October 2015 business news roundup: What you should know
October saw large companies stay true to trends in corporate social responsibility and drawing millennials to the workplace.
Check out this quick list of last month's business news trends and takeaways, courtesy of New England College of Business:
REI stays true to its mission this holiday season
The takeaway: Seattle-based retail giant REI has announced it will close its doors on Black Friday, one of the busiest shopping days of the year, and sacrifice potential revenue from its 143 stores. Specializing in outdoor sporting goods, the company has shocked those in the retail business by sticking to its mission that "being outside makes our lives better" and paying its employees to "go out and play" rather than collecting large amounts in revenue. While many have questioned the company's seemingly detrimental decision, trends in business ethics say otherwise. According to Forbes, REI's decision is exemplary of changing consumer trends, including the desire to follow an authentic brand voice, which carries out its mission both in the store and in the office.
Employee volunteerism and data: Capital One releases report
The takeaway: Capital One is using data from its 41,000 employees to its advantage in identifying the effectiveness of its corporate social responsibility initiatives. In its Giving in Numbers report, the company explained how it used data to identify employees who had not volunteered before, and to provide appropriate information and incentives to encourage volunteer work. Additionally, Capital One was able to use employee data such as location and skill set to find unique volunteer opportunities that catered to their personal preferences.
Revlon makes headlines with millennial-targeted campaign
The takeaway: Revlon surpassed its goals for its "LOVE IS ON Million Dollar Challenge" far before the end of the October campaign, and is attracting millennial employees in the process. Similar to REI's decision to close on Black Friday, Revlon has chosen to raise money for women's-health related charities to align with its target female market, and is following trends reported in the 2015 Deloitte Millennial Survey, which reports that 77 percent of millennials factor a sense of purpose into their decision to work for their company.