Millennials are aiding in shifting the goals of businesses and organizations from solely concentrating on profits to also being socially responsible. That’s why, as a millennial, I am more willing to pay $6.77 for a Chipotle burrito made with environmentally friendly ingredients than to pay half that amount at Taco Bell.
Millennials are defined as individuals born after 1982 that have or are working toward degrees. Since we are young and still have a long future, we gravitate toward organizations and businesses that see longevity as important.
In a Deloitte report, 36% of millennials in the United States say that the #1 job of businesses is not to innovate or to generate a profit – but to improve society. That being said, we also know that innovation is important because with innovation, comes the ability to be socially conscious.
However, we are realistic and we know that businesses have to be successful and ultimately need profits to do that. It’s not just about being successful, though. It’s about being successful while also being socially responsible.
They say you can’t have it all, but we demand both. Companies like TOMS are both profitable and benefitting society. About 95% of millennials feel that it is ok for companies like TOMS to make a profit from a social innovation. According to an Edelman survey this number has been increasing since 2008 when only 57% of millennials had this view. Millennials also say that the least a company can do is donate some of its profits to the greater good.
All in all, millennials expect to interact with organizations that share the same views of longevity as they do. The expectation for organizations to be socially responsible is growing and will continue to grow in our society.
Written by: Claire Groff, Too Good Strategy intern and resident Millennial