CEO Weekly INsights
Current Thoughts on CSR
Volunteerism Can Help Achieve Recruiting the Best Younger Candidates to Your Company
October 25, 2017
Attracting and retaining extraordinary talent is the lifeblood of successful businesses. Innovative companies are championing volunteer programs in their CSR to bring the best millennials onboard.
Today, millennials occupy more than 50% of the workforce, according to the U.S. Bureau of Labor Statistics. By 2030, they will make up 75%.
This hyper-connected, tech-savvy generation of employees are not just looking for careers that provide opportunities to make a positive impact. They’re demanding them!
“Increasingly, today’s employees are entering the workforce with an expectation that volunteering will be a part of their professional careers,” writes Michael Haberman for the Huffington Post.
“PricewaterhouseCoopers discovered that 88% of millennials gravitated toward companies with pronounced Corporate Social Responsibility programs, and 86% would consider leaving if their employers (program) no longer met their expectations.”
3 studies show the power of volunteerism
According to the Case Foundation’s 2015 Millennial Impact Report, millennials prefer being part of a company’s volunteer project rather than donating to a giving campaign. Subsequently, about 77% of millennial employees would be more likely to volunteer if they could use their specific skillset or expertise to benefit the cause.
Findings from Deloitte’s 2011 Volunteer Impact Survey reveal that 61% of millennials said a volunteer program would be a factor “when choosing between two potential jobs with the same location, responsibilities, pay and benefits.” The report further found that more than 50% of millennial employees who volunteer are very loyal toward their company, proud to work there and likely to recommend their company to a friend. And millennial employees who participate in a company’s volunteer program are more than twice as likely to rate their work culture as “very positive,” as compared to those who don’t volunteer.
Volunteering is better for the bottom line
Tim Mohin writes in a recent Forbes article that “more engaged employees make for more profits. Companies with highly engaged employees have three times the operating margin and four times the earnings per share of companies with low engagement.”
In Deloitte’s 2010 Volunteer Impact Survey, 64% of executives say that corporate citizenship produces a tangible contribution to the company bottom line. The study indicated that employees engaged in community activities that leverage their professional skills through volunteerism tend to be happier and better connected with their colleagues. This further benefits the company.
Volunteering succeeds for small- and medium-sized companies, too
Companies of all sizes can apply their core business in activities that engage their employees and strengthen their reputation. Take for instance Mill Creek Capital Advisors. This top wealth management firm helps with leadership and range of business skills that could be useful to nonprofits. This type of volunteering plays on their employee’s strengths, and provides a great branding and networking opportunity for their business.