What do Gen Z and Millennials expect of business and leaders?
The most global elections in history (65, if you’re counting), war, the climate crisis and the rise of artificial intelligence… Profound change is on the horizon. Our Purpose Pulse 2024 report is evidence that Gen Z and Millennials not only anticipate this change, they are eager to lead it.
This year’s Purpose Pulse report paints a vivid picture of two generations eager to play a central role in shaping a future that reflects their values and priorities. This moment presents both a challenge and an opportunity for leaders, organisations, and businesses alike: how will you meet the expectations of these generations?
The reaffirmation of purpose
The world has become more volatile in the early stages of what we call the "Purpose Decade". Despite that volatility - and perhaps because of it - Gen Z and Millennials are even more committed to the idea that businesses and organisations should stand for something.
Our findings reveal that 53% of these generations believe businesses must do more to address social issues, a marked increase from 39% in 2021. The message from our report is clear - organisations that embrace a clear social purpose beyond profit are best positioned to thrive in these turbulent times.
Diversity, Equity and Inclusion as a driver of reputation
Despite efforts to polarise DEI issues in the UK and US, meaningful diversity and inclusion initiatives continue to be important for building trust, making people feel comfortable at work, and a key part of the war for talent. These generations are clear that action on DEI is a non-negotiable.
Increased support for climate action
In tightened economic conditions there will be a temptation for many companies to be more cautious in their approach to climate goals. Our results show that Gen Z and Millennials think businesses should do more to tackle the challenges presented by climate change. In fact, there are rewards for those who continue to lead through increased consumer support.
AI is a source of optimism and concern
With the rapid rise of artificial intelligence, we find that Millennials and Gen Z have mixed feelings about its expansion. They see the immense potential for innovation but are also deeply concerned about the implications for jobs, privacy, and ethical use. Organisations must be transparent and thoughtful in their approach to integrating AI, ensuring that its benefits are realised without exacerbating inequalities.
Mental and emotional wellbeing
Mental and emotional health remain top concerns for these generations. As we navigate the post-pandemic era, flexible working conditions and genuine support for mental health are increasingly important. Organisations need to move beyond token gestures and focus on creating environments that prioritise wellbeing and balanced workloads.
Have a framework for speaking out (or not)
Gen Z and Millennials expect companies to stand shoulder-to-shoulder with social movements and use their influence for good. Companies should be prepared to have a point of view, even when it attracts detractors. This doesn’t need to be ad hoc; organisations should develop frameworks that help streamline decisions on when to speak out and when to remain silent.
Hope for the future
Despite the many challenges they face, Millennials and Gen Z remain hopeful and optimistic. They believe in their power to create meaningful change and are seeking to work with organisations that share their values. This optimism presents a significant opportunity for businesses, brands, and governments to build genuine relationships with these generations.
Final Thoughts: Purpose in a Complex World
If there’s one lesson for businesses and leaders to take from the Purpose Pulse 2024, it’s that social purpose should remain a constant goal, irrespective of outside forces. Economies fluctuate, social movements flare up and subside, political debates come and go; regardless, having a clear vision of what you stand for and value, beyond profit, will help to keep your ship steady in any turbulent waters.
Gen Z and Millennials are eager to work together with businesses, nonprofits, and governments to solve today’s biggest challenges, from economic inequality to climate change. Organisations that rise to this moment will find themselves better positioned to succeed in a world where purpose drives progress.
For a more in-depth analysis, download the full Purpose Pulse 2024 report.
Don’t miss our Purpose Pulse Live event on LinkedIn, where we’ll discuss the findings and provide actionable insights for leaders and organisations looking to meet the expectations of these generations.