Millennials unhappy with businesses' ethics

Millennial workers, who make up more than a third of the New Zealand workforce, have become noticeably more skeptical of businesses’ motivation and ethics, according to Deloitte’s seventh annual global survey of 10,455 millennials across 36 countries included some 200 respondents from New Zealand.

This skepticism marks a material shift from Deloitte’s past two surveys, which had suggested millennials felt increasingly more positive about businesses’ motivation and ethics.

However, in 2018, there was a dramatic reversal as opinions of business reached their lowest level in four years. Now less than half of millennials believe businesses behave ethically (48 percent versus 65 percent in 2017) and that business leaders are committed to helping improve society (47 percent versus 62 percent).

Deloitte New Zealand director Lauren Foster says in a media release that these results were lower still among Kiwi respondents, with only 45 percent believing businesses behave ethically and only 42 percent thinking business leaders are committed to helping improve society.

“These headline results indicate that the rapid social, technological and geopolitical changes of the past year have had an impact on millennials’ views, and it should be a wake-up call to our business leaders.”

Millennials overwhelmingly feel that business success should be measured beyond financial performance. They believe businesses’ priorities should be job creation, innovation, enhancing employees’ lives and careers, and making a positive impact on society and the environment. However, when asked what their organisations focus on, they cited generating profit, driving efficiencies, and producing or selling goods and services – the three areas they felt should have the least focus.

“These cohorts feel business leaders have placed too high a premium on their companies’ agendas without considering their contributions to society at large. Businesses need to identify ways in which they can positively impact the communities they work in and focus on issues like diversity, inclusion and flexibility if they want to earn the trust and loyalty of millennial workers,” says Foster.