With a loss of confidence in government to solve the world problems, Millennials may be looking to big corporations to assist, according to a study.
The study released recently by MSLGROUP titled “The Future of Business Citizenship,” reveals that this generation is setting big expectations for corporations and its members are willing to help brands that are seen as good citizens, but are equally willing to punish those that are not.
Companies that step up to the plate may be able to poise themselves to take advantage of this generation’s manpower and purchasing power by becoming good citizens themselves.
The research study involved a 15-minute survey of 8,000 Millennials. Participants came from 17 different countries, including the United States, Brazil, Canada, India and others.
While the accepted stereotype of this generation is that members are distrustful of and have an aversion to large institutions, the study revealed that this generation is looking to the corporate world to help solve global challenges.
Of those surveyed, 73% said they believe governments worldwide cannot solve major problems, such as the economy, health and the environment on their own. Eighty-three percent of those surveyed want to see corporations take an active role in addressing those issues and others.
The study revealed four major themes that have implications for business looking to this generation to drive success as both employees and consumers:
Results vs. Motivation
Action is more meaningful to Millennials than the motivation for them. They want to see action from corporations, rather than just hear about it.
Businesses that want to engage this generation can benefit from doing more than just making donations to causes. The better course is to also invite people to participate while mobilizing resources to promote change, the study revealed.
Small Acts Matter
While Millennials are deeply passionate about global issues, they are also focused on micro issues, as well. The study reveals that corporations can help themselves while helping others by selecting small issues or problems that are tangible and measurable and working to create a change and then repeating the process.
Impact is Important
While Millennials surveyed listed their main concerns as inflation and high prices, they rank protecting the environment, working to sustain the planet and tackling environmental pollution as greater tasks for corporations.
With that in mind, businesses can help themselves by finding an issue that relates to their industry and working for change in that area, taking a micro approach rather than a macro one.
Creating a ‘We’ Mentality
While Millennials say business has a responsibility to create change, they don’t think corporations are responsible for doing it alone. They want to get involved. That means companies that provide opportunities for people to get involved, make a difference and engage people are more likely to be seen in a positive light.
As Millennials’ earning and spending power continues to grow, corporations that want to engage this generation will find a clear path to doing so lies in business citizenship. As MSL Group’s Scott Beaudoin pointed out, “Millennials see business as the only solution for a better future. They’ve given up on government. They see big companies as our only hope.”
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