Deeply rooted in today’s society and demonstrated time and time again, Millennials and Generation Z is a need to give back in more personal ways, make a change and find meaning in their work life. Some of the world’s biggest companies like GE and Walt Disney are fulfilling that need through corporate, socially conscious giving programs. But, how does corporate philanthropy really impact attraction and retention?
Corporate philanthropy enhances the employer brand
Millennials make up 75% of the workforce making their needs and desires much more influential when it comes to employer branding strategy. Project ROI found 80% of surveyed Millennials want to work for a company that cares about how it impacts and contributes to society. Over half would refuse to work for an irresponsible corporation. Even from a consumer standpoint, today’s society favors employers that make corporate philanthropy a priority and a part of its core values.
Engagement has become more than simply donating to whatever cause an employer chooses. By taking a strategic approach to corporate philanthropy companies can fuel involvement, personal satisfaction and even grow employees’ skills. From giving employees the chance to choose which charities to give back to, to incorporating skills-based volunteer opportunities, involving employees in the philanthropy process will greatly impact the bottom line.
Corporate philanthropy enhances employee wellness
Every employer wants happy employees, but happiness isn’t the kind of metric you can track. What we do know is, whether happiness is caused by their work or not, happy employees are more productive, satisfied and engaged in their work.
A recent Robert Half survey found 61% of U.S. workers who are involved in philanthropic activities outside of work feel it positively impacts their overall wellness, allows them to find a better work-life balance and it makes them more effective in their work.
Employers can make these effects even more impactful by having a corporate philanthropic program that lets employees put in their social awareness time on the job. This is a precious engagement opportunity that clearly has the potential to increase productivity and satisfaction, ultimately leading to increased retention and a favorable EB.
Corporate philanthropy ties employees to the values of the company
72% of Millennials feel a job where they can make an impact is important to their happiness and 58% would take a pay cut to work for a company with values aligned with their own. When it comes to accepting an offer, candidates prefer to work for an employer that engages in cause work.
From recruitment to engagement to retention, corporate philanthropy marries social responsibility with talent attraction and retention and then some, providing employees outlets that allow them to contribute back to the world while developing their talents, with the support of their employer. Money is an important deciding factor in the career choices people make, but the true motivation lies in how connected they are to their job and the company they work for.
Time continues to change for the better in today’s workforce. By cultivating an environment that embraces a need to find meaning in their work, employers are forced to change or modify their corporate philanthropy strategies in a way that not only makes employees work harder and gets candidates more interested, but directly impacts core values and the bottom line too. How does your company’s philanthropic efforts enhance the talent lifecycle?
About the Author
As Director, Client Solutions at CyberGrants, Nita Kirby is about providing philanthropic strategic development, creating management processes, troubleshooting and ensuring client satisfaction and customer relationship management oversight.