Younger workers care about your ESG strategy (so it may hinder your ability to hire)
– 64% of millennials won’t take a job if their employee doesn’t have a strong CSR policy, and 83% would be more loyal to a company that helps them contribute to ESG issues.
– Gen-Z workers prioritize purpose over salary even more.
This Forbes article by Afdhel Ariz makes clear that ESG will play a role in a company’s ability to hire younger workers. Here’s the intro:
The Cone Communications Millennial Employee Study found that 64% of Millennials won’t take a job if their employee doesn’t have a strong CSR policy, and 83% would be more loyal to a company that helps them contribute to social and environmental issues (vs. 70% U.S. average).
And when it comes to Gen-Z, again the data is even more compelling. The newest entrant to the workforce, Gen-Z, is expected to make up 30% of the U.S. workforce in just four years.
A study by WeSpire found that Gen-Z is ‘The first generation to prioritize purpose over salary. They read Mission Statements and Values documents to select where they work and want their employer’s values to match their values. They expect consistency and authenticity and will call you out, often publicly, if they don’t see it. They will leave companies they believe are hiding or putting too much spin on bad news, ignoring their negative environmental or social impacts, or that have toxic workplace cultures.’
And here is another excerpt:
Fast Company found that ‘most millennials would take a pay cut to work at an environmentally responsible company. ‘ Deloitte Insights 2020 Global Marketing Trends Report found that purpose-driven companies had 40% higher levels of workforce retention than their competitors.
And here’s a note from “Australians Engineer Declare”:
John Rosling, CEO of Contexis, shared two conversations he had with clients earlier this year: one from a big bank and the other an oil giant. Both leaders were deeply troubled at their inability to attract good young talent. He notes, the best engineers are no longer attracted to big oil – in 2019 only.