The cost of losing an employee can range from tens of thousands of dollars to twice the individual's annual wage, which is poor for team morale and expensive for organizations. Rapid job-hopping is most common among millennials, but it has also become more common among Generation Xers and Baby Boomers, especially in Silicon Valley, where a new study reveals that the average tenure for employees at ten large technological businesses is only one to two years.
The good news is that engaging people in social causes is a simple strategy for retaining them. The Millennial Impact Report, the largest yearly poll of millennials regarding their involvement in social causes, offers compelling data. In a recent survey, 55% of participants responded that a company's commitment to social causes was a key consideration when deciding whether to accept a job offer. The appeal stems from the belief that a business engaged in social good is probably a better place to work, in addition to the desire to support causes.
Most of the research done on the subject of corporate volunteering demonstrated significant gains in retention. Researchers looked at how long employees at a major international consulting firm stayed with the company after volunteering for a social impact consulting assignment that came with a temporary pay cut that could be as much as 50%. They discovered that the participants had a third lower likelihood of leaving the company. The study's conclusion—which many of the participants openly stated—was that having the opportunity to use their skills for a socially beneficial initiative improved their commitment to the company.
A Deloitte survey that revealed that "millennials who frequently participate in workplace volunteer activities are more likely to feel proud, loyal, and pleased" as well as that they are twice as likely to be highly satisfied with their career's advancement provides additional support for this claim.
There are instances where the volunteering opportunities that you offer might not reap the same fruits for you. In such scenarios, there are a few ways in which you can optimize your CSR programs.
- Offer group volunteering activities:
According to the Millennial Impact Project, 78% of Millennials prefer to work on collective projects, such as team or department-wide initiatives or company-wide volunteer days. These strategies also reinforce the overall corporate culture and develop teams, which helps employees to not only get to know one another better but also recognize the company's serious commitment to social involvement.
- Leverage your employees' skills
A staggering 97% of respondents to the Millennial Project responded that they would prefer to use their unique employment talents for volunteering, which is another result of the study. Instead of creating programs that are connected to the greater corporate plan and enable employees to put their knowledge of the workplace to use, too many businesses treat volunteer opportunities as side projects. The multinational consulting firm that attracted so much loyalty with its social impact initiative sends professionals to underdeveloped countries to use their consulting expertise on NGOs' or governments' projects there.
Recently, LinkedIn assembled a group of staff members to offer career guidance to war veterans, assisting them in creating their LinkedIn profiles and making them more marketable job applicants. The fact that all of the participants traveled together to a military post to assist the veterans meant that this initiative also provided the kind of group experience that employers value.
Tap into their competitive spirit
Building incentives around it can encourage engagement because millennials enjoy both competitiveness and appreciation. The trick is to develop the incentives without instilling a sense of obligation or pressure, which could be unfavorable.
For instance, following the recent fires in California's Napa and Sonoma regions, Salesforce.org issued a challenge to its employees to assist in raising $2 million to support relief and reconstruction efforts in the impacted areas. The company donated $500,000 in addition to founder Marc Benioff's $500,000 gift. It also asked for workers to contribute an extra $500,000, with the promise to match their contributions dollar-for-dollar up to another $500,000 if they reached the target.
The problems in managing millennials and how quick-witted they are have received a lot of attention when discussing how unique the millennial generation is as employees. They should be viewed as a perfect opportunity to both cater to their hobbies and increase job satisfaction while also really furthering a company's strategic objective because of their strong desire to contribute to the greater good.
Chezuba has integrated a perfect blend of fun and goodwill in its innovative corporate volunteering program. With gamification, fun challenges, and a dedicated donation platform, Chezuba offers a myriad of online volunteer opportunities for your employees to choose from. Book a free demo to know more about how Chezuba’s online volunteer opportunities can help engage your employees.