Are our company giving campaigns really engaging our millennial employees? New research suggests they are not.
It’s no secret that millennials are impacting the workplace, they are the largest generation in the workforce and will continue to be for the next decade. And research shows that they are easily dissatisfied and apt to move to new employment, costing companies time and money. So, how do we get them to stay?
Studies on millennials tell us that they are leading the emerging emphasis on social responsibility. A desire to improve the world is part of their identity. And companies are advised to use corporate philanthropy to increase employee retention.
But, we might not be doing it right.
The 2015 Millennial Impact Report, sponsored by the Case Foundation, is designed to help companies understand what drives workplace participation, build cultures that leverage cause work, recruit top employees, and drive work happiness. The report directly linked millennial cause support with workplace satisfaction.
According to the Report, millennials:
- volunteer and stay involved with several causes they feel passionate about, regardless of company sponsored giving campaigns. In 2014, 84% of millennial employees made a charitable contribution and 78% of those who did not donate through their employers, donated on their own.
- are more likely to give if a direct co-worker asks them to (46%). They are less likely to give to a cause endorsed by a manager (27%) and even less likely to give to a cause endorsed by the CEO or other top-ranking executive (21%).
- need competitions, incentives, and matching programs to stay engaged in company giving campaigns.
- report that supervisors are not supportive of company-sponsored cause work or their personal interests.
- respond well to peer-to-peer bonding as an effective engagement tool.
Two of the Impact Report’s major findings:
- Let employees work with causes they care about.
- Encourage them to support a charity outside of work.
Our current corporate philanthropy methods are designed to get employees on board and get them engaged with a few major corporate causes. But are we really getting the most benefit when employees aren’t enthused about upper management causes and we have to continually convince them those causes are worthy? If they are happier supporting a cause outside of work, what is that telling us?
Millennials have their own favorite causes and allowing them to choose charities, and introduce/educate peers about those causes can increase engagement and employee happiness more than our traditional cause support methods.
GiveStream is designed to do just that. It enables corporations to allocate corporate charitable funds directly to individual employees so that each employee can donate to his or her own causes.
GiveStream allows employees to choose charities, and introducing/educating peers about their causes can increase engagement, retention, and participation.
The Impact Report advises that we can use millennial passion for social responsibility to strengthen work culture, build a company-wide sense of purpose, and create a fulfilled workforce that knows it is improving the world.
But let’s rethink how we enable employee cause support to get the most benefit; for the corporation, for the employee, and for the community.
Source: The Case Foundation’s 2015 Millennial Impact Report.