Millennials want to engage with their employers through cause work. It’s that simple. And, they are influencing their workplaces and the causes they support.
That becomes even more evident with the latest 2014 Millennial Impact Report from Achieve. Approximately 80 million Millennials live in the U.S. today, collectively spending about $300 billion annually on consumer discretionary goods. And, by the year 2020, they will make up 50% of the workforce!
So, let’s get down to it and see just how influential they are.
Of the Millennial employees surveyed, a full 92% felt they were actively contributing to a company having a positive effect on the world.
Takeaway: Companies that want employees to positively affect the world must show how they can do good things through the company.
While only 39% of Millennials said the company discussed cause work during the interview process, those who did influenced the outcome. Of the Millennials who heard about cause work in their interviews, 55% said the company’s involvement with causes helped persuade them to take the job.
Takeaway: In order to attract Millennial employees, it’s important to discuss your company’s cause work in interview discussions with them.
Over half (52%) of employees who had volunteered 4 to 10 hours, and 55% of employees who had volunteered 10 to 20 hours in the past month were interested in their company’s cause work during the job search. Less than half (46%) of employees who donated more than $1,000 in 2013, and 37% of employees who donated $50 to $100, were interested in their company’s cause work during the job search.
Takeaway: If your company wants to recruit and hire talented, civic-minded Millennials, company-sponsored cause work is an important selling point.
More female employees (42%) said that company cause work factored into their initial job search, compared to just 30% of male Millennials. This trend is reflected throughout the interview process; 63% of female employees and 45% of male employees said their company’s cause work influenced them to accept a job.
Takeaway: Female Millennial employees are more likely to be inspired by, and persuaded to participate in, company cause work. (Go, girls!)
A majority of Millennial employees (87%) felt encouraged to volunteer or participate in their company’s cause work and community initiatives. Their preferences include company-wide or team-specific volunteer projects rather than internal giving campaigns.
Takeaway: Pay attention to Millennials’ needs and preferences and get them involved in your company’s cause decisions. They don’t want to feel pressured to give to certain organizations through employee giving campaigns and prefer to have their donations go to causes of their choice matched by employers.
One of the top motivations for Millennials to stay with their current companies for a long time was belief in their companies’ missions and purposes.
Takeaway: Millennials expressed a desire to be told not just how much employees raised, or the number of hours they volunteered, but what difference their involvement made. Your company can achieve more with Millennials by demonstrating its mission and purpose along with the direct impact their contributions make.
Bottom line?
Millennials want to work for companies that do good in the world.
Does your company do good and attract Millennial employees?
