Filene Report: Credit Union Values Can Help Recruit Employees
Credit unions values can be leveraged as a recruiting tool to attract people who are motivated by working in “impact jobs” that make a positive difference, according to a new report from the Filene Research Institute in Madison, Wis.
Filene Research Institute partnered with Net Impact, a San Francisco-based nonprofit group that works within and beyond business to address social and environmental problems., to conduct a survey to find out how people view "impact jobs," or jobs that provide employees with the opportunity to make a social or environmental impact.
The survey looked at national sample of 1,726 university students about to enter the workforce and currently employed four-year college graduates from three generations: Millennials (between the ages of 21 and 32), Generation X (between 33 and 48), and Baby Boomers (between 49 and 65).
Some of the survey’s findings included:
- Responding to the statement, "Having a job where I can make an impact on causes or issues that are important to me," 72% of college students surveyed said it was either essential or very important. That's 13 percentage points more than Millennials and 23 more than Gen Xers.
- The survey also found 60% of women said that working for a company that prioritizes social and environmental responsibility is very important to them, compared with 38% of men. As a result, organizations that invest in impact jobs may have more success in recruiting women.
- Slightly more than half of professionals (55%) said they are currently in a job where they can make a social or environmental impact. In addition, 45% of employees who said they worked directly on a product or service that make a positive social impact report being very satisfied with their jobs.
- A majority of students (65%) expect to make a positive social or environmental difference in the world at some point through their work. Credit unions that offer students direct ways to make a difference through their job will have a recruiting advantage, the report said.
"Not every credit union is positioned to take advantage of these trends," the report concluded. "For some, the idea of a credit union movement is a memory, not a motivation. And that's just fine. But credit unions that see their differentiator as doing good by members every day should take these findings to heart and use social responsibility to attract conscientious employees. They will then become conscientious leaders."