Born between 1982 and 1999, the oldest of the millennials are now in their early 30s and they are making a big impact on the way businesses operate. According to a survey published by Deloitte, 87% of millennials believe that the success of a business should be measured in terms of its impact on society, not solely on financial performance. They value transparency, collaboration and a seamless work-life balance. They are also more concerned with businesses that operate in socially responsible ways.
Since they are increasingly making up a large percentage of the workforce, businesses are being pressured to operate in ways that coincide with the values of millennials if they want to maintain long-term valuable employees. Although some may initially jump to the conclusion that this is negative and controlling, that is not the case. The values that they are pushing for may actually help shift the world to a better place.
Millennials are focused on a business’s ability to do good and make a positive impact. They want to see more job creation and a focus on long-term sustainability versus a focus on short-term profit maximization. In fact, they are more likely to work and stay loyal to a company that operates with social responsibility as a core value.
Tips to help ensure the long-term success of your business.
- Put employees first. Show them they are valued and build relationships based on trust and integrity.
- Invest in growth and focus on driving business initiatives.
- Develop new innovate products and services. This may help with future job creation.
- Make a positive impact on customers and society.
- Operate in ways that reflect your organization’s core values.
If a business operates in ways that encompass these tips, it will be more attractive to millennials, will be more likely to have the resources to provide a good income to employees and will provide a positive work environment. The business world is changing rapidly and in order to be successful, companies need to shift the ways in which they operate.
The stereotypical views that millennials are lazy and entitled are proving to be wrong. As the study on Deloitte shows, millennials are putting pressure on the business world to evolve and operate in ways that encompasses social responsibility. Businesses should take pride in the fact that not only are they financially successful, but they have a team of loyal employees and operate in ways that contribute to the growth of a strong society.