Here’s How to Snatch Talented Millennials for Your Startup
Incorporating social good (or social impact) into your business model will help you attract and retain talent among Millennials, sometimes at a more affordable price.
- 58% of US college students surveyed would take a 15% pay cut to work for an organization whose values are like their own, and 45% would do the same to take a job that makes social or environmental impact, according to Net Impact’s Talent Report: What Workers Want in 2012.
“I wanted to be in a position where I could have a huge impact on the community,” Brentt Baltimore, 24, a Claremont McKenna College graduate who turned down a six figure salary at a LA hedge fund for a $33,000-a-year position at Detroit Venture Partners, told the New York Times. Now part of his work involves improving Detroit’s struggling economy by bringing new business into the region.
“Actually, it’s the cheesy phrase, ‘to make the world a better place’ that makes me wake up in the morning. Alright, it can sound utopic or whatever, but well, that’s what turns me on,” Clement Delangue, a graduate from ESCP Europe (the world’s first business school) who turned down a job at Google for social impact opportunities, told Forbes.
- 88% of Millennials choose an employer with corporate social responsibility values that match their own, and 86% would consider leaving if those values shifted, according to the Millennials at Work-Perspectives from a New Generation survey by PriceWaterhouseCoopers.
- Millennials believe a company should pursue financial success while also improving society, and they themselves look to make a difference with 63% giving to charities, 43% volunteering or being a member of a community organization, and 52% signing petitions, reports a global survey by Deloitte Touche Tohmatsu Limited.
For information on how to take on social impact, please visit our site at StartingUpGood.info and ask about our pro bono consulting services.