programs as they are for the products or services they provide. Charitable giving can become so ingrained in an organization’s corporate culture, that it actually can be a cornerstone of the company’s identity. It can be a way for organizations to differentiate themselves from the competition. Employees may begin to describe their jobs, work, and company in different terms because of the good work the firm does. Senior leaders and employees can say, “This is who we are.”
- Train your managers. Create an onboarding process for managers to learn about corporate social responsibility and cause engagement for employees. Remember: Direct managers can be more influential than those in higher-level executive roles. The more you can promote your giving structure from Day 1, the better you can appeal to Millennials’ sensibilities.
- Millennials thrive on corporate transparency, so promote employee involvement. It is important to have support from employees. They need to be part of the process as the program is developed, and the charities and type of giving is discussed. Causes should be chosen based on what appeals to a majority of staff. Here are some ways to ensure employee participation:
- Conduct a survey. A company-wide survey is a great way to receive feedback about where employees would want to spend their time and the organization’s resources. Repeat the survey annually to identify changes.
- Develop a committee. Put together a committee made up of employees representing different areas of the organization. The committee can do the bulk of the research and groundwork for the program (such as identifying nonprofit organizations and initiatives that support the identified causes) and present them to the general population.
- Take a vote. Use the results of the survey and committee research to whittle down the list of charities and opportunities to a manageable number. Then let employees vote on where they would like to focus their efforts.
- Lead by example. It is important for senior executives in the organization to participate in a hands-on way with giving back. By doing so, the rest of the company will watch, observe, and follow their lead.
Millennials are making their mark on the workplace, and it is critical for companies understand their wants and needs to establish a corporate philanthropy initiative to help attract and retain this giving generation.
Dave Sanford is EVP, Client Relations for WinterWyman, one of the largest recruitment firms in the Northeast. The company has extensive experience hiring Millennials, Baby Boomers, and Generation Xers. In addition, WinterWyman has long-standing and committed community development and corporate philanthropy programs.
