CEO Weekly INsights
Current Thoughts on CSR
4 Reasons CEOs Are Increasingly Partnering with Non-Profits to Satisfy New Employee CSR Interests
May 10, 2018
In 2016, Cone Communication conducted a survey that found 75% of Millennials would take a pay cut to work for a responsible company (compared with a 55% average across all ages); while almost two-thirds would not accept a job from a company without strong CSR practices.
More than one-in-three American labor force participants (35%) are Millennials (those born between 1981 and 1996), making them the largest generation in the U.S. labor force, according to a Pew Research Center analysis of U.S. Census Bureau data. In response, CEOs are actively shifting their strategy in an effort to attract, engage and retain this workforce.
Here are 4 reasons why that strategy is working:
REASON 1: Business is the Quantity of Life;
Non-Profits are the Quality of Life Workers want to work for companies doing good. Period. While business provides a paycheck, employees overwhelmingly report that their work in the community provides them purpose. According to Chris Martin, CEO of Provident Bank, “Our leadership team doesn’t dictate where people volunteer because we want our team members – those who live and work in the communities we serve – to decide where their time will have an impact.”
REASON 2: Public Image
The Cone research found that 87% of Americans will purchase a product because a company advocated for an issue they cared about, and Millennials are more likely than other generations to research the issues a company supports and the extent to which the company contributes.
REASON 3: Retention & Brand Exposure
Every CEO knows that when employees are happy they stay longer. What else does happiness breed? The desire to share that happiness. 76% of Millennials want to share photos, videos and information about their employer’s CSR efforts over their personal social media channels, compared with an average of 52% across all age groups. According to Alison DaSilva, EVP at Cone Communication, “Companies that arm employees with the tools to make social media sharing as turn-key as possible will create authentic ambassadors for their CSR efforts, and build the brand from the inside out.”
REASON 4: We Can Do More Together Than We Can Separately
The best reason of all CSR works to engage Millennials? The common good. By activating the largest workforce in history, CEOs ensure that we all succeed together.