Recruiting Millennials with Corporate Philanthropy: Does it Work?
Employees are arguably one of the most valuable assets to a company, and how long a company can retain employees can be a true sign of company culture and employee engagement. On average it take 52 days to fill an open position and can cost employers around $4,000, so it’s key to get the position filled quickly and with quality candidates.
Millennials are now surpassing the Gen-Xers to become the largest workforce, and by 2020 nearly half of all U.S. workers will be Millennials. With this in mind, HR and recruiting professionals are taking notes on the audience they need to appeal to. Millennials are coming into the workforce and are seeking to be part of a greater purpose and want involvement in corporate philanthropy efforts.
“Millennials will soon make up 50 percent of the workforce and companies will have to radically evolve their value proposition to attract and retain this socially conscious group. Integrating a deeper sense of purpose and responsibility into the work experience will have a clear bottom line return for companies.” - EVP of CSR Research and Insights at Cone, Alison DaSilva (@Alison_DaSilva)
We explain what Millennials want and if recruiting with corporate philanthropy works:
What Do Millennials Want?
In a study by Horizon Media’s Find on the Pulse, 81% of Millennials expect companies to make a public commitment to good corporate citizenship. The emphasis that Millennials place on corporate philanthropy is so important that 76% of them say they would take a pay cut to work for a responsible company.
“...A major challenge has been helping brands understand the difference between rallying behind a cause and standing for a purpose. Brands often want to randomly pick a cause even if they don't truly believe in it. Millennials will see right through that.” - School CEO Max Lenderman (@maxlenderman)
Not only do Millennials want to work for a company that’s doing good, they want to get their hands dirty. This generation wants to participate and provide ideas in CSR efforts. The meaningful engagement behind corporate philanthropy is impacting the ability to appeal to and retain Millennial talent. More than any other generation, Millennials see a company’s impact as a factor in their employment decisions.
Employee Giving Programs: The Key to Engaging Millennials
Read revealing insights on:
- Millennials in the Workplace
- Understanding Millennial Giving
- Best Practices to Improve Millennial Engagement
Corporate Philanthropy as a Recruiting Tool
Corporate philanthropy has been shown to engage employees to be happier and more productive. A recent study showed 90% of companies attribute a positive correlation between CSR programs and engagement levels. The importance of CSR in a company’s long-term strategy is not only important in terms of engaged employees, but in recruiting too. Millennials want more from their employer than just a paycheck, they want a sense of pride and to feel the company’s values match their own. Two-thirds of Millennials say they won’t work for a company that does not have strong corporate philanthropy efforts. The evidence is there… now it needs to be implemented.
Implementing CSR Into Your Strategy
Now that we know that this recruiting tactic works, how can companies capitalize this trend?
Decide what your purpose is and cultivate your career page. Your company’s career page will likely be the first place a person looks for information. They will look for your mission statement, benefits and anything else under the sun they want to know about your company. Use this to emphasize your company’s participation in corporate philanthropy. Do you offer matching gifts? Volunteering hours on company paid time?
Bond CSR with your brand. Show the impact that your company has locally or globally. Make sure candidates know that you characterize CSR as a part of your workplace culture. Relate the company’s giving efforts into your organizational values and beliefs.
Refresh your recruiters. Make sure your company’s recruiters understand that they need to sell the company’s CSR initiatives to candidates. Recruiters should be trained correctly on all of the CSR policies, and should be capable of showing off these elements to candidates. Recurring training will enforce the importance of corporate philanthropy as a part of their recruiting tools.
Implement a CSR software. A CSR software makes it easier than ever for employees to participate in giving. A good CSR software allows customizability, integration capability, flexibility and access from any device.
Corporate philanthropy is the additional asset that companies need to attract and retain Millennial employees. Many times, CSR programs are the deciding factor when a candidate is juggling multiple job offers and are trying to figure out which would be the best career move. Millennials that are passionate about CSR are likely to become your company’s CSR champions of the future, so it’s time for companies to embrace these initiatives.
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