Social entrepreneurship is the new black. The idea of not choosing between profit & purpose seems to be gaining traction as America continues to cultivate a new sense of philanthropic virtue. Growing emphasis on social good in society is empowering millennials (ages 16-29) to balance their career goals with karma. In speaking with companies and colleges, one question keeps coming up. Will social entrepreneurship drive a paradigm shift in the hiring procedures of corporate America?
A few years ago, I was working in New York City for a large asset management firm and I observed a surge in corporate social responsibility initiatives that peaked my interest. I decided to leave Wall Street in 2010 to pursue an MBA at Babson’s Olin Graduate School of Business, focusing on social entrepreneurship. As I completed consulting projects with fellow MBA students from MIT & Boston University, I noticed a growing trend in business school students, like myself, searching for opportunities to create social impact. A recent study from the Stanford Graduate School of Business reinforced these sentiments. Results showed that ninety percent of MBAs were willing to sacrifice financial benefits to work for a company that demonstrates a strong commitment to social good (i.e. positive ethics, community reputation etc.)
What about the corporate perspective? United Technologies in Hartford, Connecticut, has also found that potential employees sourced from top learning institutions ask specifically about volunteering and community service, indicating that it is one of the criteria for an “employer of choice.” Furthermore, a survey on volunteering conducted amongst national college graduates listed some of the professional benefits millennials are looking to gain like experience in strategic planning, improved understanding of government policies, connections with community leaders, and exposure to social patterns.
As an entrepreneur, I’m constantly exploring ways to hire talented people. This past summer when my team began conducting interviews to hire interns, we tracked the responses of millennials more motivated by altruism than financial benefits. Over 75% of our applicants were willing to turn down well-paid internships with fortune 500 companies to join the AltruHelp team. Why would millennials turn down high paying established internships with organizations like Puma or Sprint to work for a young social impact powered startup?
Here is a look at a few of my interns and why they chose to spend their summer immersed in social entrepreneurship:
Mara is a senior at Emerson College and her fear this past summer was not whether she would get an internship but whether she would accept the right opportunity. The first item on her perfect-internship-checklist was social responsibility. Mara turned down paid internships with major companies for the opportunity to oversee AltruHelp’s charity & community service programming this summer. You can read more about the recent Impact-Networking charity event she organized for over 100 people at the Microsoft NERD Center on our blog. Mara’s decision reflects a growing tendency among students and recent grads to take pay-cuts in order to work for a company that reflects their values. An article by Business Civic Leadership Center showed that 65 percent of university students expect to make a difference in future jobs and 58 percent would agree to a 15 percent pay-cut to do so.
John, a sophomore at Babson College, targeted internship opportunities with socially responsible companies because he says “it makes the work place more enjoyable!” He likes working to benefit people and the environment. This summer he looked for opportunities that he knew would be both rewarding and fun!
Paige, a 2010 graduate of Wagner College, a school with an esteemed service-learning program, was inspired by social innovation and the idea of AltruHelp using social technology to amplify volunteerism. During her time at Wagner she joined Alpha Phi Omega, a co-ed community service fraternity and developed what she calls a “tendency toward altruistic thinking.” In almost any given situation she finds herself identifying ways to make a difference. Studies have shown that participation in service learning programs can result in a lasting ethic of volunteerism among participants and Wagner certainly did that for Paige.
It’s clear that in this day and age of blogging and information sharing, companies that don’t consider magnifying their community footprint will be held accountable by future potential employees. With volunteerism and social entrepreneurship becoming a bigger part of college applications, curriculums and media, it seems the trend is here to stay. As you think about recruiting and hiring your next class of corporate leaders, ask yourself, where can you add a larger dose of social impact to your hiring process?
via Is Social Entrepreneurship Transforming Millennial Talent Acquisition? – Forbes.
Is Social Entrepreneurship Transforming Millennial Talent Acquisition?
