The millennial workforce is swiftly becoming the most prevalent demographic in the U.S. workforce today
The millennial workforce will hit 50 million between now and 2025.
Yet, this group remains a great mystery to many of today’s top executives and managers grappling with strategies for effectively overseeing and cultivating their growth within an organization.
Too often, the millennial workforce is incorrectly stereotyped as lazy and entitled. It’s important that companies dispel that mindset. Instead, they should focus on attracting young talent and retaining existing millennial employees. Doing so will provide outstanding results for said organization and allow them to gain a competitive edge.
Below are two proven tips which can help organizations of all types create and implement a ‘Culture of Good’ strategy that attracts and retains millennial talent.
Cultivate a Cause Close to Employees’ Hearts
More so than the baby-boomer generation, millennials strive to work for companies that have a greater purpose beyond business success. They want a culture in the workplace that aligns with their overarching values in life.
It’s no secret that the millennial workforce feels drawn to community issues and understands they can make a significant impact through their work. In fact, the 2017 Deloitte Millennial Survey showed that this younger generation felt a greater sense of a purpose when they volunteered and gave back on a local level, especially as this was encouraged and enabled by employers.
Companies should steer away from investing in national organizations when giving in their own backyard can court favor with employees and establish a positive reputation in their local neighborhood. Backing organizations that are part of the local community where employees work makes a world of difference in building brand loyalty, while consequently giving the millennial workforce an opportunity to make a difference and raise their feeling of purpose.
Support a Cause
The first step before engaging young employees in a company’s cause is to pick said cause. In doing so, an organization should conduct ample search and discover their own company’s soul by learning more about what employees are passionate about.
One good example is The Cellular Connection (TCC), which is a Verizon retailer that boasts 800 stores in 38 states. They created their own Culture of Good program. The first aspect of this initiative was a backpack giveaway which supported children in the neighborhoods where its stores are located.
TCC spotted recent research from the National Retail Federation which predicted the average individual with children in grades K-12 would spend over $100 on school supplies. Given nearly 20 percent of U.S. children live in poverty, TCC sought a solution in their local communities, understanding the company could make quite an impact on this problem. As of 2017, TCC provides over 100,000 backpacks full of school supplies to children in local communities annually.
Don’t Just Look Good, Actually Do Good
Given the millennial workforce is hyper-focused on authenticity in business, they’re quick to spot companies that seem disingenuous.
Companies spend millions and millions to appear as upstanding citizens of their communities. It’s a misguided effort that ends up costing a lot, literally. It’s important that companies develop their business concerning the best interests of their communities instead of simply signing large checks. This means so much to today’s customers, who truly value companies doing noticeable good.
Establish a business with a group of individuals focused on giving back to the community, solely because it’s the right thing to do. This showcases that the company and their valuable employees are focused on giving back outside of its four walls and 9 to 5 workday.
In turn, the millennial workforce will have a greater interest in joining these types of companies and be more engaged with the business long term.
Top companies in today’s society are driven by a Culture of Good, developed with an understanding of their soul in mind and in response, young professionals, propelled by their intrinsic values are noticing, and applying.
Is your company keeping up?
Ryan McCarty is the co-founder of Culture of Good, Inc. He created Culture of Good to inspire other businesses to create truly altruistic programs that make the world a better place. At Culture of Good, Ryan helps other organizations engage the hearts of their employees and empower them to make the changes they wish to see in their communities. Learn more about Culture of Good.