1. The Millennial Survey
2011
January 2012

2. Executive summary
This research draws together the findings from two on the role of communities, charities, and NGOs.
surveys commissioned by Deloitte Touche Tohmatsu Around a third of both survey groups rate governments
Limited. The surveys explore the opinions of over 1,000 as having the greatest potential.
Deloitte Touche Tohmatsu Limited and participating Business leadership
member firm (Deloitte) Millennials and 390 business Views of Millennials on business leadership were
leaders around the world1. Both surveys considered consistent with the findings associated with purpose
the purpose, impact, and leadership of business. The and impact. The standout characteristics most
findings highlight important similarities in the views Millennials are looking for in future business leaders
of the two groups but also reveal clear differences. For include strong and inspirational leadership, a focus on
example, while both groups recognize the wider role long-term goals, innovative thinking, an understanding
of business in society, the Millennial generation places of the challenges the world is facing, and a clear vision.
greater emphasis on the potential of business to solve Business leaders similarly placed emphasis on longer
some of the greatest challenges facing society. term thinking and understanding the role of business in
Business purpose wider society. Both groups largely rejected the pursuit
A resounding message from both the Millennial of profit, or a focus on shareholder value, as distinctive
population and the business leaders surveyed was that leadership traits.
the success of business should not be measured on Almost 50% of Millennial respondents believe that
profit alone and that the purpose of business cannot business leaders today think too much about the short
be defined in purely economic or financial terms. Profit term and are entirely focused on profit. Around a third
as the sole measure of success is rejected by 92% of of Millennials believe that todayʼs business leaders lack
Millennials and 71% of business leaders. Over 50% awareness of wider society.
of Millennials believe that the purpose of business These findings invite business leaders to ensure that
is primarily innovation and societal development. the contribution of their core business activities to
Responses from business leaders varied more widely society endures and is clearly communicated both
with profit and value most commonly cited as internally and externally.
encapsulating the purpose of business.
Conclusion
While some of the differentiation may be accounted Millennials believe that business has a societal purpose,
for by the relative idealism of youth and the relative without negating the importance of making a profit.
experience and immediate pressures of leadership, They have high expectations that business is best suited
the research does suggest that more clearly articulating to taking a leading role in solving some of societyʼs
and communicating the role business plays in pioneering biggest challenges. This creates opportunities for
innovation and driving societal development would business leaders – both individually and collectively
enable todayʼs business leaders to engage better with the – and for the long term success of their businesses.
central concerns of Millennial talent. It is important to Whether it is to compete effectively for Millennial talent
understand and engage with members of the Millennial or Millennial consumers, or to leverage the reputa-
generation as they will not only become the business tional capital of their organizations, the survey findings
workforce and leaders of the future, but are also suggest that todayʼs business leaders can do more
significant consumers, customers, voters, and agents to understand the purpose, impact, and leadership
of change. They will shape our future society through expected of business in society, and to articulate their
their cultural, economic, financial, political, and social own contribution beyond their internal audience. Many
choices. business leaders have already begun to do this by:
Business impact 1. ecognizing and communicating, both internally and
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Respondents to both surveys believe that business has externally, the role their core business plays in societal
the greatest potential of any sector in society to effect development and progress.
positive societal change. Faith in business is particularly 2. nabling their corporations to be part of the solution to
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strong among Millennials. Over 50% of Millennials think some of the biggest challenges facing society, rather
that in the future, more than any other sector of society, than expecting other sectors to rise to that challenge.
business will achieve the greatest impact on solving 3. everaging and enhancing the ability of business
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societyʼs biggest challenges; 35% of business leaders innovation to address societyʼs greatest challenges.
agree. Business leaders place greater weight
2

