What the 2015 Millennial Impact Report Means for Nonprofits
The Millennial Impact Project explores how millennials (individuals now age 15-35) think about and engage with causes. Prior research mainly focused on how millennials interact with nonprofit organizations, but the new report examines how millennials approach causes through the workplace.
Millennials participate in workplace philanthropy and are increasingly impactful. The millennial generation composes about 34% of the workforce in the US, making it the most represented generation. As such, it is crucial to understand how millennials approach causes and philanthropy to leverage their influence for your organization. Use these ideas both to understand millennial corporate philanthropy, but also to generally think about how to involve millennials in your organization.
- Utilize peer influence. 46% of millennial employees are likely to make a donation if a co-worker asks, but only 27% will if a supervisor donates. Having a peer ask for donations to a cause is more impactful than a stranger or supervisor. Use this to solicit donations by encouraging your donors, volunteers, employees, and friends to reach out to their peers.
- Match donations. One of the top ways to motivate donations is through donation matching. If you can set up a matching program, you are more likely to solicit millennial donations. Team up with a local business for a company-giving campaign where the company will match employee donations or set up your own matching program with a foundation or an individual donor.
- Competition and incentives matter. Millennials react to incentives and competition as motivators. A sense of competition and incentives like name recognition or prizes will increase involvement. Try turning a giving campaign into a friendly competition or partner with a local university or company to sponsor a competition through them.
- Create short-term volunteer opportunities. The majority of millennials volunteer between just 1 and 10 hours a year. This means that you cannot expect sustained involvement from many, but can expect millennials to become involved with an annual service day or big event. Also, millennials are more likely to volunteer if they can leverage skills or expertise so offer skill-based volunteer projects.
- Your cause matters. Although incentives can inspire short-term engagement, millennials give to causes they care about. According to the research, the top reason for a donation or volunteer time is passion or interest for a cause. Tell your story and show millennials how their involvement makes a difference. They will be more likely to get involved if the cause feels meaningful and they can understand their impact.
For the full 2015 Millennial Impact Report and more information on the Project, visit www.themillennialimpact.com
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Please contact Fiona Bare, Capacity Building Intern at NNAAC,email@example.com