A recent report by Deloitte Australia has found that millennial favour employers who are making a positive impact on society and the environment.
The ‘Millennial Survey’ 2018 report indicates millennials believe Not-for-Profits and business leaders are having a stronger positive impact on the world than political and religious leaders.
“While young workers believe that business should consider stakeholders’ interests as well as profits, their experience is of employers prioritizing the bottom line above workers, society and the environment, leaving them with little sense of loyalty,” the report read.
“The message is clear: Young workers are eager for business leaders to be proactive about making a positive impact in society.”
Businesses, who neglect their opportunity work for social good, are also missing out on attracting and retaining young talent.
But by not engaging in social business is not only damaging in regards of talent, another recent report by Deloitte Australia, ‘Meaningful Brands’, suggests it’s also damaging for the company brand.
Consumers have reported that they are more likely to connect with brands that continue to reflect their values and ethical opinions. For example, Australian citizens were more inclined to support the organisations that supported social issues, like the 2017 marriage equality, than those who ignored them or openly opposed them.
“Once shared values are identified and the desired direct consumer relationship is articulated, organisations can start designing their digital engagement approach,” the report read.
“Our respondents are imploring business leaders to take the lead in solving the world’s problems,” the report read. “To shift organisation’s motives from inordinately focusing on making profit to balancing social concerns, and to be more diverse, flexible, nurturing of and generous with its employees.”
More and more corporate organisations are realising the potential of social impact investing and collaborating with Not-for-Profits and Charities. As government funding is decreasing, corporates are playing an increasingly important role to ensure NFPs are enabled to carry out their work.