How sustainability initiatives can help a millennial retention strategy

We work in a fascinating time in the field of HR consulting. The mindset of the workforce is constantly shifting as organizations try to manage the multi-generational workforce. One thing our data made clear in the research stage when creating the upcoming national Best Workplaces for Millennials list was that while baby boomers and Generation X try to educate the younger generation on the nuances of business, millennials are constantly trying to push their boundaries in pursuit of leadership opportunities.

Millennials specifically have grown up at a unique time. With home ownership being as expensive as it is, university tuition costs higher than ever and higher costs of living than previous generations, millennials are always keen to learn of new opportunities with companies that can improve their chances of acquiring a stable life and income, which contributes to the mainstream narrative that millennials are job-hoppers.

So what is a key thing millennials value that companies should be aware of to attract and retain the best?

How can a focus on sustainability help organizations?

A 2016 Globe and Mail piece shares the importance of sustainability to millennials and their willingness to work with organizations that have sustainability considerations.

Here are some interesting stats to consider when deciding if sustainability initiatives to attract and retain millennials are worth investing in for your organization:

• Millennials are almost three times more likely to choose a job because of sustainability considerations
• 84 per cent of millennials are interested in sustainable investing
• Millennials are twice as likely to invest in a stock or a fund if sustainability is part of the value-creation thesis

With millennials being as socially conscious as they are, it adds to an employer's brand value to highlight a focus on sustainability initiatives that have a positive impact on the world.

How are other companies implementing sustainability best practices?

Looking through GPTW Canada’s Best People Practices Hub, which hosts a database of thousands of practices that organizations can leverage, there are many organizations that have effective sustainability initiatives in place. These practices are really helpful in attracting and retaining millennial talent.

• Cobalt Engineering has an internal group called SIBE (Sustainable Ideas Beyond Engineering) whose focus is to educate employees on sustainable ways of thinking and living. They share real-life examples of things that Cobalt people do to be more sustainable in and out of work, share tips and tricks and run sessions for education.
• Diageo Canada’s Community and Environmental Committee has sponsored a number of events, including planting 20,000 trees to help create a greener, more sustainable city with Evergreen.
• Urban Systems has a Sustainability Charter that was introduced in 2011. They are committed to being a living company that believes in sustaining opportunities for future generations. The Sustainability Charter is a further extension of an investment in the future as they commit to minimizing the environmental impact of their business operations.

Does a sustainable approach improve the bottom line?

While it is beneficial from a people management standpoint to implement practices that are attractive to prospective employees, sustainability actually DOES benefit a company’s returns. Referencing the same study of 10,228 mutual funds over seven years, it was found that 64 per cent of the time, sustainable strategies matched or outperformed traditional funds in terms of returns. Sustainable strategies also had equal or lower volatility most of the time.

What other sustainability initiatives have you seen that have been successful in attracting or retaining millennials? I’d love to hear in the comments below.



*Great Place to Work Canada will discuss these topics and how to use HR to boost sustainability efforts by engaging employees in sustainability goals at the upcoming Sustainable Waterloo Region Conference in the fall. See the full national Best Workplaces for Millennials list on Sept. 5 here.