As a business, your success depends upon the talent you hire and retain. Without a solid team of employees who are endeavoring to help your company grow, innovate, and adapt to the future, you have no chance of success. With Millennials making up the largest segment of the workforce, the question then becomes “how do I attract top talent in this sector?” The answer is social impact. So what exactly is social impact and why does it matter so much to this generation?
What Is Social Impact?
Simply put, social impact is the effect your company has on the well-being of your community.
This could be something as simple as how you treat your employees and, therefore, how positive your impact as an employer is in the community. It can be something larger, such as how much your business donates to local charitable causes. The bottom line is, what perception do potential hires have about your company’s social impact? Studies have shown that social impact is high on the list of what Millennials want out of their employer, so it’s worth prioritizing.
What Do Millennials Think About Your Company’s Social Impact?
According to a study by Deloitte, Millennials’ perceptions of businesses are declining, Meanwhile, their desire to work for a company with a positive social impact is increasing. The survey states that in 2018, a clear shift occurred. Only a minority of Millennials believe that businesses behave ethically. In fact, according to the data, the majority no longer believe that business leaders are committed to helping improve society.
What does this mean for your business? It means that you need to take a proactive approach to demonstrating your company’s positive social impact. Without doing so, you risk potential talent dismissing you in lieu of a company that is perceived more ethically.
How You Can Improve Your Social Impact And Attract Talent
So how do you improve your social impact and attract talent? It all starts at the top. As a business owner or leader in your company, you must operate with a high level of integrity. Check out a few of these ideas for improving your social impact.
Get Involved In The Community
If you aren’t involved in your community yet, look for ways to contribute. From cleaning roadways to sponsoring local events, look for opportunities to get your name out there associated with doing good. The more your business participates in giving back to the local community, the more likely your talent pool will notice. Make them want to be a part of what you are doing.
Allow Your Employees Volunteer Time
Another great way to help give back to your community is by allowing your current employees to volunteer time on the clock. Accordingly, as they get out there in the community, giving back to the charities they care the most about, others will associate your business’ name with positive change.
Make Integrity A Priority
If integrity isn’t already a part of your core values as a business, add it to the list and prioritize it. Hold everyone in a leadership role to a high level of integrity. Your reputation in the community will spread faster than you might think. When past employees talk about your company, will they have positive things to say about the integrity of those at the top?
Give Back To Your Millennial Workforce
Finally, an excellent way to ensure that your company is giving back to the local community is by focusing on an outstanding benefits package. Do you want to attract the top talent from the largest sector of the workforce? Then you need to offer benefits that matter to this generation.
For example, contribute in a huge way through student loan repayment assistance. By offering your employees this benefit, you ensure that your social impact is positive and meaningful. Millennials face the burden of student debt, and it has a far-reaching impact on the local community. Those struggling to make student loan payments each month are less likely to buy houses and contribute to the local economy. By providing student loan repayment as a benefit, you create a positive ripple effect in your community.
Reach Out To IonTuition Today
If you are working on improving your positive social impact, consider reaching out to our team today. Here at IonTuition, we make it simple for businesses to provide a unique and outstanding benefit to their employees. Contribute to your community through a student loan repayment program. From contributing to student loans each month to providing an outlet for financial counseling, our program makes it easy for you to make your business stand out in the local community.
Not only will adding our program into your benefits package make it easier for you to attract talent, but it will also give you the peace of mind knowing that you are having a positive influence on your local community. Find out more about how our program works by reaching out to our team today. We look forward to helping you improve your company’s social impact.