Many young people — as well as not-so-young people — want to save the world and maybe, just maybe, you can help your employees fulfill that desire, and help yourself in the process.

Surveys find that “making a difference” is often equally as important as, and sometimes more important than, salary for many employees. This is especially true among the GenY crowd, though this is probably more a function of their young age than their generational cohort; GenX went through this, the Boomers thought they were changing the world in the 60s, and the Greatest Generation fought World War II to save the world. But whereas before people might join the Peace Corps or go do volunteer work or work with an NGO, these days they may focus on combining a social focus with a startup business. We see this in developed countries in the West, we see this in developing countries in Asia…it’s a global thing. Plenty of people have an interest in addressing social problems, but not everyone can start a non-profit or a social startup…and maybe that’s where you come in.

One of your strongest human capital approaches could be helping people make the world better.

Groups that tackle social challenges need smart people with diverse skill sets. They need policy thinkers who can help them plan for moving forward. They need artists to do their marketing, and web developers to create and maintain their internet presence. They need talented actors, singers, hairstylists and others to teach in training programs, or contribute their talents to fundraising efforts. They need financial experts to help them allocate their limited resources. Social issues don’t just need leaders, they need talent too, and that’s where many of your employees can satisfy their desire to do something socially useful.

Many companies have a “service day” every year where the whole company goes out to do some work for volunteer groups. That’s great, and provides a lot of hands-on work for these groups, but what if you expanded that? What if, instead of just having one day a year for the whole company, you allowed time for your employees to go work for a volunteer group of their choosing? Before you think you cannot afford to spare them, note that in the US, lawyers are generally required to do a certain amount of pro bono work every year to keep their membership in the bar. You could do the same thing. You could make it work.

You could also expand your idea of corporate social responsibility to include having your own in-house social entrepreneurship effort. Your IT department could lead an project to get computers into schools. Your HR team could teach interviewing and job search skills for unemployed people. You have a lot of talent in your company; imagine how you could make life better if you turn some of that talent loose on social problems.

Whether you are supporting volunteer groups by giving your people time to participate, or running your own projects, there are business benefits to you, and at the end of the day, that’s got to be a primary consideration for any business leader. The fact that you help your employees fulfill their social work desires — whether by providing time off, or running your own CSR projects — gives you a useful recruiting point, and can be a very effective retention tool; if someone’s job helps them invest in something they enjoy outside of work, they’re less likely to leave that job. When people talk about the importance of “work-life balance,” their contribution back to society can be an important part of that. If your employees can satisfy their desire to do good while working with you, they are more likely to join you and stay with you than they are to go start an enterprise of their own.

There are other human capital benefits to supporting your employees’ social entrepreneurship interests. A couple of years ago we published a short paper on developing leadership skills through volunteer work. Social opportunities provide a useful leadership development tool by teaching about innovation, collaboration, resourcing, marketing, and other aspects of business that your rising leaders need to understand, and which may be very expensive to support through a rotation program or formal classes.

Encouraging your employees to participate in the social efforts they find most interesting can allow them to feel satisfied in their job without feeling like they need to leave the corporate world and start up a non-profit group or business of their own. If you can help them meet both the needs of their job interests and their social conscience, then both you and they can win in the end.