Millennials make a huge chunk of the audience for any business. Today, according to demographers at Pew Research Center, they account for 27% of the global population. These young people have a lot of purchase power themselves and have tremendous influence on the older generation in terms of purchase decisions. This makes it imperative for businesses to involve millennials in their marketing strategy. According to research by Mackenzie Corporation, CSR is a way to do it.
Millennials are rooting for the companies that are socially responsible. According to Mackenzie’s survey, Millennials strongly believe “their leaders are committed to helping improve society.” 65% of millennials agree that businesses around the world behave in an ethical manner. In 2015, 75% of millennials believed businesses “focus on their own agendas rather than considering the wider society.” In 2016 that number fell to 64% and again dropped to 59% in 2017.
The study also mentions that Millennial leaders and influencers are inclined towards incorporating CSR in their business ventures. 77% of millennials have involved themselves in a charity or “good cause.” Of those involved, 40% follow or take an active interest, 30% actively volunteer/organize, 30% become members making regular donations, 23% raise money by sponsorship, organizing a collection, or by other means.
The top five causes supported by millennial supporters are Education and Skill Training (31%), Unemployment (27%), Healthcare and Sanitation (21%), Community Cohesion (17%), and Environment Sustainability (13%).
The study has come to conclude that employers who empower millennial workers to support or contribute to purpose-driven initiatives while at work see significantly higher levels of loyalty, social optimism and business impact.
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The CSR Journal Team