People from the Millennial generation (born between 1981 and 1996) and Generation Z (born in 1997 and onwards) are either already working or just starting to work.
In today’s competitive market, finding the proper people is difficult for all firms, but it is especially tougher for smaller teams with fewer resources. Not only is this flood of new workers a considerable opportunity, but both Millennials and Gen Zs offer a significant edge to many businesses because they are the most entrepreneurial generation in recent memory.
These two generations grew up observing grownups navigating the developing economy and young business owners who created multimillion and multibillion-dollar enterprises based on novel concepts like transportation sharing and entertainment streaming. It is, therefore, understandable why these fresh applicants are bringing that way of thinking to their jobs.
If you’re thinking of a way to attract these two generational talent pools, then stay tuned until the end of this article.
Charity and philanthropy have been thrown around for as long as we can remember. They are part of a company’s social responsibility. For some time, CEOs have focused only on that part—to balance the giving (for the company’s image) while making sure that the amounts they donate will not raise the eyebrows of their investors and cause an uproar.
What if we tell you that you can now consider upping your philanthropic efforts because there’s more to it than just your corporate image? What if you could hit two birds with one stone?
Goldman Sachs realized this early on. Not too long ago, the company launched a competition that allows young analysts to compete for awards to organizations of their choice. 66% of the company’s workforce are people who were born after 1980 (Millennials). Thus, the company created the 10,000 Small Businesses program where employees can give their time as volunteers to mentor businesses. “This generation is particularly interested in having a positive influence”, said Dina Powell, Goldman Sach’s top executive who oversees the bank’s philanthropic programs.
Giving younger employees the opportunity to participate in volunteerism and philanthropic programs is something top executives at other Fortune 500 businesses, like Microsoft and PNC Financial Services, have suggested is advantageous.
This observation is somewhat widespread. According to a Morning Consult survey done for Fortune, younger generations are more inclined than previous generations, such as Gen Xers and baby boomers, to believe that it is important for American firms to give back to society.
The survey found that nearly two-thirds of respondents between the ages of 18 and 34 were at least somewhat more likely to want to work for a company that gives to charity than a company that does not — compared with 59 percent of those between the ages of 35 and 44 and 47 percent of those between the ages of 45. Furthermore, younger generations were also more likely to suggest a company to a friend or purchase goods from one that donates to charity.
How do you attract talents through Philanthropy?
First, make genuine connections with the charity you are supporting. Younger supporters of non-profits seek out opportunities for active engagement and participation. These next-generation philanthropists want to feel like they are in the room where choices are being made, and they are not always content with making an annual donation to a cause they are not personally involved in. They prefer to play a major role in making a positive social influence, and they frequently form strong bonds with the groups they choose to help.
Younger donors are drawn to social issues that inspire and invite their full engagement, whether they are contributing time, money, or both. The next generation frequently incorporates generosity into every area of their lives. Millennials, for example, are more inclined to donate when they feel inspired by an organization, according to data derived from “The Millennial Impact Report.” In fact, 90% of respondents claim that a compelling purpose is what drives them to give and that they will quit giving if they mistrust an organization.
Second, companies must be transparent. Generation Z and Millennial donors appreciate philanthropic efforts that directly impact the communities they are helping.
When engaging with younger contributors, organizations should be prepared to be transparent in tying donations to measurable outcomes. In their book, “Generation Impact: How Next Gen Donors Are Revolutionizing Giving,” Sharna Goldseker and Michael Moody assert that many next-generation donors want to comprehend an organization’s theory of change, witness the results of their financial support first-hand, and examine data that demonstrate the effectiveness (or lack thereof) of a program or organization.
Thus, if you want to attract next-generation talents through philanthropy, make sure that your charity programs embrace a transparent way of governance, informing donors about the causes they care deeply about and making sure that you share this knowledge with the public as well.
How do you get started?
Now that you have a clearer picture of how to roll out your philanthropic efforts, you might be wondering what kind of philanthropic efforts to engage in. Well, we’re here to offer a few ideas.
At this juncture, you might consider making a genuine effort to find out what and why you want to give back. Thinking about these makes the “giving” a lot easier because all your succeeding actions become genuine efforts.
Why should you want to give philanthropic efforts a try?
Aside from attracting an amazing group of talents, there are other benefits to having an impeccable charitable side to your company.
First, it improves not just your morale but your employees’ as well. Helping others makes you feel wonderful. When you know you have improved someone else’s life, both you and your staff will experience psychological benefits. You may get an opportunity to personally experience the effects of your time or money if you make local contributions. Additionally, workers frequently have more respect for a supervisor who gives back.
Second, it creates goodwill among your peers and others. People note when you sponsor a charitable event, provide supplies to disaster victims, participate in neighborhood clean-ups, or support other humanitarian endeavors in your town. It increases name recognition to have your name associated with a cause or event. People like to patronize companies that give back, so your involvement in the community and donations may improve your business and help you win new clients.
Third, you discover a new way for your people to get closer. Writing checks is fantastic, but where’s the fun in that? Instead, get your employees involved! When your entire staff gets involved in supporting a good cause, you help foster team spirit and give your employees a chance to connect in a way they would not have otherwise.
Fourth, helping others will not only be good for you but will also uplift the entire living standard of the community where you’re donating. Your support of neighborhood institutions like schools and non-profit organizations makes your neighborhood a better place to live and work, which is advantageous to you, your company, staff, and clients.
Fifth, it helps you meet new people. Leaders in the community are frequently active in its charitable organizations. You get the chance to contact local community and business leaders through involvement in philanthropic organizations—people you do not otherwise usually encounter.
Sixth, younger generations are known to be drawn to organizations that do good. Your humanitarian endeavors may attract more candidates to your organization and increase their job satisfaction scores. It says a lot about your corporation if your purpose, vision, and values include philanthropic giving.
Lastly, it’s good for your business, especially on the balance sheet. There may be tax write-offs for charity contributions, depending on your business. Ask your accountant what the potential advantages are for your company.
Charity and philanthropy in recent times are no longer limited to just giving. It has now become strategic and political. As laid out in the article, it’s an effective way to hire new and coveted talents who belong to the younger generation.
However, we caution you that when you’re supporting a charitable organization, this is not just ANY business decision. People’s lives and futures are at stake, so don’t go around supporting one and just abruptly cease the next day because it’s bad for business optics. You’ll just set yourself up for ruin that way.
To know more about the non-profit business industry and other fund-raising topics, feel free to access MarketAtomy Academy’s online course, “Building A Funding Strategy That Pays.”
Danna Olivo is a Growth Strategist, Author, and Public Speaker. As CEO of MarketAtomy LLC, her passion is working with first-stage business owners to ensure that they are prepared and equipped to launch and grow a successful small business. She understands the intricacies involved early on in business formation and as such the challenges that come with it. A graduate of the University of Central Florida’s College of Business, Danna brings more than 40 years of experience strategically working with small and medium businesses, helping them reach their growth goals. firstname.lastname@example.org