Three out of four nonprofit employees and eight in ten nonprofit managers choose to work at their organizations — and stay there — because they're committed to making a difference in people's lives, a survey conducted for TIAA finds.
According to the TIAA 2018 Nonprofit Survey, nonprofit employees and managers are nearly twice as likely as employees and managers at for-profit companies to feel that success is defined not by compensation (33 percent and 32 percent) but by helping others, their community, or society (71 percent and 77 percent). In addition, nonprofit managers said they believe an organization's values and mission (76 percent) and its ability to offer interesting and satisfying work (64 percent) are two significant advantages nonprofits have over for-profits, with 73 percent of millennial managers saying nonprofits were better at creating interesting jobs and job satisfaction than for-profits.
The survey also found that more than 90 percent of nonprofit employees and managers believe they are making a positive difference in their community or for society. And nearly three-quarters (74 percent) of nonprofit managers and 65 percent of nonprofit employees have spent at least six years in the sector. At the same time, only 39 percent of millennials believed they would be able to fund their retirement through Social Security and only 55 percent through their workplace retirement plan. When asked about their top retirement security concerns, nonprofit employees and managers cited healthcare costs (79 percent and 78 percent), changes to Social Security (70 percent and 72 percent), lack of guaranteed lifetime income (69 percent and 66 percent), and not saving enough for retirement (69 percent and 63 percent).
"This year marks a hundred years of TIAA serving those across the academic, research, cultural, medical, government, and nonprofit fields who have dedicated their lives to others," said TIAA president and CEO Roger W. Ferguson, Jr. "We have witnessed firsthand the positive impact these extraordinary individuals have had on the world, and thought what better time than now to shine a light on them, their motivations, and how their work brings fulfillment to their own lives....Our survey validated how important making a difference in other people's lives is to those who work at a nonprofit, and more importantly how it impacts their longevity in the field, career success, and plans for retirement."