By 2025 three in every four people in the workforce will be millennial. This generation is a new power with very different expectations than its parents.
75% of millennials would take a pay cut to work at a purposeful company. 93% say they base their product preference on whether they believe a brand is purposeful.
So when we asked senior decision makers at companies – many of whom are increasingly of the millennial generation – whether investing in purpose is critical to future growth, more than half (55%) said yes.
Purpose is more than just righting wrongs or bringing net impact to zero. For the companies our inaugural Purpose Trends Report surveyed, the issues which will define purpose in the next five years are complex social ones. Automation (49%), mental health (40%) and gender diversity (30%) are top priorities, to meet the evolving expectations of the millennial generation.
So how do we get to a world where the default behaviour is driven by purpose? There simple answer is follow the money.
From Blackstone to Legal & General, investors are driving a higher bar of expectation. 45% of respondents to the FHF Purpose Trends survey said lack of investor impetus was the main barrier to purposeful change.
And if you don’t believe change will come from investors, then be heartened by the ‘making it rain’ millennial generation who will pack $20 trillion of spending punch by the end of the decade.
A change is coming. And only the most purposeful companies – the ones who truly understand the millennial manifesto – will thrive.