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Home / research / Deloitte: Business leaders can win the loyalty of millennials by driving societal and economic change

Deloitte: Business leaders can win the loyalty of millennials by driving societal and economic change

According to the 2018 Deloitte Millennial Survey, millennials today are increasingly pessimistic about the prospects for positive social and political change, and are concerned about safety, social equality and environmental sustainability. The survey was conducted among 10,455 millennials across 36 countries and participants had college or university degrees, were employed full time and worked primarily in large, private-sector organisations.

Most importantly, despite being disappointed by companies that prioritise profit over stakeholders’ concerns and the environment, millennials expect business leaders to drive societal and economic change  Tweet This!. They believe that, compared to political or religious leaders, business leaders are better able to address and solve the world’s most pressing problems, including climate change. Millennials are also attracted to corporations whose priorities align with their own and which provide them with the skills needed to deal successfully with the challenges of the Fourth Industrial Revolution.

Key findings of the 2018 Deloitte Millennial Survey include:

  • Workplace diversity and flexibility are key. In addition to good pay, millennials are attracted to corporations that foster an inclusive culture and are responsive to employees’ needs. They see diversity, especially in leadership teams, as a tool that improves both business and professional performance: 78% of millennials who said their top teams were diverse also stated that their organisations performed strongly in generating profits.
  • Companies and senior management teams aligned with millennials in terms of purpose – a majority of millennials believe that businesses “have no ambition beyond wanting to make money” –, culture and professional development, attract and retain the best young talent and strengthen their prospects for long-term success. Accordingly, to prosper over time, a company must not only deliver financial performance but also demonstrate, in no uncertain terms, how it makes a positive contribution to society.
  • Young workers expect business leaders around the globe to be proactive about making a positive impact on society and commit to preparing their organisations and employees for the changes brought about by the Fourth Industrial Revolution.

As the survey demonstrates, the timing is, today, ideal for responsible companies and business leaders to step up and take actions that benefit all of their stakeholders, the environment and society. By doing so, they will be responding to the rising expectations of millennials, prioritising and addressing the issues that matter to them and winning their loyalty.

 

 

 

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SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.



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References:

This article is based on published information by Deloitte. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the publication’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennialsurvey.html

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