Quickly becoming a principal way to retain millennial employees, corporate social responsibility has already proven to be a key factor in employee retention among the generation emerging into the workforce. Studies have also shown that more than just simply wanting a paycheck from their employers, millennials strongly align themselves with companies and firms that have an active voice in the community around them.
According to a Millennial Impact Report that was also conducted with the help of the Case Foundation, data has pointed to the fact that an overwhelming percent of millennials donated to a charitable organization or philanthropic cause of their choice last year. In addition to more than three-fourths of millennials engaging in philanthropic donations without going through an employer, 84% of these same young professionals donated on their own watch.
A strong corporate social responsibility program within a company’s internal structure creates an environment where employees feel good about working for the business, while this also simultaneously increases important factors such as brand loyalty. While it has been argued that concepts such as brand loyalty have been on the decline in the past few years, companies have made a special effort to increase company loyalty through CSR programs.
One company which signifies the most ideal case of CSR is the global tech giant Google, whose employee run charitable programs have improved their reputation as a socially and philanthropically conscious brand. A recent poll suggests around twenty percent of millennials want to work at Google due to the company’s positive influence in the philanthropic world.
Similar to other generations, millennials enjoy a challenge, especially when it involves augmenting their positive impact on society. 43 percent of entry level employees and 24 percent of managers have previously donated because the process consisted of some form of competition.
Offer company-matched donations
Just like any other incentive, employees will be more inclined to give back if the company creates interesting ways to guide the process. This tool has been quite successful with both domestic and global companies to more effectively entice their employee base. Around 69% of millennials said they were more likely to donate if their company offered to match their donation. This tactic can also potentially improve the entire company’s charitable reputation.
Utilize digital giving platforms
As millennials are known as the “digital generation,” it is clear that these young professionals use the online space to engage in philanthropy. Last year 30 percent of millennials gave back through an online giving platform and 28 percent donated a check or cash online. ChariPick, a really useful digital platform, is an ideal way to merge business with philanthropy. This platform allows millennials to donate to a charity of their choice, which is conveniently deducted from their paycheck.