3. Introduction
Background
Today more companies than ever have a values Restoring and enhancing the reputational capital
statement, a code of conduct, a commitment of business therefore has a twofold importance for
to sustainable practices, philanthropic endeavors, todayʼs business leaders – first, to address the decline
and community investments; yet public trust in trust in business among wider society and
in business has never been so low. In 2011 trust in secondly, to understand and realize the opportunities
business declined compared with 2010 levels by 8% inherent in the new direction being shaped by the
in the United States and 5% in the United Kingdom2. Millennial generation.
‘Occupy’ movements have arisen in a wide range of
cities around the world and – however articulately Deloitte Touche Tohmatsu Limited commissioned the
or inarticulately – suggest that business has not met Millennial Survey and the EIU Societal Purpose Survey
societyʼs expectations3. Clearly, the introduction of to consider how different the views of Millennials are
codes and traditional philanthropic practices alone has from todayʼs business leaders. Business leaders will
not been enough to convince wider society to trust engage more effectively when they understand these
business. More is needed to restore the reputational differences; particularly with regard to the role business
capital of business. is expected to play in society and the generational shift
in priorities and values.
This issue is compounded by the growing competi-
tion for talent within a world where the proportion The study
of people of working age is shrinking relative to the To consider these issues Deloitte has undertaken two
proportion aged over 65 that will need supporting4. pieces of primary research:
Consequently, the Millennial generation, people born
1. he Millennial Survey – a survey of over 1,000
T
after 1981, will be in high demand during their working
Deloitte Millennials (employees born after 1981) that
lives. We already know that this cohort have different
included 11 Deloitte member firms6.
priorities and expectations; for example, they want to
make a positive difference in the world, and the majority 2. he EIU Societal Purpose Survey – A Deloitte Touche
T
want to work for a company that cares about how it Tohmatsu Limited-sponsored survey of 390 business
impacts and contributes to society5. The members of the leaders conducted and analyzed by The Economist
Millennial generation represent the future of cultural, Intelligence Unit Limited (EIU)7.
economic, political, and social life as well as the future
of business – they are our future leaders, consumers, The Millennial Survey is the focus of this report
agents of change, and hold the key to global prosperity. although comparisons are drawn with the findings
from the EIU Societal Purpose Survey where relevant.
A detailed report of the EIU Societal Purpose Survey
has been written by the EIU, and further information
about the study methodology can be found in the
Appendix to this report.
1. For the purpose of this paper, the Millennial generation is defined as people born after 1981.
2. Source: Edelman trustbarometer 2011 www.edelman.com/trust/2011.
3. The ‘Occupy’ movement is an international protest movement largely aimed at economic and social inequality. The movement is associated with many
grievances, but the perception that business has failed society is a common thread around the world.
4. According to the UN Population Division, the world population is set to age significantly. Currently, around 11.6% of the worldʼs population
is estimated to be aged 65+ but this is set to at least double to 23.3% by 2050. Source: United Nations, Department of Economic and Social Affairs,
Population Division (2011). World Population Prospects: The 2010 Revision, April 2011 (the 2050 estimate is based on the high-fertility variant).
5. Cone Inc and AMP Insights, The 2006 Cone Millennial Cause Study, October 2006, p. 4.
6. Millennials participated from Australia, Brazil, Canada, China, France, Germany, Japan, Netherlands, Spain, UK (including Switzerland), and the USA
(including Indian employees based in Hyderabad, which is part of the U.S firm).
7. Information included in this document from the EIU Societal Purpose Survey is ©2012 The Economist Intelligence Unit Ltd. All rights reserved.
Whilst efforts have been taken to verify the accuracy of this information, neither The Economist Intelligence Unit Limited nor its affiliates can accept
any responsibility or liability for reliance by any person on this information.
The Millennial Survey 2011 3

4. 1. Business purpose
A resounding message from both The Millennial Survey and the EIU Societal Purpose Survey was that the success
of business should not be measured on profit alone. Profit as the sole measure of success is rejected by 92%
of Millennials and 71% of business leaders as illustrated in Figure 1.
Figure 1: Business success
How do you measure
business success?
92%
of Millennials believe that
success should be measured
71%
of Business Leaders
believe that success should
by more than profit be measured by more than
profit
Only 8% disagree Only 10% disagree
There is strong consistency of opinion across all geographical sub-groups of The Millennial Survey respondents.
The figures peak in the United Kingdom where 94% reject the notion of using profit as the only measure of
business success.
Respondents to both surveys were then asked to select three terms that encapsulate their view of the purpose
of business8. The most common responses among the Millennials surveyed were innovation (56%) and societal
development (51%). Responses from business leaders varied more widely with profit and value most
commonly cited.
8. Millennials were presented with 11 options plus an ‘other’ category. This was an open question in the EIU Societal Purpose Survey.
4

5. The different responses and emphasis are illustrated in Figure 2 and Figure 3. Both figures show the words and terms
selected9. The size of the word reflects the number of times it was chosen.
Figure 2: Purpose of business (Business Leaders)
What is the purpose of business?
People
Profit
Sustainability Growth
Responsibility
SocietyInnovation
Services
ValueEmployment Wealth
Business Leader responses
Figure 3: Purpose of business (Millenials)
What is the purpose of business?
Production
Societal Progress Prosperity
development
Innovation Profit
Livelihoods
Wealth Change the world
for the better
Exchange Efficiency
Millennial responses
As shown in Figure 3, Millennials do regard profit as an important part of what business is for (39% selected the
term), but not other financial aspects such as livelihoods (13%) and wealth (10%). In contrast, alongside innovation
and societal development, changing the world for the better (32%) and progress (29%) are seen as core to the
purpose of business. This substantiates the view that to address the central expectations of Millennial talent, business
leaders should communicate the positive impact of their business on society alongside their financial performance.
9. Only the top 11 responses in the EIU Societal Purpose Survey are shown in Figure 2 for comparison with the results of The Millennial Survey.
The Millennial Survey 2011 5

