As millennials age, companies must determine how to adapt to changing demographics. For a long time, the prevailing wisdom was that markets would move toward sustainability when millennials could outspend other generations because millennials expect more authentic social responsibility from the companies they purchase from. So, companies began to design business strategies, implement fair-trade agreements, develop environmentally sustainable products and make their supply chains more equitable under the assumption that millennials would drive corporate social responsibility forward through spending.
But companies that thought they would have to pivot gradually over the next couple of decades are finding themselves abruptly thrust into the spotlight, and it’s not because of millennial spending. As millennials enter the workforce, they have turned conventional wisdom on its head by choosing to vote with their feet, not just with their dollars.
The emerging generation of young workers is one of the most capable when it comes to meeting the in-demand needs of the market. Millennials’ unique problem-solving perspectives and cutting-edge training in the most in-demand skills make them extremely hireable and thus afford them the opportunity to be selective when it comes to the organizations they choose to support, not just with their cash, but with their labor. They can also be very vocal -- chances are you know a millennial who isn’t afraid to go right to the top to advocate for their needs and the needs of others.
Today, the companies that will continue to thrive are the ones headed by leaders who are willing to listen and respond to what millennials are looking for: authentic corporate social responsibility. The recent Cone Communications Millennial Employee Engagement Study found that “64% of millennials consider a company’s social and environmental commitments when deciding where to work,” and “64% won’t take a job if a company doesn’t have strong corporate social responsibility (CSR) values.”
For companies in the talent game, this all means that millennials expect an extraordinary amount of influence in shaping the direction of a company’s impact because they aren’t just asking for a marketing campaign or impact report -- they’re demanding to be part of an organization that integrates impact authentically throughout its operations and culture.
Social responsibility is clearly the future for millennial employees, and corporations are faced with the choice of adapting to these trends or losing relevance in the hunt for talent and skills. So, how can a company sustainably integrate corporate social responsibility into its business model and employee network? Based on my experience, here are a few actionable steps almost any company can take to show its employees it cares.
1. Create A Signature Social Good Program: Develop a signature employee-engagement program that involves all employees in social good. For example, establish a day of service. Some companies partner with local nonprofits to host volunteering days around important themes. These programs can also have added team-building benefits.
2. Form Strategic Partnerships: Invest in long-term programming and partnerships with aligned organizations, and create lasting relationships with them, either by supplying volunteers or by offering up your space for events. Some organizations, such as some of Resolution Project’s partners, promote opportunities for their employees to mentor young social entrepreneurs, which can inject innovation and energy back into the organization while also allowing their employees to build mentoring skills that will be valuable within the company.
3. Launch A Matching Program: Programs that match donations or support employees’ independent volunteer hours with a financial match are great ways to involve and inspire your team and show them that you care about the things they care about.
4. Encourage Growth: Coach employees to use the skills that they’ve developed for your company in additional volunteering capacities, and offer outlets through which to do so. For example, find skills-based volunteering opportunities, or expand partnerships with the aforementioned aligned organizations. This allows your employees to stretch their skill sets, explore their leadership abilities and gain experience that they can use in the workplace and to accelerate their growth.
5. Always Communicate: Ask your employees about the issues they care about. Bottom-up solutions are some of the most creative and effective.
From my perspective, the rising generation of millennial workers has already begun to assert its strength as an incredible force of positive change, and the corporations that realize and harness this power now stand to benefit the most. It will undoubtedly lead to some short-term bumps in the road -- soul searching and operational shifts are difficult for complex organizations -- but in the end, it will lead to more committed talent and, ultimately, more loyal consumers.
Companies don’t have to make these changes alone. Millennials are looking to help. Just by asking, you can keep them from leaving and shape a more inviting and engaging environment that will help you recruit future talent and eventually boost sales. Better yet, our society, our planet and future generations stand to benefit from this. As daunting as it may seem right now, the sooner you start, the sooner you’ll find talent competing for you and for a mission that you both believe in.
