Running from April 19th through April 25th, Youth Week is designed to encourage saving among younger members, and highlight ways that credit unions can help them manage their money. Our newest episode release, Doing Good is Good Business highlights why it is important that you let our generation know what you’re doing to better serve your members and community.
Believe it or not we actually do notice when you go out of your way to make a difference. Here are some stats to prove it:
- 83% will trust a company more if it is socially/environmentally responsible (2006 Cone Millennial Cause Study, http://www.csrwire.com/PressRelease.php?id=6641 )
- In a study of college graduates one of big difference between the class of 1982 and the class of 2008 is that the recent class “tends to be somewhat more community-oriented, more concerned with job and economic security, and the ethical behavior of employers.” I can certainly see the influence of Enron, the economy and the environment emerging there. (NACE Exec Director, http://www.awlp.org/awlp/blog/wlarchive2008/wlblog_08-19-08.html )
- 40% of Gen Y would stop using a product that they love if they discovered the provider was not socially responsible (“The Net Generation: A Strategice Invesigation,” Syndicated Research Project)
Tune into our latest CYouth video to hear more about Gen Y’s views on corporate responsibility.
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Just to add on to what Amy said, here is a quote from the Harvard Business Review:
“A recent McKinsey survey asked executives around the world whether trust in business has fallen as a result of the economic crisis. The results were unambiguous: of the 85% who said that trust in business had fallen, 56% blame financial firms’ mishandling of risk. 33% of executives said job losses also contributed to the decline in trust, 29% cited executive compensation levels, and 25% saw predatory practices as a contributing factor.”
Now, more than ever, it is critical for credit unions to hone their image. They have a great philosophy of “People helping people;” just make sure that this idea penetrates all levels of the credit union staff.