6. 2. Business impact
Respondents to both surveys believe that business has the greatest potential of any sector in society to effect
positive societal change but faith in business is particularly strong among Millennials. Over 50% of Millennials
think that in the future, more than any other sector of society, business will achieve the greatest impact on
solving societyʼs biggest challenges, and 35% of business leaders agree (Figure 4). Around a third of both
survey groups rate governments as having the greatest potential. Business leaders put greater weight on the
role of communities, charities, and NGOs.
Figure 4: Solving societyʼs biggest challenges
Which sector will achieve the greatest
impact on solving society’s biggest challenges?
52% of Millennials
think business
35% of Business Leaders think business
Among Millennials, 86% regard business as having 'about the same' or 'more' potential than governments to meet
societyʼs challenges (Figure 5). This represents a vote of confidence in business and signals that there is a high degree
of expectation that this potential be harnessed and used effectively.
6

7. Figure 5: Business potential
How much potential does business
have to help meet society’s challenges?
100%
90%
80%
86%
At least as much
as government
70%
60%
Government
50%
50%
More than government
40%
30%
36%
About the same as government
20%
10% 14%
Less than government
0%
The biggest challenges facing society over the next 20 years are regarded by Millennials surveyed to be resource
scarcity, aging populations, and inequality of incomes and wealth. Business leaders largely agree. All respondents
therefore have a high regard for the wider role and impact business can have in solving societyʼs biggest social,
environmental and economic problems. They donʼt regard business impact to be restricted to the economic sphere.
Overall, the study finds that the Millennial population appears to place greater faith in the potential of business than
business leaders themselves do.
The Millennial Survey 2011 7

8. 3. Business leadership
Views of Millennials on business leadership were consistent with the findings associated with business purpose and
impact. Millennials demand a broad range of skills from future business leaders rather than one single ‘standout’
talent (Figure 6). Desired characteristics include inspirational leadership (37%), a focus on long-term goals (35%), and
innovative thinking (35%). Driving towards maximizing shareholder returns is important but not perceived to be
a positive differentiator – only 6% of Millennials surveyed selected such qualities as a distinctive characteristic of
future business leaders.
Business leaders agree with Millennials that striving towards a broader sense of purpose for a company will set their
successors apart – putting shareholders first will not (Figure 7). Business leaders are looking primarily for leader-
ship characteristics such as the ability to manage change. 17% of business leaders believe that having the ability to
understand how their organization contributes to global society will be a standout characteristic, and 14% selected
providing broader leadership in society through their business. By contrast almost a third of Millennials are looking for
future leaders with a clear sense of what their business is contributing to wider society.
Regional variations among the Millennials surveyed are evident. For example, clarity of vision and commitment
to sustainable business are especially prized characteristics of future business leaders for Millennials in China.
In North America and Western Europe, innovative thinking was the most commonly stated standout characteristic.
Figure 6: Future business leaders (according to Millennials)
What will keep future leaders a step ahead?
37%
Strong and inspirational
leadership
35%
Focus on long-term goals
35%
Originality/innovative
thinking
6%
Drive towards maximizing
shareholder returns
Millennial responses
8

9. The survey findings suggest an appreciation among Millennials of the many challenges faced by todayʼs business
leaders. A top tier of issues relating to profit, increasing uncertainty, globalization and the increasing speed
of technological innovation are viewed by Millennials as most prominent. This view is largely shared by business
leaders responding to the EIU Societal Purpose Survey although immediate issues such as the threat of a double-dip
recession, social unrest, and Eurozone break-up featured more strongly and unsurprisingly given the current
responsibilities business leaders are managing.
Millennials think that the focus areas of business leaders need to change. Almost 50% of Millennials surveyed stated
that business leaders think too much about the short-term rather than long-term solutions and are driven entirely by
the pursuit of profit. In common with their view of the purpose of business, Millennials also question
if todayʼs business leaders are fully aware of how their core business contributes to wider society.
With the emergence of the East as a more influential global player, it is interesting to note that Millennials in China
are particularly concerned about an apparent lack of commitment to sustainable business and perceived lack of
innovative thinking by current business leaders.
Figure 7: Future business leaders (according to business leaders)
What will keep future leaders a step ahead?
45%
Anticipating future
challenges and opportunities
38%
Ability to manage change
32%
Ability to communicate
a broader sense of purpose
for their company
6%
Put shareholders first
Business Leader responses
The Millennial Survey 2011 9

