Millennials have been a consistent topic in recent surveys about business ethics and continue to play a major role in influencing ethical business practices.
Among all age groups, millennials show the biggest shift in positive views on business behavior, with nearly 7 in 10 now believing that British businesses act ethically. This is a significant change from last year, when people over 55 were more likely to hold this belief, and only half of millennials agreed.
Born between 1983 and 2004, millennials are often seen as being shaped by the digital world. Growing up with rapid advances in smart technology, they are used to getting instant information and results, which often leads to them being described as wanting quick outcomes and rewards. You can learn more in our Business Ethics across the Generations briefing.
Millennials often receive criticism, but in-depth research by Ipsos Mori shows that the idea that millennial workers are lazy, less loyal, more depressed, or have a shorter attention span than previous generations is inaccurate. Generally, millennials are curious, prefer working together on projects rather than alone, and are eager to learn new skills.
They are influencing changes both inside and outside the workplace. Millennials want to work for employers who share their values and increasingly expect companies to make social and environmental contributions. They prefer to collaborate on solving global problems, but they can also be skeptical of business motivations if they feel that leaders’ goals differ from their own, as seen in the Deloitte Millennial Survey.
Millennials’ values are central to their work life. Research from Global Tolerance shows that 62% of millennials want to work for a company that has a positive impact on the world, 53% would work harder if they felt they were making a difference to others, and 50% would choose meaningful work over a high salary.
Work-life Balance
Work-life balance remains a significant issue that the public believes businesses need to address. As a result, many organizations are now focused on attracting and keeping talent by offering more flexible working options. While this concern is not unique to millennials, they are working to challenge the long-standing culture of presenteeism and being always available. As digital natives, they hope to use their skills to work more flexibly and remotely.
Research by Robert Walters shows that 90% of millennials value policies promoting a good work-life balance as one of the best aspects of their job. Consequently, companies that support equal pay and remote work are more likely to succeed in the long run, as millennials will seek jobs at organizations with these policies.
Discrimination and Human Rights
Millennials are showing a strong desire for reassurance. They feel uncertain about political and social progress and have concerns about safety and equality. While competitive pay and a positive company culture are top factors for attracting millennials, inclusion and flexibility are key to keeping them.
Issues like discrimination and human rights are much more important to this generation than to others, according to an IBE survey. In another survey, 85% of female millennials said that an employer’s stance on diversity, equality, and workforce inclusion is important when deciding where to work.
Millennials want business leaders to take proactive steps in creating a positive impact on the world and responding to employees’ needs. Most want to find purpose in their work, so to attract and retain this generation, building an ethical culture of recognition and meaningful rewards is crucial.
However, employees of all generations will benefit from millennials pushing these issues forward. It’s important that we support their enthusiasm, engagement with business, and their drive to make a positive impact, both within and outside the workplace. With Generation Z now joining the workforce, companies that understand and respond to the priorities of different generations will help build trust in business and keep employees engaged across all age groups in the future.