Millennials continue to view businesses positively, with noticeable improvements in their opinions on business ethics and motivations according to this survey. However, skepticism persists, with most Millennials believing that businesses are primarily driven by profit. Nearly 9 in 10 (87 percent) agree that business success should be measured by more than just financial performance. This view is broadly held, though less common in countries like Germany (22 percent) and South Korea (30 percent), where more Millennials see financial success as the key measure.
Despite some lingering doubts, Millennials still regard business as having a positive impact on society, with 73 percent maintaining this belief—a figure unchanged since 2013. Even with economic downturns in some regions, Millennials remain optimistic about the potential for businesses to contribute positively. This positive sentiment is strongest among those in senior positions (83 percent), Millennial parents (81 percent), highly connected Millennials (87 percent), and “active citizens” (76 percent), those who actively engage with social, environmental, or political causes.
These active groups, which include heavy social media users and individuals involved in volunteering, campaigning, or donating, are notably pro-business, challenging the idea that such individuals are anti-business.
Millennials See Improvement in Business Ethics but Are Still Cautious
The survey also found that Millennials believe businesses are becoming more responsible. While they still think companies prioritize their own interests, the number who feel this way has decreased since 2015. More Millennials now agree that businesses behave ethically (58 percent versus 52 percent last year) and that leaders are committed to improving society (57 percent versus 53 percent). Yet, 54 percent of Millennials still feel that businesses are primarily focused on making money, indicating there is more work to be done in gaining their trust.
Not Impressed by Hype
Millennials tend to judge businesses by what they do and how they treat people, rather than by their size or reputation. Among those who believe business means more than financial success, 63 percent focus on the quality of products and services, 62 percent on employee satisfaction, and 55 percent on customer loyalty. Innovation and efficiency also rank highly.
Contrary to common assumptions, Millennials are less swayed by the buzz or image of a business. In fact, only 27 percent said that the “buzz” around a business was important, ranking it 14th out of 15 attributes measured. The survey also showed that Millennials continue to believe businesses are underperforming in areas like improving livelihoods and creating social or environmental benefits, while they overemphasize profit and wealth generation.
Employees Should Come First for Long-Term Success
In earlier surveys, Millennials identified job creation as one of the biggest contributions businesses can make, but they see this as an outcome, not a guiding principle. When asked what values a business should prioritize for long-term success, Millennials pointed to putting employees first, along with maintaining trust, integrity, and focusing on customer care. They also emphasized the importance of high-quality products and social responsibility, with only 5 percent believing that profit-focused values lead to long-term success.
Aligning Values, But Mismatched Purposes
This year’s survey suggests a gap between the values Millennials believe are important for long-term success and what they see in their organizations. Millennials believe businesses should focus more on employee development, job creation, and making a positive impact on their customers. In contrast, they see too much focus on profit and growth.
Millennials want to see a greater emphasis on people over profit. This belief is consistent with last year’s survey, where Millennials expressed a desire to shift business priorities toward employee well-being and development. Even those in senior positions feel this way, though they are more likely than their junior counterparts to also prioritize profit and business expansion.
As they rise in their careers, Millennials aim to reshape business priorities by focusing on people. Senior management also agrees that businesses should be great places to work and provide fair wages to employees, aligning with Millennials’ “people-first” values.
Millennials Balance Profit with People, Products, and Purpose
Millennials understand that financial success is crucial for business, but they believe that true success comes from balancing profit with a focus on people, products, and purpose. The data shows that Millennials who feel their organization prioritizes financial performance over everything else are less likely to stay long-term (20 percent compared to 27 percent average). Employee satisfaction and alignment with company values are also lower in these businesses.
Millennials aren’t against profit; they just believe that focusing solely on short-term gains will hinder long-term success. This generation appreciates the fundamentals of business and understands the need for accountability and careful management. They recognize the importance of long-term business sustainability and job creation, shaped by their awareness of the “Great Recession” and current economic conditions.
Despite valuing a flexible work environment, Millennials understand the need for accountability. Job satisfaction is just as high in organizations with clear accountability, and loyalty remains steady in such environments. Where accountability is present, 54 percent report high job satisfaction, similar to the survey average of 53 percent. Likewise, loyalty remains unaffected, with 28 percent of Millennials willing to stay for five years or more.
Millennials share many of the same priorities as senior leaders, including efficiency, continuous improvement, and ensuring their organizations’ long-term future. They support initiatives that focus on personal growth, innovation, and customer satisfaction, reinforcing the idea that long-term success is built on balancing profit with purpose.
