Millennials have been a key focus in recent surveys on business ethics and continue to shape the conversation around ethical business practices.
Millennials show the most positive shift in how they view business behavior, with nearly 70% now believing that British businesses act ethically. This is a significant change from last year when older generations, particularly those over 55, were more likely to hold this view, and only half of millennials agreed.
People born between 1983 and 2004 are thought to be heavily influenced by growing up in the digital age. The fast development of smart technology during their lifetime has provided instant access to information and results, often leading to a desire for quick outcomes and rewards. More about this is detailed in our “Business Ethics across the Generations” briefing.
Millennials often receive criticism, but research by Ipsos Mori debunks common myths that millennials are lazier, less loyal, more depressed, or have shorter attention spans compared to earlier generations. Generally, millennials are curious individuals who prefer working collaboratively and are eager to learn new skills.
They are reshaping the world of work both from within companies and as consumers. Millennials seek employers whose values align with their own and increasingly expect businesses to engage in social and environmental change. They are willing to work together to address global challenges. However, they can be skeptical of a company’s ethics if they believe business leaders’ priorities differ from theirs, as revealed in the Deloitte Millennial Survey.
Their values are deeply tied to their work. Research by Global Tolerance shows that 62% of millennials want to work for companies that positively impact the world, 53% would work harder if they felt they were making a difference, and 50% would choose meaningful work over a high salary.
Work-Home Balance
Work-home balance remains a significant issue that people feel businesses need to address. In response, many organizations are actively trying to attract and retain talent by offering more flexible working options. While this isn’t an issue limited to millennials, this generation is pushing back against the traditional culture of presenteeism and the expectation to always be available. As digital natives, they hope to leverage technology to work more flexibly and remotely.
Research from Robert Walters shows that 90% of millennials view work-home balance policies as one of the best aspects of their job. Consequently, companies that promote progressive values like equal pay and remote work are better positioned for long-term success, as millennials are more likely to seek out these organizations.
Discrimination and Human Rights
Many millennials are looking for reassurance in a world where they feel uncertain about political and social progress, as well as issues of safety and equality. While competitive pay and positive workplace cultures attract millennials, retaining them requires a focus on inclusion and flexibility.
Issues related to discrimination and human rights are especially important to millennials, more so than to other age groups, according to the IBE survey. Another study shows that 85% of female millennials consider diversity, equality, and inclusion policies crucial when choosing an employer.
Millennials want business leaders to take the initiative in making a positive impact on the world and addressing employees’ needs. Most are driven by a sense of purpose in their work, so creating a workplace that offers ethical recognition and meaningful rewards is vital for attracting and keeping this generation.
That said, employees from all generations will benefit from the changes millennials are driving forward. It’s important not to dampen their enthusiasm or their desire to make a positive impact both inside and outside the workplace. With Generation Z entering the workforce, businesses that understand and respond to the priorities of different generations will help build trust and engage employees across all age groups in the years ahead.
