Workers trade pay for social conscience
One in five Aussie students say they’d be willing to trade in 40 per cent of their salary if they had a job where things were different. HAVE YOUR SAY
Ethical jobs and socially responsible employers are in high demand from jobseekers looking for purpose and pride in their work.
Almost one in five business school students say they would be willing to sacrifice more than 40 per cent of their salary to work for a responsible employer, Macquarie University research reveals.
Just one in 20 (5 per cent) say they would not sacrifice any of their future earnings for this purpose.
Macquarie Business School Professor Debbie Haski-Leventhal says companies are entering a “new phase of responsibility” in which corporate social responsibility is no longer seen as simply a trend used to promote their financial bottom line.
She says young people in particular no longer tolerate unethical behaviour.
“Millennials aren’t just looking for a job like their grandparents who lived from pay cheque to pay cheque or their parents whose career would often be with just one company,” she says.
“This generation has the luxury of being able to look around for a job which isn’t solely based on salary.”
The University of Queensland Business School strategy and entrepreneurship lecturer Dr Belinda Wade says employers are now the most trusted societal institution, overtaking government and the media.
“In the past, there was an expectation that people were going for jobs that paid the best,” she says.
“Now, when I look at my masters-level cohort of students, they are very conscious of sustainability and the products they are buying and the way they act in their lives.”
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UQ Business School social entrepreneurship lecturer Dr Lance Newey says employers who ignore the trend toward socially responsible employment will miss out on the best workers.
“If your organisation culture doesn’t embrace wellbeing and environmental sustainability then you might have a hard time recruiting good people because your competitors are doing this,” he says.
“Young people are more resourceful in being content to live a leaner life until they find what they are looking for or they will seek to create it themselves.”
It is also in an organisation’s best interest to consider ethics from a consumer perspective.
Finder figures reveal 55 per cent of Generation Z consumers believe it is “incredibly important to consider a company’s social/environmental efforts when deciding whether to purchase from them”.
This is also the sentiment of 46 per cent of Generation Y, 32 per cent of Generation X and 25 per cent of Baby Boomers.
Finder chief executive and co-founder Fred Schebesta says the comparison website embraces corporate social responsibility through initiatives such as Finder Green – a hub for Australians to discover sustainable, ethical and eco-friendly products such as ethical superannuation, solar panels and skincare.
“At Finder we don’t just talk the talk, we walk the walk having switched our electricity to a carbon neutral provider,” he says.
Kirstin Hunter, managing director of ethical superannuation fund Future Super, was a lawyer for three years and management consultant for six years before making the conscious decision to find an employer that put purpose at the core of her role.
She approached Future Super, attracted by the idea of using financial services to not just deliver financial returns for retirees but also shape the kind of world they retire into.
“When choosing companies to invest in, we screen out those that deal in fossil fuels, alcohol, tobacco, armaments, etc.” she says.
“It gives us a much shorter list of companies but from there we apply the normal investment analysis any other fund would.”
When hiring staff, she says they look for people with skills and capabilities but equally have passion and purpose.
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Originally published as Workers trade pay for social conscience