Capital Region Cares Capital Region Cares 2018-2019 | Page 14

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Opinion
By Giving Back,
Companies Attract Talent
MATT MCCORMACK, MARKET PRESIDENT FOR SACRAMENTO REGION,
BANK OF AMERICA
T
he Capital Region is in the midst of a battle for talent.
Our best candidates are looking for a sense of purpose
in both the workplace and in the community. Sac-
ramento is increasingly attractive to talented candidates
from the Bay Area who find the region’s more affordable
housing alluring, but who also put a high value on inclu-
siveness and social activism. This presents both a challenge
and an opportunity for employers in the region: How do we
articulate our purpose and then honestly deliver on it in the
workplace?
While corporations and businesses know that giving
back to the community is the right thing to do, many don’t
know how to direct their efforts in a way that is meaning-
ful, impactful and creates a shared sense of purpose in the
workplace. The best-selling book “Start With Why: How
Great Leaders Inspire Everyone to Take Action” looks at
the difference between mission-driven (what) and pur-
pose-driven (why) leadership and how they correlate to at-
tracting and retaining talent.
As a leading financial-services company, Bank of Amer-
ica’s what is easy to describe: We provide financial prod-
ucts, services and tools to help people, businesses and in-
stitutions manage and grow their money. Our why is more
nuanced — and more important. Our purpose is to improve
the financial lives of our customers and strengthen their
communities. This purpose guides how we deploy philan-
thropic capital and how we create relevant and meaningful
workplace policies that reflect the values of our increasing-
ly millennial workforce.
The synthesis between a company’s what and why and
its ability to honestly manifest its purpose in words and
actions is critical to attracting and retaining valued em-
ployees. At Bank of America we have seen a generational
shift in what employees value most, and current research
shows our experience isn’t isolated. According to a recent
study of more than 380,000 employees published in Fortune
magazine, employees who see their organizations give back
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CAPITAL REGION CARES 2018-19 | comstocksmag.com
to the community through activities like charitable giving
and volunteer efforts are 13 times more likely to look for-
ward to coming to work. These employees also show high-
er levels of brand ambassadorship and enthusiasm in the
workplace. Philanthropy and hands-on volunteerism now
double as recruitment and retention tools. In addition to
the direct impact of charitable activities, these initiatives
are increasingly seen as smart business.
Millennials are adept at recognizing sincerity, and their
relationship to the workplace is no exception. Research and
our own experience shows us that millennials are more
committed to work hard and are more inclined to stay with
a company when they see firsthand that its purpose — or
why — is reflected across all aspects of the company, from
its culture to its HR policies. Fifty-three percent of millen-
nials surveyed in the 2016 ”Millennial Impact Report” said
they had been inspired to work long-term for a company
that was making a difference in the world. In another study
by Bentley University in 2017, 84 percent of millennials said
they valued making a positive difference in their careers
more than professional recognition.
So what does “giving back” look like?
My employer, for example, takes a holistic approach
by deploying its philanthropic capital in ways beyond just
writing checks — although awarding $1.5 million last year
alone to Sacramento-area nonprofits is a great start. The
company works with organizations with an aligned pur-
pose to help put people on the path to economic stability
by removing barriers such as lack of food security, access to
housing or job readiness. Our bankers offer pro bono exper-
tise to nonprofits, and we find that giving every employee
two hours of paid time off every week to volunteer locally
works. Our employees in the region volunteered more than
10,000 hours in 2017 alone. It helped our employees in the
region volunteer 7,500 hours in 2018.
This approach was why we were named on Fortune’s
most recent list of “The 50 Best Workplaces for Giving Back,”