License to operate – Millennials, Generation Z
The world is changing. Are you changing too?
Millennials, who are today in decision-making positions and Generation Z, who hold our future in their hands, are overwhelmingly pro-sustainability and are showing this with their every action. Worldwide, companies and organisations are taking action to benefit from the transition to the Sustainable, Circular Economy. Are your competitors better prepared? Are they dealing more successfully with stricter regulations and changing buying and decision-making patterns?
- Deloitte: Business leaders can win the loyalty of millennials by driving societal and economic change.
- Morgan Stanley research results: Companies must engage with sustainable development or face being left out of investment decisions by Millennials, one of the largest generations in history moving into its prime spending years.
- 84% of Millennial investors interested in sustainable investing (Morgan Stanley)
- There is an accelerating growth of people choosing sustainable brands (Nielsen 30,000 consumers in 60 countries)
- Millennials love CSR (Chartered Institute of Marketing, UK)
More research: Sustainable Development Makes Good Business Sense
- 2 out of 4 major consumer trends relate to sustainability (Mintel)
- Mintel research: Key 2018 consumer trends relate to sustainability
- Corporate sustainability and profitability are interrelated (Oxford University)
- High Sustainability companies significantly outperform their counterparts over the long-term, in both stock market and accounting performance (Harvard Business School)
- Gender diversity across a company increases productivity (MIT News)
Generation Z is emerging as the Sustainability Generation
According to a recent study by First Insight cited by Forbes, the vast majority of Generation Z shoppers prefer to buy sustainable brands, and are most willing to spend 10 percent more on sustainable products.
The study also found that Generation Z, along with Millennials, are the most likely to make purchase decisions based on personal, social, and environmental values and principles.
According to another survey by DoSomething, also cited by Forbes, 75 percent of Generation Z respondents wanted to see that brands were ensuring employee and consumer safety.
Additionally, according to the 2022 Gartner Sustainability Opportunities, Risks and Technologies Survey:
- For 86% of business leaders, sustainability is an investment that protects their organisations from disruption
- Four out of five leaders think sustainability helps their organisation optimise and reduce costs
- 83% say their sustainability programme activities directly generated both short- and long-term value for their organisations
We firmly believe that we must all take a step back and see the forest. We must address serious environmental issues but also take positive action to develop the economies and societies on which we rely for growth and profit.
Also read:
• How to use the GRI Standards ASAP to accelerate positive change
• Case Studies: How companies are cleaning their supply chains of bad environmental and social practices
• Case studies: How companies are affecting positive change on the economies and societies they operate in and rely on for profit/growth
• Laying the foundation for good communication with responsible CSR/ sustainability reporting
• Are your competitors better prepared?
Simon Pitsillides
Sustainability Reporting and Marketing Communication Strategy Expert. Simon is a Fellow of the Chartered Institute of Marketing (FCIM) a Fellow of the Institute of Environmental Management and Assessment (FIEMA) and a Chartered Marketer, and holds an MBA in Marketing. He is a GRI and IEMA Trainer, the publisher of www.sustaincase.com and owner of www.fbrh.co.uk. Simon teaches the FBRH GRI Standards Certified, IEMA & CIM Recognised Course (venue: London School of Economics (LSE).
https://www.linkedin.com/in/simon-pitsillides
78% of the world’s 250 largest companies report in accordance with the GRI Standards
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.
FBRH GRI Standards Certified & IEMA recognised Sustainability Course | Venue: London LSE
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