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Would you take a pay cut for a job that makes a social impact? According to the Millennial Impact report , nearly half of younger workers would. Given Millennials are projected to comprise some 70 percent of the U.S. workforce by 2030, companies are increasingly asking how to engage a generation that strives to make a meaningful difference and expects their employers to do the same.
A new perspective from our Employee Engagement team suggests six considerations for engaging employees in your company’s purpose.
Would you take a pay cut for a job that makes a social impact? According to the Millennial Impact report , nearly half of younger workers would. Given Millennials are projected to comprise some 70 percent of the U.S. workforce by 2030, companies are increasingly asking how to engage a generation that strives to make a meaningful difference and expects their employers to do the same.
A new perspective from our Employee Engagement team suggests six considerations for engaging employees in your company’s purpose.
Would you take a pay cut for a job that makes a social impact? According to the Millennial Impact report , nearly half of younger workers would. Given Millennials are projected to comprise some 70 percent of the U.S. workforce by 2030, companies are increasingly asking how to engage a generation that strives to make a meaningful difference and expects their employers to do the same.
A new perspective from our Employee Engagement team suggests six considerations for engaging employees in your company’s purpose.
By 2030, 75 percent of the U.S. workforce will be comprised of Millennials, the socially conscious generation that strives to make a difference beyond the bottom line and expects their employers to do the same. As a result, organizations are increasingly taking steps to engage employees in the companys overall purpose its reason for being beyond making a profit and creating opportunities to contribute to something larger and more meaningful than a balance sheet.
A companys purpose can take on many dimensions: adopting responsible business practices, ensuring sound working conditions and compensation for employees, supporting charitable causes, facilitating employee volunteerism and community involvement - the list goes on.
Regardless how an organization defines its purpose, it matters to the people who work there. Here are six considerations for engaging employees in your companys higher calling:
1.) PUT EMPLOYEES FIRST. This is intuitive, but before employees can aspire to contribute to something greater than themselves, their basic needs must be met. Moreover, from a credibility standpoint, the Edelman Trust Barometer indicates that treating employees well is one of the most important things a company can do to build trust. Indeed, Fortunes annual 100 Best Places to Work For list is packed with organizations where purpose starts with employees. Costco pays hourly workers three times the U.S. minimum wage, and The Container Store offers hourly workers a 401(k) match, both of which are rarities in the retail industry. Taking an inside-out approach helps earn employees loyalty, as both retailers have rock-bottom turnover rates. CONNECTIONS
An Edelman perspective on making meaningful employee connections that deepen engagement, build trust and accelerate business performance.
Employees who say they can make an impact while on the job report higher levels of job satisfaction than those who cant by a 2:1 ratio. (Net Impact What Workers Want)
of Millennials say the opportunity to give back through my company influences whether they join an organization. (The M Factor)
2.) ALIGN PURPOSE WITH BUSINESS COMPETENCIES. Certainly, many companies support a wide variety of causes and organizations, including those chosen by employees in their local communities. That said, when building an enterprise-wide purpose platform, it is advisable to align it with what the company does best so employees can contribute the same skills and expertise they use on the job. The computer programmer who has never held a power saw may feel he makes a bigger difference by designing an app for a nonprofit than helping build houses.
3.) PLAY MATCHMAKER. Years ago, offering paid time off for employees to volunteer was revolutionary. Now that such policies are widespread, companies are focusing on making it easy for employees to take advantage of them. Instead of just saying, heres 8 hours, go volunteer! many use tools such as SAPs Mobile Apps 4 Charity to match employees with service opportunities based on their interests, skills and location, as well as organizing company-wide days of service. HP * , for example, doubled its engagement goal by enabling employees to donate $25 credits to small business owners through micro-lending non-profit Kiva, in just a couple clicks.
As is the case with any change initiative, employees are more likely to participate if doing so is effortless, versus adding onto their to-do lists.
4.) MAKE PURPOSE PART OF THE JOB. Some organizations are integrating purpose into employees formal job descriptions. At KPMG, annual performance reviews include community involvement as a competency alongside more traditional skills such as relationship-building and leadership. Other organizations require executives to serve on community boards or lead volunteer activities with their teams. As part of the PNC * Grow Up Great program, employees volunteer their skills to support early childhood development, as well as their own professional development. Through annual surveys, PNC found that employees who are proud of the program are 10 times more likely to be engaged on the job.
Whether a company mandates involvement or merely encourages it, its important to be clear what is expected, what is optional, and what will help employees advance their careers.
5.) ENLIST LEADERS AND EMPLOYEES AS CHAMPIONS. Any behavior a company wishes to instill across the enterprise will only catch on fire if leaders are fully on board first. Managers who actively encourage their teams to volunteer (versus just approving requests for time to do so) are halfway there. Even more compelling are leaders who volunteer themselves, as employees look up the hierarchy for role models. Moreover, once employees are engaged
themselves, encouraging them to share their experiences internally and externally can be a powerful form of ambassadorship.
6.) RECOGNIZE YOUR ALL-STARS. Honor employees who volunteer, live the companys values, or contribute to something larger than themselves. This can be a simple hand- written thank you from the CEO or a round of applause at a town hall. On the more elaborate end of the spectrum, this could include friendly competitions where employees can win grants to pursue purpose-related projects, donations in their name to support a particular cause, or even the chance to share their stories on a global stage. As part of its World Cup sponsorship, one company invited employees to share why theyre passionate about volunteering; 17,000 employees around the world voted for the most inspiring stories from the 200+ submitted. Winners received a trip to volunteer alongside their fellow honorees and attend the World Cup. * Edelman client
ABOUT US Edelman Employee Engagement helps organizations accelerate business performance, delivered by highly engaged and trusted employees. We do this by making meaningful connections connecting employees with the company, their colleagues and the outside world and with Edelman Business + Social Purpose we engage employees through purpose. We have a global network of employee engagement specialists who develop strategy; deploy tools and processes to deliver it; create multimedia channels and content that support it; and design insight mechanisms to measure it. For more information, visit us at ee.edelman.com, follow us on Twitter at @EdelmanEE or email us at employee.engagement@edelman.com.