Millennials often get a bad rap. We’re often painted as a lazy, disengaged lot, who don’t give a shit about much besides smashed avos and the Kardashians. We’ve seen some interesting research lately that shows millennials are quite the opposite. In fact, we really give a shit about the big issues that matter, both within Australia and globally. And we’re looking to businesses to lead the way.
What do we give a shit about?
In a study done by JUNKEE Media and oOH, they found that, overwhelming, millennials really care about sustainability and the environment, which can be seen in the Give a Sh*t Metric. A study by Deloitte showed similar things, but with the addition of diversity, which is a problem in some of the top companies.
Turns out we really don’t care about smashed avocados.
Change wanted, action needed
A survey by World Economic Forum found that we millennials urgently want change, and that there’s a growing move toward engagement and action. In 2019, engagement with the news surged by 22 points; 40% not only consume news once a week or more, but they also routinely amplify it. Trust is a big issue though, with 73% worried about fake news being used as a weapon.
Source: World Economic Forum
Who is trusted to fix it?
Certainly not the government, according to the 2018 Deloitte Millennial Survey, with 71% of respondents saying governments have a negative impact on the world. While they don’t necessarily see company leaders as ethical gods, they do see them as having a more positive impact than political or religious leaders.
Could businesses change the status quo?
We millennials find businesses more trustworthy if they have
Diversity in management team and throughout the company
Shown they’re advancing Industry 4.0
Shown they’re developing people to succeed in Industry 4.0
At the moment, we think most business leaders aren’t really committed to making sure their culture is inclusive. Roughly two-thirds of respondents in the Deloitte Millennial Survey think leaders just pay lip service to diversity and inclusion, and they also believe that only legislation can make it actually happen. Business leaders have some gaps to fill to gain trust.
Business success should be measured by more than just financial performance, an overwhelming 81.5% of research participants say. We aren’t naïve—we know businesses obviously have to make money. But we believe that companies should also be accountable for:
Making a positive impact on society and the environment
Creating innovative ideas, products and services
Job creation, career development and improving people’s lives
Emphasising inclusion and diversity in the workplace
In 2017, millennial respondents were much more “pro-business” but this year there’s been some love lost and a strong signal was sent that those higher expectations are not being met. We’re seeing a real opportunity here for leaders to fill what is seen as a stark leadership void.
Source: 2018 Deloitte Millennial Survey
Now is the time for business leaders to prove themselves as agents of positive change, so the world can feel a little less shit.
At Goodments, we recognise companies who are on the front foot with tackling these issues. Here are some investments we offer that you might want to look into:
Diversity and equality:
Bossing Diversity Fund.
ING Groep N.V.
LGBT Equality Fund
Cisco Systems Inc
Novo Nordisk A/S
Lloyds Banking Group PLC
Sustainability and the environment:
Global Impact Fund
Wind Powered Fund
Herman Miller Inc.
International Business Machines Corp
Edwards Lifesciences Corporation