Understanding the millennial mindset

Did you know? Fifty per cent of the world’s population is under the age of 30! Just let that sink in for a moment.

With five generations in the workforce for the first time, we are facing unprecedented times. While older generations want increased profit, millennials are shifting their business goal to social impact. 40% of young people think a sense of purpose/impact on society is one of the most important criteria when considering a career opportunity. Deloitte’s 2019 Millennial survey reported some surprising insights.

Think they’re not interested in the same things as previous generations? Wrong. The younger generations are no less ambitious than their predecessors; more than half want to earn high salaries and be wealthy. But their priorities have shifted. Millennials value experience above all else.

57% want to travel and see the world
49% said they wanted to own a home

A massive 46% were more attracted to making a positive impact in their communities or society at large 39% valued having children and starting families.

Surprisingly they have a love/hate relationship with technology. Younger generations embrace technology and understand its benefits with 71% of millennials feeling positive about their personal use of digital devices and social media; however, more than half believe that social media does more harm than good.

Some other rather pessimistic key findings:

Economic and social/political optimism is at record lows. Respondents express a lack of faith in traditional societal institutions, including mass media, and are pessimistic about social progress.

Millennials and Gen Zs are disillusioned. They’re not particularly satisfied with their lives, their financial situations, their jobs, government and business leaders, social media, or the way their data is used.

Millennials are sceptical of business’s motives. Respondents do not think highly of corporate leaders’ impact on society, their commitment to improving the world, or their trustworthiness.

They let their wallets do the talking (and walking). Millennials and Gen Zs, in general, will patronise and support companies that align with their values; many say they will not hesitate to lessen or end relationships when they disagree with companies’ business practices, values, or political leanings.

Millennials also believe business must play a role in societal issues such as climate change, but they’re not naïve in expecting business to do it alone. The fact that 50% would agree to take a pay cut to find a job that aligns with their values is strong evidence of this. I can’t say you would see many other generations being this committed but, I could be wrong. So, let’s cut them some slack.