How Millennials Are Redefining Corporate Social Responsibility

Corporate Social Responsibility for the Millennial Generation 

Millennials, born between 1981 and 1995, are the generation that brought significant shifts in generational differences, courageously and determinedly reshaping the world. They are the ones who revolutionized technology, hold strong values, and had the bravery to pursue their passions. 

Currently, this generation is the leading consumer of goods and services and has a major impact on the workforce market. 

Millennials 

This generation is drawn to brands whose mission goes beyond simply maximizing profit. They seek companies with a greater purpose, such as protecting the environment, supporting the community, and aligning with their personal values. CSR (Corporate Social Responsibility) campaigns matter to them, both as consumers and as employees. 

Millennials are increasingly selective about the causes they support and demand transparency in business ethics, greater social responsibility, and active community involvement. According to Deloitte’s 2018 study, 39% of respondents consider social involvement a necessary priority. 

In Deloitte’s 2017 report, 75% believed organizations have the power and potential to get more involved in education, innovation, economic stability, and cybersecurity. Their outlook on environmental protection was more pessimistic, with 31% still expressing concern in the 2018 report. 

An RSM study shows that 70% of Millennials are willing to spend more on brands that support causes they care about and resonate with their principles. 

The good news is that this attitude is driving society in a positive direction, setting an example for Generation Z, which will continue these values and further transform the world we live in. Brands that invest in social responsibility campaigns are likely to benefit in the long term. 

CSR – What Corporate Social Responsibility Means to Millennials 

Corporate Social Responsibility, or CSR, is a form of self-regulation for companies aimed at being socially responsible. There is no “right” way to practice CSR, but many initiatives are designed to positively impact society, the economy, or the environment. The current business landscape is more aware of social issues, with employees and customers prioritizing engagement with companies that value CSR, especially for this generation that cares deeply about global events. 

If a brand’s audience consists largely of Millennials, it needs to understand the values that shape their lives and matter to them. Companies must engage in social responsibility initiatives that resonate with Millennials and make them feel they are making a difference in the world. 

According to a 2019 iSense Solutions study for Golin on the Romanian market, consumers say they are more likely to buy from a brand that “does good” rather than from a company that is socially inactive. Today, consumers expect companies to be active and responsible members of the community. This study aimed to understand how Romanians perceive CSR, where they get information about these initiatives, and what constitutes relevant communication on the topic. Generation Z (18-25 years old) shows the most interest in CSR campaigns, finding them educational. Millennials (26-35 years old) view CSR through the lens of companies’ efforts to improve their public image. The same study reveals that 45% of Millennials are aware of CSR campaigns, with 88% learning about them through social media. 

Millennials are more likely to remain loyal to a brand with a well-defined CSR strategy. According to Everfi.com, 60% of Millennials are loyal to brands that invest in CSR campaigns, putting pressure on companies to prioritize social responsibility. 

This generation values the principles of the companies they engage with and prefers not to buy from or work for businesses that don’t align with their beliefs. 

Key Characteristics of Millennials that Support and Promote Sustainability 

  • Social Awareness: Millennials integrate social consciousness into both their professional and personal lives, supporting causes through their workplaces (79% are loyal to socially responsible companies, according to Forbes.com) and in their communities. They believe CSR is key to reducing poverty and improving quality of life, seeing it to help society and the environment. 
  • Technologically Driven: Millennials grew up with technology, often getting their first computers in primary school and witnessing the rise of social media during high school or college. Their familiarity with technology enables them to advocate for causes online, using platforms like Facebook, Twitter, and Instagram to raise awareness. 
  • Ethnic Diversity: Millennials are more accepting of ethnic diversity, having grown up in a connected world that allows them to interact with people from diverse backgrounds. They support workplace diversity, recognizing that a multicultural workforce can lead to innovative ideas. 
  • Experience-Driven and Ethical Spending: Millennials prioritize experiences, such as travel and working as digital nomads, but prefer to spend on ethical and sustainable options like eco-lodges and ecotourism. They value meaningful experiences over traditional status symbols. 
  • Education-Oriented: Often described as the most educated generation, Millennials prioritize higher education and continuously seek knowledge. They use their education to support causes they believe in and make informed decisions. 
  • Health-Conscious: Millennials prefer healthy food over fast food, using technology to manage their well-being and make informed lifestyle choices. Health and wellness are key factors for them when supporting brands. 
  • Financial Responsibility: Millennials often prefer the “sharing economy,” such as renting cars or homes rather than owning them. They also invest in impact-driven initiatives, wanting their money to support positive changes in society. 
  • Spiritual Awareness: Millennials are more spiritually conscious than previous generations, believing in human rights and a sense of global connection. They often practice mindfulness and meditation and support brands that align with their values. 

Important Causes for Millennials 

Deloitte’s 2021 survey identified key issues that matter most to Millennials: 

  • Environmental protection 
  • Global warming 
  • Public health 
  • Mental health 
  • Ethnic diversity and equal opportunities 

Millennials are socially and environmentally conscious, valuing responsible financial investments and diversity. They use technology to support causes, aiming to make the world a better place through CSR initiatives. Companies that act as drivers of change can rely on responsible and committed Millennials willing to contribute to causes that create real positive impact. 

Businesses wanting to adapt to Millennials’ expectations need to be flexible and willing to learn from this generation’s vision for a better world. 

Sources 

https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/gx-2018-millennial-survey-report.pdf 
https://www.opengrowth.com/resources/Millennials-shaping-the-business-world – accessed December 2022 
https://stratos.ro/csr-ce-inseamna-responsabilitate-sociala-corporativa-cate-modele-exista-si-ce-beneficii-aduce/ – accessed December 2022 
https://www.revistabiz.ro/cat-de-cunoscut-este-termenul-de-csr-pentru-romani/ – accessed December 2022 
https://ambasadasustenabilitatii.ro/wp-content/uploads/2019/12/Infografic-BOLD-CSR.pdf 
https://www.forbes.com/sites/suzannerowankelleher/2022/12/08/faa-evacuated-in-90-seconds-reality-check/?sh=6ff83665606a – accessed December 2022 
https://everfi.com/white-papers/community-engagement/investing-in-impact/ – accessed December 2022 
https://blog.360marketreach.com/consumer-trends-2022-consumer-activism – accessed December 2022 
https://www.forbes.com/sites/margueritacheng/2019/06/19/8-characteristics-of-millennials-that-support-sustainable-development-goals-sdgs/ – accessed December 2022 
https://mkor.ro/blog/diversitate-statistici-business/ – accessed December 2022 
https://republica.ro/5-moduri-in-care-young-millennials-vor-influenta-sfera-profesionala- accessed December 2022 
https://www2.deloitte.com/me/en/pages/about-deloitte/articles/in-its-10th-year-the-deloitte-global-millennial-and-gen-z-survey-reveals-two-generations-pushing-for-social-change-and-accountability.html – accessed December 2022 

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