Does a Company’s Social Impact Efforts Affect Retention and Recruitment?
“I’m good at my job, I like my co-workers and my bosses, but nothing I do makes a ‘real’ world’ positive impact. I know social impact isn’t the goal here but the work can feel meaningless ” stated a 23 year old woman working in Chicago.
During an interview, she admitted that despite a generally positive view of her work, she couldn’t see herself remaining for the long term at her company.
Her views reinforce a Gallup study revealing how millennials work and live that found only 29% of millennials feel engaged at their jobs and only half see a future at their work. The reasons for this sentiment are myriad but boil down to how employees’ attitudes and expectations towards their places of work have evolved.
Only 29% of millennials feel engaged at their jobs and only half see a future at their work.
Our Chicagoan’s gripe is indicative of a generational trend, as young employees across industries demand more from companies than net income.
In a poll conducted by Morning Consult for Fortune, two-thirds of millennial respondents reported that a company’s philanthropy would play at least a minor role in career-making decisions. Indeed, of the 2,000 employees surveyed, those ages 18-34 proved the most likely age group to prioritize social engagement; with 60% of Gen Xers and 47% of baby boomers responding similarly.
The data suggests that millennials consider a company’s charitable efforts as an added benefit, and in order to attract young talent, companies should consider creating a social not only as an effective marketing strategy, but as an important recruitment tool.
For awhile now social impact has been increasingly incorporated as an important component in company culture and brand identity. However, some companies have made extra strides to incorporate employees in their philanthropic mission so that workers themselves can feel they are affecting real positive change. In hopes to satisfy employees’ need for mission-driven jobs, even larger corporate firms like Goldman Sachs now offer paid time off for volunteering and match employee donations to most nonprofits.
It would seem their efforts are paying off as employees who are involved more directly in charitable work feel more engaged and satisfied at work. With millennials surpassing their predecessors as the largest percentage of the working population, it is imperative that companies rise to meet the expectations and needs of this benevolent generation. To do so will require a new take on business as usual as millennials demand that their time and energy be used not just for gain, but for good.
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