February 9, 2015
There’s been a lot of interest in researching millennials, the largest generation, particularly when it comes to how they impact nonprofits.
There’s been a lot of interest in researching millennials, the largest generation, particularly when it comes to how they impact nonprofits.
This generation is different from its predecessors that it trusts institutions and traditional methods of giving to social causes, explained NPR. It’s also a sizable pool of individuals – 80 million people by some estimates – interested in making a lasting change, and they’re reaching a point where they’ve got money to spend on charitable causes.
One of the biggest changes facing nonprofits and foundations is the way they reach out to millennials. Language plays a big role in how charitable organizations attempt to engage this demographic. Among many millennials there’s a sense that they need to contribute to a cause based on obligation, explained Amy Webb, forecaster of digital trends for nonprofit and for-profit companies. Millenials would be more likely to say they’re “investing in,” rather than “donating to” a cause. What’s the difference? Webb said there are two parts of the word that differentiate from the act of contribution. On one hand, there’s the financial aspect of investing money in an organization, but there’s also a strong sentiment of being involved with passion. But the ways nonprofits engage millennials is markedly different than with previous generations.
According to the Pew Research Center, 75 percent of this generation indicated they have a profile on a social network. This means that philanthropic groups have an entirely new platform to reach out to donors. Traditionally, membership organizations and nonprofits have relied on direct marketing tools to get in touch with donors. This approach is largely a one-way conversation where the nonprofit organization provides information and hopes for a response.
Social networks, on the other hand, are multi-directional communication tools. They allow large numbers of people from diverse backgrounds and geographies to hold active discussions. This gives nonprofits an easy way to participate in, or even start, conversations with potential donors.
According to Pew Research, nearly 40 percent of millennials were enrolled in college when the 2008 Census survey was conducted. As a result, they’re the most educated age group in the history of the U.S. There’s also a significant portion of the millennial population that entered into graduate studies. Part of the reason for this stems from the fact that the Great Recession left millennials with few choices in the job market.
According to “The 2014 Millennial Impact Report,” this generation tends to prefer communal volunteer projects than giving to a specific campaign. When the study was conducted, as much as 55 percent of millennials had volunteered in the past month and 46 percent had donated $1,000 or more during the previous year. However, all of these activities were preceded by research into an organization.
Eighty-eight percent of millennials donated to a nonprofit in 2013. Charities need to recognize the impact of this group and the cultural shifts underway in the giving community, especially when they develop fundraising strategies. Traditional donation channels and outreach likely won’t bring as strong of a return on investment as in the past.
Ready to chat? Get in touch today to request a no-obligation savings evaluation.
We’ve been a member of First Nonprofit’s Unemployment Savings Program since 2011 and highly recommend joining. The program is terrific and allows us to earn interest on our own funds while still meeting the state’s requirements on unemployment payments. In addition, the staff are great and always helpful sorting out any questions we may have. Thank you all!
CCSCT was approached by First NonProfit to discuss its Unemployment Savings Program and ways the program could significantly reduce the amount of unemployment taxes we were paying. At the time, our agency was paying approximately $80,000 per year. First NonProfit conducted an analysis to determine if making the switch would be in our best interest, and it clearly was based on our circumstances. The first year on the program, CCSCT saw a 70% reduction in its unemployment costs and each year, continues to experience further reductions as a result of having minimal claims. Some additional benefits of the program including having a fixed annual cost, an interest-baring reserve account, professional unemployment claims management and representation at all unemployment hearings. This has been one of the best decisions we have made.
We first started using First Nonprofit’s Unemployment Savings Program when we were a small startup nonprofit. We didn’t have an HR department and needed expertise in the event that an unemployment claim was made. We knew we were eligible to be a reimbursing employer, but weren’t sure how to navigate that process. They made it easy to set things up, plan for, and then manage claims when they came at a very reasonable cost. The amount of time and stress they’ve saved us dealing with all this has been worth way more than the cost. We’ve now grown to a large nonprofit and do have an HR department but have no plans to stop using their services. I highly recommend them to every nonprofit I come into contact with!
Throughout our membership in the Unemployment Savings Program, First Nonprofit understood our demands, community dynamics, and the importance of seamless services; that allowed us to serve our constituents better.
Because INCS advocates for the operating conditions that allow charter public schools to provide high quality public education, partnering with First Nonprofit was an easy decision. First Nonprofit’s unemployment programs provide our member schools two operating elements crucial to their ability to provide high quality public education: savings and budget certainty. Capable, committed teachers are the key to student success. By participating in the unemployment insurance savings plan, charter public schools gain peace of mind and are able to invest more money in their teachers.
It has been our sincere pleasure to maintain a strong, vibrant business partnership with First Nonprofit. We greatly admire their strong industry knowledge, technical expertise, constant professionalism, knowledgeable and dedicated staff. They are always extremely responsive, personable and provide us with the necessary guidance and recommendations on a numerous variety of employment scenarios.
NYCON members who use First Nonprofit’s programs enjoy enduring savings and improved efficiency. Our association knows that success, because from the beginning, we achieved the same great benefits. Great savings, seamless technology, and responsive service. NYCON highly recommends First Nonprofit’s remarkable unemployment solutions.
Visually Impaired Preschool Services has been a client of First Non-Profit since it was first offered as a benefit of VisionServe Alliance. We completed a thorough evaluation of cash savings to our agency before taking advantage of this wonderful benefit and it has been a very wise decision. Our experience with the processes from accounting to claims have been professional, expeditious and easy.