A resounding 92 percent of Millennials believe that business success should be measured by more than just profits, according to a recent study by Deloitte., part of a global consulting consortium. In a parallel survey, 71 percent of business leaders, shared this broader definition of success.
Millennials, defined as individuals born after 1981, place great faith in the ability of businesses to make the world a better place, according to the survey. More than half – 52 percent – say business is the sector most likely to solve society’s biggest challenge – an opinion shared by 35 percent of business leaders.
“Millennials believe that business has a societal purpose, without negating the importance of making a profit,” said the study, but nearly half believe that today’s business leaders think too much about short-term goals and are “entirely focused on profit.” One-third believes executives lack awareness of society as a whole.
“We already know that this cohort have different priorities and expectations,” said the study, “for example, they want to make a positive difference in the world, and the majority want to work for a company that cares about it impacts and contributes to society.”
Innovation and societal development are key roles for businesses, according to more than half the Millennials surveyed by Deloitte., while business leaders most commonly cite profit as a key purpose of business.
“Millennials believe that the purpose of business is far broader than a set of financial goals,” said the report. “Business is understood to be essentially about societal development and innovation, which can pioneer societal progress and positive change.”
Millennials – or Generation Yers – and members of the older Generation X – show a strong, related interest in investing in socially and environmentally investment products, according to a monthly survey of 1,150 investors conducted by Millionaire Corner in February. Nearly half of investors age 40 and younger said they were “very likely” or “likely” make socially and environmentally responsible investments. In contrast, one-fourth of investors age 60 and older expressed the same likelihood.
Millennials are also far more likely that older Americans to describe themselves as liberal, according to a landmark study by the Pew Research Center on the Millennial generation. Nearly 30 percent of Millennial voters said they were liberal and 40 percent said they were moderate. Fewer than 20 percent of baby boomers said they were liberal, and another 36 percent of noomers called themselves moderate. The share of self-described liberals and moderates decreased further for senior citizens. According to Pew, Millennials are also on their way to become the most educated generation in American history.