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Millennials Disappointed in Business & Not Prepared for Industry 4.0

Catching up on news and information this weekend I was intrigued when I came across this new 2018 Millennial Survey by the consulting giant Deloitte. It confirms many of the things about the Millennial generation that I’ve been observing, especially amongst those I know personally. Almost without exception the Millennials I know are exhibiting enormous distrust in business and bemoan the lack of ethics, morals, values and the increasing despair they feel when it comes to both business and government.

Add to that the low wage growth globally — all while the top earners accumulate most of the wealth like those here in the United States — and that adds to the despair. Who wouldn’t be angry if you had accrued huge student debt, housing prices had exploded so high that you couldn’t even afford to buy your first home, and you watched as bankers, business leaders and others raked in most of the monetary spoils in the economy?

While you can download and read the report yourself — which is focused on business and not government but is a fascinating read nonetheless — the executive summary sums up the essence of the survey and its results:

Following a troubling year, where geopolitical and social concerns gave rise to a new wave of business activism, millennials and Gen Z are sounding the alarm, according to Deloitte’s seventh annual Millennial Survey. Millennials’ opinions about business’ motivations and ethics, which had trended up the past two years, retreated dramatically this year, as did their sense of loyalty. And neither generation is particularly optimistic about their readiness for Industry 4.0. Their concerns suggest this is an ideal time for business leaders to prove themselves as agents of positive change. The findings are based on the views of more than 10,000 millennials questioned across 36 countries and more than 1,800 Gen Z respondents questioned in six countries. The survey was conducted 24 November 2017 through 15 January 2018.

Millennials recognize that we’re all in this together and that cooperation is key to our survival, growth, peace, and brings meaning to our lives.

This survey was across 36 countries but thinking just of the United States of America, democracy doesn’t work if it’s every person for his or her self. When business regulations mean it’s OK to do just about anything if it means increasing the bottom line. When our country’s leader moves in the opposite direction on climate change, the environment, while lying like a rug and disparaging our intelligence agencies, journalism, other countries, and everything else but himself.

Millennials are done with this crap (as is 50% of the country) but they are in the driver’s seat when it comes to affecting change: They’ll inherit this country and are the ones who can remake it. They will demand business puts on their big-boy pants and realizes we’re all in this together, and act like it in all dealings. I do believe this next generation will make America great again by demanding we bring back compassion, truth, ethics, values, and a vision of global cooperation.

About Steve Borsch

I'm CEO of Marketing Directions, Inc., a trend forecasting, consulting and publishing firm in Minnesota. Prior to that I was Vice President, Strategic Alliances at Lawson Software in St. Paul where I was responsible for all partnerships at this major vendor of enterprise resource planning software products and services. Read more about me here unless you're already weary of me telling you how incredible and awesome I am.

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