From Zappos’ nap room to Google’s on-site medical staff, companies are investing more and more money into extreme perks for their employees. For good reason, too. Compensation and benefits are the top two pieces of information job seekers take into account during their search. However, research on Millennials, who make up half of the workforce, indicates their motivation is driven less by perks of convenience and more by perks and benefits with meaning.
How can organizations enhance their recruitment strategy to appeal to this growing generation of the workforce? That’s where corporate philanthropy strategy comes in. Here is why your organization’s recruitment strategy needs it.
58% of surveyed Millennials say they would take a pay cut for a job that makes a social or environmental impact.
What this data brings to light is Millennials might appreciate attractive perks, but making an impact on the environment and society is more important to them, so much so they are actually willing to make less money just to work for an organization that is dedicated to corporate philanthropic initiatives.
84% of Millennials made a charitable contribution in 2015. Only 22% did so through their employer’s corporate philanthropy program.
Millennials already dedicate themselves to philanthropy outside of work. Why not help them fulfill their need to find meaning on company time? It’s not just about giving them time to donate or volunteer. By being involved in and facilitating such meaningful contributions, companies can align with the values of their workforce.
When removing compensation and benefits, Millennials say the most important factor in a job is a good work-life balance.
Work-life balance is more than having a separation between our personal lives and our work lives. It’s about making time for family, keeping yourself healthy and doing whatever you need to be the best version of yourself. Corporate philanthropy can do that for employees and more. According to research by UnitedHealth Group, respondents who took part in volunteeringexperienced improvements in their mood, stress levels and overall health and were provided with a sense of purpose. Organizations that want high performing, loyal employees should consider a corporate philanthropy strategy that puts an emphasis on employee volunteer programs.
Six in ten Millennials say “a sense of purpose” is part of the reason they choose to work for their employers and 72% say a job that makes an impact is important to their happiness.
This generation of workers is deeply influenced by finding purpose in what they do. For organizations looking to retain these workers, they have to establish loyalty, which research shows is difficult to come by with Millennials. Aligning with employees’ work values as well as their own personal values is going to play a big part in retaining the Millennial workforce. Corporate philanthropy strategies leading today’s trends take into account the causes important to employees and offer a variety of employee giving programs for them to be a part of. In fact, 60% of organizations have at least two programs.
Corporate philanthropy programs should be a component of every recruitment strategy. Every day more Millennials join the workforce and they are not afraid to be picky about who they work for and what they do. They are more connected to their own values and intrinsic motivators than any other generation and flashy office perks aren’t going to fulfill them long term. Want a sustainable recruitment strategy that can also retain Millennials? Invest in corporate philanthropy programs.
Need help jumpstarting your corporate philanthropy strategy? JK Group is your one stop shop for all things corporate philanthropy. Sign up for a free demo or our corporate philanthropy software today!