The value of corporate responsibility
Gone are the days when robber barons and sleazy executives could make their way through the corporate landscape and come out on top.
Millennials are the workforce of the future and have shown through their values that they won’t stand for that type of behavior anymore.
They have indicated in surveys that they value altruistic ventures and businesses, as both employees and consumers. Companies with a socially responsible mindset and approach are also more likely to gain the support of Millennials.
Take a look at this interpretation of the facts from this SlideShare.
“Millennials care about social issues…They are most likely to spend more on products from companies that invest in social betterment, making them receptive to cause marketing. Giving is a socially monitored activity and this can be a good kind of peer pressure. Make giving and getting involved easy and share socially to appeal to them. Tell Millennials why they should care and they will spread the word.”
“Millennials are more likely than their older counterparts to indicate that they’re willing to spend more for goods and services from companies that have implemented programs to give back to society, and this willingness to spend more has risen over the past two years. Over 60 percent are willing to pay more for a product if it’s good for the environment.”
These are the areas you must target if you want to attract the services and business of Milllennials. Start with a focus on ethics in the workplace and expand from there.
Here’s some advice from Velsoft’s Business Ethics for the Office course on laying the groundwork for an ethical and socially responsible workplace.
Develop your code of ethics and your company will have:
- Happier employees. A code of ethics can relieve tremendous pressure on employees by giving them a moral compass that they can make decisions by.
- More consistent decisions. If everyone knows the company standard of right and wrong and commits to it, decisions made within the company are more likely to be consistent.
- More committed employees. An ethical office environment will likely produce more committed, loyal employees. A properly implemented code of ethics can help an office become more ethical.
Employees who are following a code of ethics are successful and more content and they extend that attitude to their customer service and production.
Once you’ve installed a solid foundation, it’s time to build upon it and look outward for sustainability and social responsibility.
Now let’s turn to Velsoft’s Encouraging Sustainability and Social Responsibility in Business course for further guidance.
“The drive for social responsibility must be integrated with every aspect of the organization, from frontline staff to upper management and owners. Often this has to be done while managing risk and compliance, without increasing costs, and while dealing within increasingly global circumstances.
Being fair to consumers as well as creating sustainable consumption are both essential principles in fostering sustainability. Developing a diverse supply base will help to create a good balance between these issues.
Community involvement can include a huge range of activities, from small, grassroots-style efforts to large efforts that practically have a life of their own.”
The bottom line is your business has to be willing to adapt, and must be a socially conscious corporate citizen.
The biggest generation in the workforce has spoken. Are you listening?