We all know that millennials are changing the face of business, both in the workplace and as consumers, and in the US alone it’s estimated that by 2020 they will make up 50% of all employees in the United States. This same trend is being seen around the world, and as a result, it’s becoming anything but business as usual particularly for those businesses looking to hire this new talent. According to an interesting new research study on Millennial Employee Engagement by Cone Communications, millennials are making conscious decisions on which companies to work for based on their need to seek greater purpose and to make a difference in the world. So if you are a business looking to attract the best millennial talent, then here are some insights you will need to consider:
- 64% of Millennials consider a company’s social and environmental commitments when deciding where to work
- 64% won’t take a job if a company doesn’t have strong corporate social responsibility (CSR) values
- 83% would be more loyal to a company that helps them contribute to social and environmental issues
- 88% say their job is more fulfilling when they are provided opportunities to make a positive impact on social and environmental issue.
Millennials are also making their buying decisions based on a company’s social impact commitments. The research shows that more than nine-in-10 millennials would switch brands to one associated with a cause (91%), and two-thirds use social media to engage around CSR (66%). Millennials already represent $1 trillion in buying power in the U.S. alone. So the bottom line is that if you want to impact your bottom line and attract the best talent into your business, then you need to proactively engage with millennials and ensure your social impact story is a strong one.