by Colwyn Elder (@colwynelder) In order to attract this generation’s future leaders, thinkers and consumers, business needs to emphasise innovation and positive societal impacts.
This is according to Deloitte’s Global Millennial Survey 2013, its second study of how this next generation (qualified as those born after January 1982) views business and innovation, and the impact of both.
The purpose of business is to improve society
Millennials around the world (71% of respondents surveyed) think business innovations can directly improve society.
In some countries, including the Netherlands, US, India and Germany, this becomes an expectation, with 36% of millennials thinking that the purpose of business is to improve society.
In terms of focus points, regional differences are apparent, with Brazilians believing resource scarcity to be the biggest issue in the next 20 years, while millennials in the US and India are most concerned about inflation. Respondents in South Africa and many Western European countries are worried about unemployment.
People and planet given equal weight
Interestingly, people and planet were given equal weight, with 24% of millennials saying that business should be paying the most attention to environmental issues, while 23% think that it should focus on inequality.
While no one can doubt the importance of innovation in business today and its role as a powerful force for change and growth, Deloitte’s Millennial Survey reveals that this future generation increasingly views business through the lens of social impact.
More than half the respondents surveyed believe business, more than any other area of society, will achieve the greatest impact in solving society’s biggest challenges. No pressure!
Advertising is perfectly placed
And, as a creative industry, advertising is perfectly placed to apply ideas-led thinking and bring innovative solutions to world’s problems.
R/GA London’s executive creative director, George Prest, wrote a great piece recently on The Guardian about how there has never been a better time to work in advertising, and I couldn’t agree more.
He rightly says that “the remit of our industry is broader than it has ever been and brilliantly we can make a difference… make things for human beings that improve their lives… tell the truth and if there is no meaning in the brands that we work for, we can work with the most interesting people at the top of those companies to find meaning and innovate.”
Digital a precursor to sustainability
The digital revolution has served as the precursor to the sustainability revolution by opening up a space that is hyper-connected and transparent, making honesty, integrity and authenticity table-stakes for any brand-led conversation.
People now want stories that matter — brands that co-exist with our lives, contribute real meaning and, simply, make the world a better place.
Strategic consultant Colwyn Elder (@colwynelder) brings a global perspective to the issue of sustainability, having lived and worked in London, Tokyo, Amsterdam and Cape Town. She contributes the monthly “Green Sky Thinking” column on sustainability issues to MarkLives.
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