Mumbai: Morals and ethics are the most important values that 80% people in the age group of 25 to 35 years (the Millennials) expect from their employers – reveals a survey conducted by Ferrero India among its employees. The survey was done to determine what values mean to its employees.
To validate this finding, Ferrero, on the occasion of its 10th anniversary in India, organized a panel discussion on “Sharing Values to Create Value”. The company’s global CSR report, which was unveiled as part of the celebrations reflects the company’s philosophy of being dedicated, transparent and ethical with all its stakeholders ensuring value creation.
Eminent speakers at the panel discussion included Prof. Jaishri Jethwaney, Institute for Studies in Industrial Development; Dr. B Sesikeran, former Director of the National Institute of Nutrition, Indian Council of Medical Research; Mr. Alessandro Giuliani, Managing Director of MISB Bocconi, Mumbai (India’s first International business school) and Ambassador Inder Chopra, Secretary General, Ferrero India.
The discussion, witnessed by over 100 important guests from different walks of life, saw perspectives and viewpoints exchanged on what should be the most important CSR priorities for any business entity operating in India. The interactive panel discussion also saw thought-provoking exchanges on the changing value systems, particularly with reference to adapting traditional values in a modern world.
The discussion revolved around the difference in value systems in Gen Y (the Millennials) and Gen Z on three key parameters – impact of technology on values, values influencing career choices and purchasing Graph 1decisions.
Prof. Jaishri Jethwaney – “Millennials are tech savvy; at the same time they aspire to balance their modern outlook and traditional values. The new India (Gen Z) is extremely technology driven. This generation is very fast paced, focused, ambitious and extremely demanding. While values are definitely important to them, technology is driving the way they express their value systems. Today, Marshall McLuhan’s theory of ‘Global Village’ makes more sense.”
Dr. Sesikeran – Gen Y and Gen Z have drastically different expectations and understanding of value systems. What is common however is “Maintaining good health” – is a value system that is driving today’s young generation. Technology is driving and impacting nutritional decisions. Consumers today are better informed and hence able to access better living.
Mr. Alessandro Giuliani – Young people are becoming increasingly sensitized by corporate ethics. Millennials are steered by strong values in their careers – the employers they choose, the jobs they are willing to accept, and the decisions they take at senior levels. Their personal values and ethics are foremost while accepting or undertaking any task. Employers today have to be extremely careful in maintaining the fine balance of commercial goals and employee values
Graph 2Ambassador Inder Chopra – “For Ferrero, our values are built on 2 strong pillars – people and planet. We care for our employees, their families and the local communities we operate in globally. Our commitment to people is based on a sense of responsibility that goes beyond commercial goals. We are also committed to production that respects the environment (our planet), by making use of the best technologies available, ensuring that the use of energy, materials and natural resources is efficient
Notes to the editor
The discussion unfolded on the background of the Millennials and Gen Z not negotiating on values they hold closely. These generations consider a company’s background or behaviour before making a purchase/ buying decision. The Gen Z goes on the next level, where they do not consider brands that do not resonate with their values. Owing to these changes in society, companies are becoming transparent with respect to CSR. On the other hand, reputation/ values that a company holds is not an accessory, it is the core of the business these days. If businesses/ companies do not hold on to these values, they tend to lose employees/ workforce.
Graph 3Millennials and Gen Z have their own set of values, preferences and abilities that companies simply cannot ignore if they want to remain competitive in today’s business landscape. Both these generations have group up in a time of economic and political uncertainty. The Gen Z have watched their millennial predecessors struggle to find jobs and become financially independent. Gen Z is not willing to share the same fate, which is why they are not willing to settle and are extremely self-motivated.
For businesses, for example, it is crucial to understand these new generations, both as consumers and employees, otherwise companies run the risk of becoming irrelevant and outdated. Companies may need to change the way they do business in order to accommodate the new generation. Millennials especially, do not have anything against businesses making a profit, but they also believe that businesses should have a purpose: being a catalyst in making a lasting, positive impact on society.
Millennials want to work with purpose, and they want their workplace to be aligned with their values. They want to make an impact, create opportunities for mentorship and value inclusion. Thus the millennials want to make conducive environment for the upcoming generation – Gen Z.