Enjoy long term success and higher staff retention by enhancing your social responsibility.
By this point, we all know that Millennials are a powerhouse generation that is currently at its prime both in the workplace and as consumers. The majority of the Millennial generation is now in their 30s with the older end beginning to enter their 40s. This means they are entering leadership roles in companies, becoming financially settled, and beginning to really direct markets with their values.
One thing is for certain, Millennials are not like other previous generations before them. For one, they are the first generation to come of age with technology, which gives them a huge competitive edge in today’s economy. But they are also products of global economic downturns, political uncertainties, and now a pandemic.
All of this has led Millennials on a unique path. In general, the generation values fiscal responsibility, giving back to their communities, and supporting socially responsible companies. If you are a business leader looking to hire Millennial employees, it is important to understand the values your company holds and how that is likely to impact the choices your target employees are making.
The Millennial workplace
Today, Millennials make up nearly 50% of the workplace and by 2025 they are expected to comprise nearly 75% of the global workforce. If you are a successful business, chances are you’ve got numerous Millennials taking leadership roles and directing day to day activities. In the coming years, their impact is going to continue to grow.
Workplaces are rapidly changing to adapt to the new powerhouse generation. More and more of them are working to create more collaborative environments with tech-friendly workspaces and plenty of room to grow and adapt. Even further, gone are the 9-5 rigid workdays; Millennials are calling for greater workplace flexibility and most companies are answering.
Millennials have long been considered by older generations as a group of young people looking for handouts. Though Boomers and Gen Xers may still have negative opinions, research is indicating that stereotype isn’t exactly true in the slightest. Most Millennials are hard-working and have strong core values; they aren’t afraid to jump ship for a company that is doing more to align with what they believe and help them reach their career goals.
Thus, attracting talented Millennials forces more companies to look inward rather than outward. Specifically, it means that companies are taking a deeper look at their guiding principles and working to better align them with the values of the employees they are trying to attract. For most companies, this means working towards greater social responsibility.
The vast majority of young people looking for jobs are in search of something where they can make a positive difference. This can mean a lot of things, but in general, the most popular companies to work for are those that prioritize:
- Environmental awareness such as cutting down on waste products, limiting shipping distances, and giving back to non-profits and communities that promote conservation and sustainability;
- Social responsibility by paying all employees along the supply chain a fair wage or giving back to the local community through company-sponsored service projects and events; and
- Diversity promotion, for instance, taking a strong stance on workplace equality and fairness based on race and gender. Promoting collaboration and employee team-building is also a bonus.
In order to do this for your company, take a deep look at your policies and practices. Are there things you can do to reduce waste in your supply chain? Can company events work towards bettering the community? Would you consider your employees diverse in experiences and backgrounds? Once you hire this talent are you giving them training and appropriate compensation for the work they do?
Core values and customers
Like it or not, Millennials are also one of the largest consumer groups in today’s global economy. That means making changes that are going to help you attract more Millennials into your workforce are also going to attract more of them to your business in general. These changes can garner you more talent and more business!
We can see this playing out on a larger stage. For instance, in the US and UK alone, nearly 86% of survey respondents indicated that they were less likely to spend money on a brand that they didn’t consider socially responsible. In fact, they were actually willing to spend more on products that were produced sustainably and fairly.
Not only are Millennials more likely to support these changes, but younger generations are indicating that they are as well. Generation Z – as it is currently known – appears to hold corporate environmental and social responsibility to an even higher standard. Ultimately, corporate social responsibility is the way of the future. Those companies that are quick to make adaptations to this new employee standard are those that are most likely to see long-term successes, greater employee satisfaction, and overall increases in retention.
Noah Rue is a journalist and content writer from Boise, Idaho, US. He is fascinated with the intersection between global health, personal wellness, and modern technology. When he isn’t searching out his next great writing opportunity, Noah likes to shut off his devices and head to the mountains to disconnect.