- Employee Management
Corporate Social Responsibility: The Millennial Recruitment ToolFebruary 23, 2017 Blog Post
Companies are now including social responsibility as part of an incentive package likely to resonate with Millennials.
Millennials are a majority in today’s workforce, and by 2025 they will make up three-quarters of workers.
Though they have a reputation as a selfish generation, Millennials want to work for companies that are socially responsible.
“A study from the Stanford Graduate School of Business revealed that 90 percent of MBAs from business schools in Europe and North America prefer working for organizations committed to social responsibility,” writes Danielle Sabrina for the Huffington Post. “Ethics and integrity, it seems, win out over financial reward.”
Millennials are highly connected with others, she writes.
“They have direct access to global problems like finite resources, human rights, gender inequality and climate change,” Sabrina writes. “They’re also quick to share what they care about through social media platforms.”
So how can you use your company’s values to recruit these passionate individuals?
Jeffrey Hayzlett, writing for Entrepreneur, shares these four tips:
- make your work visible, especially on your company’s website
- decide on a clear purpose and make sure it’s authentic
- encourage and engage employees around issues of social responsibility
- bond social responsibility with your brand and culture
“Companies are now including social responsibility as part of an incentive package likely to resonate with a younger audience,” Hayzlett writes. “In fact, according to a study by Greenbiz, millennial employees prefer to work for leaders whom they admire and who exemplify good corporate social responsibility practices.”
In many cases, these efforts can also coincide with other offerings that make your company an attractive place to work. For example, cutting your greenhouse gas emissions may mean allowing employees to work from home, writes Don Jergler for Insurance Journal.
“This happens to be another attraction for Millennials, who attach the most importance to a good work/life balance when it comes to future career opportunities,” Jergler writes.
Not only will following these practices help you win the recruitment and retention war for employees, it will likely also improve your sales figures, writes Ryan Rudominer for the Huffington Post.
The Nielsen Global Evolution of the Sustainability Mindset Report, found 85% of millennials feel strongly that companies should help improve the environment. The report also found that half the global respondents (49%) say they’re inclined to pay higher-than-average prices for products with high-quality/safety standards, which consumers often associate with strong sustainability practices.
Done right, corporate social responsibility is simply good business, Hayzlett writes. “Keeping everyone engaged is not only a good business practice,” he writes, “but also good for your bottom line.”