Millennials lack confidence in business leaders and call for us to positively impact the broader world. It’s time to take action.

Following a year marked by significant geopolitical and social change, millennials and generation Z have become more skeptical of business’ motivation and ethics. The confidence in companies has taken a significant downturn to the lowest level in four years after years of progress. Millennials are asking businesses to step up their efforts to take greater responsibility and make a positive impact on the broader world – an ask that we cannot afford to ignore. This is evident from Deloitte’s seventh annual Millennial Survey, in which we interviewed over 10,000 millennials across 36 countries about their outlook for the future.

The millennial generation has spoken. They don’t trust corporate motivation and ethical standards and encourage business leaders to make a positive difference in the world. Less than half of millennials believe businesses behave ethically and that business leaders are committed to helping improve society. 75 percent believe companies focus more on their own agenda than on the wider community, and 63 percent don't think companies have any ambition but earning money.

The main priorities of companies should – according to millennials - be to create jobs, stimulate innovation, improve employee work-life balance and career opportunities and make a positive impact on society and the environment. However, the priorities they experience in their current workplaces are on increased earnings, streamlining processes and producing goods or services – all three are areas that should be given the lowest priority. From my perspective, the challenge is, that if we don’t pay attention to generating revenues, we won’t be able to invest in the areas the young generation expect us to drive progress in. There is a shift though in earnings not being the purpose of business anymore, but an outcome and a means to living our purpose.

The young people's disappointment is founded in a belief that companies are more concerned with efficiency and results than taking a joint responsibility for climate change and world development. I recognize the challenge in our own business and with our clients. And I believe there is a good reason. Companies are going through digitalization, increased global competition and readiness for the 4. Industrial Revolution. Hence, it is often not a question of lack of intention but rather lack of time and knowledge on how to embark on a wider social responsibility. In addition to that, millennials are increasingly born global and have grown up in a smaller world, where many problems have been solved for them by older generations. So they are impatient by nature, and they want to see action and solutions now.

How do we rebuild trust?

No doubt, we have work to do. I am concerned about the perceptions of the millennial and generation Z, who are already an essential part of driving our businesses and nations forward. These young people are our future leaders - leaders who will run the future. We cannot ignore their call for change.

According to the survey, there is hope, as 75 percent believe that multinational companies have the potential to address some of the world's greatest societal, economic, environmental and social challenges. This implies that companies have an obligation to take on greater social responsibility. A responsibility that transcends profit.

In my role at a global company, I have great confidence in the future – and not least the young generation of the future. At Deloitte, we have a higher purpose than profit – we call it ‘Impact that Matters’. Last year we launched our ambition to positively impact 50 million futures through WorldClass – a program that supports the UN’s Sustainable Development Goals. While the SDGs cover 17 critical areas we must work on in the world, our focus is on education, training, upgrading skills, growth and not least equal opportunities for all.

Motivate millennials through innovation and co-creation on the SDGs

Very soon, the global talent event UNLEASH takes place. UNLEASH is a global initiative where 1000 talents are gathered for one week with the aim of providing solutions to the SDGs. 50 Deloitte professionals will spend the week with other talents from around the world to co-create on some of the world’s most pressing issues. Last year 199 new solutions to the goals came out of UNLEASH - in just one week. This year UNLEASH takes place in Singapore, and Deloitte is leading the innovation labs, guiding the talents through an innovation process and ending up presenting their solution to a panel of potential investors.

For Deloitte, WorldClass and UNLEASH is an investment in our own talents as well as in our joint future. From a corporate perspective, the strong focus on innovation, co-creation and talent development, gives us the opportunity to engage in new collaborations with other companies, NGOs, foundations and organizations that share the same goal of making a difference in society.

I don’t have all the answers, and I do believe profit is good – because profit gives us the opportunity to invest in the future. But social responsibility must be our highest priority. If we keep that focus and integrate purpose in our businesses, I believe that we will also be able to attract and, above all, retain the best talent in the world going forward and create a workplace that millennials and generation Z will be proud to work at.