10. Conclusion
The Millennial population surveyed has high expectations of business:
• illennials believe that the purpose of business is far broader than a set of financial goals. Business is
M
understood to be essentially about societal development and innovation, which can pioneer societal progress
and positive change.
• illennials believe that business has the greatest potential of any sector in society to effect positive societal change.
M
• illennials are looking for inspirational, innovative future business leaders with a long-term view of the role their
M
business will take in society.
Millennials believe that business has a societal purpose, without negating the importance of making a profit. They
have high expectations that business is best suited to taking a leading role in solving some of societyʼs biggest chal-
lenges. This creates opportunities for business leaders – both individually and collectively – and for the long-term
success of their businesses. Todayʼs business leaders agree that business is about more than profit. Whether it is to
compete effectively for Millennial talent, or Millennial consumers, or to leverage the reputational capital of their
organizations, the survey findings suggest that todayʼs business leaders can do more to understand the purpose,
impact, and leadership expected of business in society, and to articulate their own contribution beyond their internal
audience. Many business leaders have already begun to do this by:
1. ecognizing and communicating, both internally and externally, the role their core business plays in societal
R
development and progress.
2. nabling their corporations to be part of the solution to some of the biggest challenges facing society,
E
rather than expecting other sectors to rise to that challenge.
3. everaging and enhancing the ability of business innovation to address societyʼs greatest challenges.
L
Heather Hancock
Deloitte Touche Tohmatsu Limited Managing Director
Leader, Business:Society
Tel: +44 (0)207 303 6367
Email: hhancock@deloitte.co.uk
Rachel Searle
Deloitte Touche Tohmatsu Limited
SME, Business:Society
Tel: +44 (0)207 303 2525
Email: rsearle@deloitte.co.uk
www.deloitte.com/business-society
10

11. Appendix:
Study methodology
The results in this report are drawn from two sources – the Millennial Survey and the EIU Societal Purpose Survey
sponsored by Deloitte Touche Tohmatsu Limited, both completed in 2011.
The Millennial Survey
The primary source of data for this report was the Millennial Survey 2011 – a survey of more than 1,000 Deloitte
employees born after 1981 including 11 member firms. Questionnaires were completed in November 2011.
Figure A presents the distribution of responses across the member firms participating.
Figure A: Distribution of survey responses by member firm
Member firm Percentage of total responses
USA 27%
(the proportion of respondents based in India10) (5%)
China 19%
UK (including Switzerland) 13%
Netherlands 11%
Brazil 9%
Spain 8%
Australia 3%
Canada 3%
Japan 3%
France 2%
Other11 1%
Germany *% (less than 1%)
Base: all respondents 1,040
The data is statistically robust (with a margin of error at the 95% confidence level of ± 3%).
Results should not be taken to be representative of all Millennials in the countries participating. The Millennial Survey
only represents the views of the Deloitte employees consulted.
The EIU Societal Purpose Survey
The second source of data referenced in this report is a Deloitte Touche Tohmatsu Limited-sponsored online survey
conducted by the Economist Intelligence Unit (EIU). The EIU Societal Purpose Survey was completed by over 390
business leaders across 65 countries during October 2011. Comparison has been drawn between The Millennial
Survey and EIU Societal Purpose Survey where relevant.
All respondents of the EIU Societal Purpose Survey held a senior managerial position within a business generating
at least US$250 million in annual turnover. Over half (57%) of the senior executives responding to the survey repre-
sented businesses with a turnover of US$1 billion+. The statistical margin of error in the EIU Societal Purpose Survey is
+/- 5% for responses to any individual question (at the 95% confidence level).
Information included in this document from the EIU Societal Purpose Survey is ©2012 The Economist Intelligence
Unit Ltd. All rights reserved. Whilst efforts have been taken to verify the accuracy of this information, neither The
Economist Intelligence Unit Limited nor its affiliates can accept any responsibility or liability for reliance by any person
on this information.
10. An office in Hyderabad is also part of the U.S. firm. The proportion of respondents from Hyderabad is shown in ( ).
11. For example, respondents on secondment to a participating member firm who are normally based elsewhere.
The Millennial Survey 2011 11

12. Business:Society
The Millennial Survey 2011
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