Corporate Social Responsibility (CSR) is often discussed in terms of its impact on consumers. Which causes do the public want to see addressed? How might a brand’s philanthropic investments yield the greatest return? Does purpose-driven marketing really work?
These are definitely important questions to ask; especially when a brand’s ultimate goal is to generate revenue. However, there’s another side when considering the value of CSR efforts that might be more important than any consumer market impact… attracting and retaining top-tier employees.
The millennial generation is huge; we all know this. The millennial generation is making its presence known both as consumers and within the workforce; we know this as well. What isn’t as widely known is the impact of a socially responsible employer on millennials seeking career opportunities.
Here are some interesting statistics regarding CSR hopes and expectations of the global millennial workforce in mature markets:
BUSINESS: A FORCE FOR POSITIVE CHANGE
- 76% of millennials consider business a force for positive social impact
- 65% of millennials agree that businesses around the world behave in an ethical manner; up from 52% in 2015
- In 2015, 75% of millennials believed businesses “focus on their own agendas rather than considering the wider society.” In 2016 that number fell to 64%, and again dropped to 59% in 2017
- A rising number of millennials believe “their leaders are committed to helping improve society;” recording a compound annual growth rate of 8.1% from 2015-2017
CSR IN THE WORKPLACE
- When asked who benefits the most from business-government cooperation, millennials are split among three groups; Businesses (28%), Citizens/Society in general (27%), Mainly Government (26%)
- Top 5 causes supported by millennial employers:
- Education, Skills & Training: 31%
- Unemployment: 27%
- Health Care/Disease Prevention: 21%
- Community Cohesion: 17%
- Environmental Protection: 13%
- Employers who empower millennial workers to support or contribute to purpose-driven initiatives while at work see significantly higher levels of loyalty (stay 5+ years), social optimism and business impact
- 77% of millennials have involved themselves in a charity or “good cause.” Of those involved, 40% follow or take active interest (e.g. Social Media), 30% actively volunteer/organize, 30% become members making regular donations, 23% raise money by sponsorship, organizing a collection, or by other means
If you want to know more about how CSR initiatives influence your employees or customers, we’d love to talk!
For over 30 years we’ve been refining our unique approach to creatively and consistently producing meaningful and actionable data-driven insights. Let’s work together in accomplishing your goals.
DATA SOURCE: The 2017 Deloitte Millennial Survey, Apprehensive millennials: seeking stability and opportunities in an uncertain world
