As Millennials become an increasing proportion of the workforce, business leaders of every type and size of company are highly interested in factors that can help in attracting, retaining, and engaging members of this generation.
Through our conversations with CEO and research on trends, we see that “good corporate citizenship” matters to a strong majority of Millennials. However, it’s important to note that this concern goes beyond looking at how much a company gives to charity. Many Millennial employees want to understand the connection between a company’s corporate philanthropy and a commitment to a cause they believe in.
With this in mind, more and more CEOs are starting to think about how they can get an increased benefit to their companies from their corporate philanthropy efforts. “Is it possible to benefit our bottom line at the same time we contribute to good in the world?” The short answer is, “Yes, but it really matters how you go about it.”
As you’re thinking about getting more from your corporate social involvement, ask these questions:
- Are we taking a strategic approach to designing our philanthropic outreach? Are the causes you give to connected in some meaningful way to what your company does or stands for? An example is an engineering company that donates to technical training programs as their local community college. The community gains in having support for students that need it, and the company has a strong advantage for attracting interns and new graduates as potential employees.
- Are we being as creative as we can be in choosing how to give? There are many more ways to give than through cash donations. Brainstorm with your peers, employees and community and nonprofit leaders to generate out-of-box ideas that create an impact, and may boost your reputation for creativity.
- How can we better implement our social responsibility efforts? After you select a cause and approach to helping, work through an implementation plan that fits with your strategic objectives and the capabilities of your company and partner(s). Creating a realistic list of desired outcomes and tracking progress on a regular basis will help you monitor success and adjust in real time to achieve maximum benefit.
Interested in digging deeper into these ideas? Listen to “How Corporate Philanthropy Can Grow Your Business“ on Growth Igniters Radio with Pam Harper and Scott Harper®. We speak with Karen Eber Davis, author of the eBook “Can Philanthropy Actually Help Your Bottom Line.”