What drives millennials
Millennials are putting social good above the bottom line, writes Anuja Nadkarni.
Social entrepreneur Pinaman OwusuBanahene, said an organisation’s social impact and how it fostered diverse perspectives were the most attractive qualities to millennials.
‘‘If our ethos fits the company’s purpose and we believe in it, then we’re on board. It’s less about money and more about knowing we are contributing to the community,’’ Owusu-Banahene said.
Environment and social impact driven companies will be worth US$4.5 trillion (NZ$6.2t) by 2030.
Owusu-Banahene recently quit her job as a senior advisor for the Ministry of Health to pursue her social enterprise.
Her enterprise Adjoaa aims to provide brand visibility and commercial opportunities to designers from her home country, Ghana. The revenue from the business will go towards education, business mentoring and mobile libraries across Africa.
She said social impact trumped job security as the digital native generation knows technology will replace many traditional jobs.
‘‘The workforce in itself is changing because of automation and we cannot say this is the job I’m going to be doing for the rest of my life anymore.’’
Founder and head of the charity Inspiring Stories, Guy Ryan, said the purpose-driven economy was more than just a buzz word, it was an active movement.
Ryan was named Young New Zealander of the Year 2015 and his Inspiring Stories charity is known for organising events that support young entrepreneurs around the country.
He said corporates and successful business people around the world had started to embrace this, putting environmental impacts and their social responsibilities alongside profit.
‘‘Millennials want to be doing things that are meaningful. They are choosing purpose over paycheques.
‘‘How ethical a company is or how much they care about the environment are influencing how people spend their money. Every dollar spent, is a vote for a better world,’’ Ryan said.
A recent study found that millennials are driving a US$9t (NZ$12t) change in the sustainable investing market, supporting products and companies that aim to deliver remedies to societal and environmental problems.
Ryan said flexibility and diversity were also core component of the future workforce.
‘‘What we’re seeing in New Zealand is certainly not the level of diversity we hoped to see by now. The issue there is that if they don’t diversify they are missing out on really valuable insight and there’s a big chance they won’t be relevant for the demographic they’re trying to reach.’’
Ryan said corporates should also break down their hierarchical structures of discourse.
‘‘We need to find mechanisms that enable employees at the frontline to provide that feedback, to inform and shape strategic decision making,’’ he said.
Millennials want to be doing things that are meaningful. They are choosing purpose over paychecks. Guy Ryan
Owusu-Banahene also said businesses should look to be more supportive of collaboration and innovation from all levels of the organisation.
‘‘Millennials are competitive, but their view is more globalised than previous generations, they’re more open to collaborating and competing with people internationally.’’
In terms of diversity, she said, while the public sector had made some in roads with a greater representation of women, more needed to be done in the private sector.
‘‘For the longest time women have not been recognised as equal players and professionally we’re progressing but we still have a long way to go,’’ Owusu-Banahene said.
Ryan said diversity was inevitably the future of the millennial workforce.
‘‘This generation is arguably the most educated and well-travelled generation and we’ve also grown up in a New Zealand that is much more diverse than it has ever been before.’’
Ethnically diverse companies are 35 per cent more likely to outperform their industry.
Owusu-Banahene said change began at the top, and to appeal to the millennial workforce, businesses would need link up with their needs.
She said if change did not happen now, it would only be a matter of time before the millennials stepped into power.
‘‘We have a long way to go but I’m optimistic our generation will do that,’’ Owusu-Banahene said.
Owusu-Banahene and Ryan will be speaking about the changing face of the millennial workforce and gender equality at the Global Women’s 1 Day for Change next month.