A new survey from Deloitte – The 2018 Millennial Survey – says that “uneasy,” “pessimistic” and “concerned” are more accurate descriptions.
Here’s what you need to know.
The State of Millennials
According to the survey, 43% of Millennials plan to quit their current job within two years. Only 28% plan to stay in their current role for more than five years.
The survey is based on the views of 10,455 Millennials and 1,844 members of Generation Z questioned across 36 countries. Millennials included in the study were born between January 1983 and December 1994 and represent a specific group of this generation—those who have college or university degrees, are employed full time and work predominantly in large, private-sector organizations.
Among the findings in the report, here are a few highlights:
Business Ethics. For the past two years, Millennials have felt relatively more positive about the motivations and ethics of the business sector. This year, however, their opinions have taken a sharp turn downward. Why? Millennials believe there is a mismatch between how responsible companies should behave and how companies actually behave. Only 48% of respondents now believe corporations behave ethically. Nearly 75% of respondents now see businesses focusing on their own agendas rather than considering the wider society. Nearly 40% say business leaders are having a negative impact on the world.
Diversity and flexibility are key to loyalty. Good pay and positive corporate cultures are most likely to attract both Millennials and Gen Z, but the keys to keeping them happy are diversity, inclusion and flexibility. However, survey respondents believe that most business leaders are not committed to developing inclusive cultures. To respondents, diversity can include tolerance, inclusiveness, openness, respect, different ways of thinking, or simply, differences.
Young workers feel unprepared. Young workers are looking to businesses to help them develop the necessary skills, including the “soft” skills they believe will be more important as jobs evolve.
How To Build Loyalty
Despite the findings of the report, employers can take several steps to build loyalty with Millennials and other employees.
Younger workers want to understand what loyalty means from their employer’s perspective.
They want to understand what financial benefits they will receive for providing longer-term loyalty to their employers.
They want to know if they will develop professionally more by staying at their current job or leaving for a new one.
They want to work for companies not fixated on profits.
They want companies to share their financial rewards with their employees.
They want to be part of a positive workplace culture.
They want opportunities for continuous learning and workplace flexibility (which includes being trusted by their employers not to have strict hours or locations).
The Role Of The Gig Economy
The attractiveness of the gig economy is one major factor that could drive Millennials to leave their current job.
Among those Millennials who would willingly leave their employers within the next two years, 62% regard the gig economy as a viable alternative to full-time employment.
Why? The top reason is the potential for higher earnings. Flexibility and freedom are the next two reasons.
According to Deloitte, seven in 10 Millennials who are members of senior management teams or on boards would consider taking on short-term contracts or freelance work as an alternative to full-time employment. This compares to 57% of junior employees.
Want to attract and retain Millennials? Organizations that are focused on improving society, developing their workforce, providing more flexibility, promoting diversity and encouraging innovation will likely create a more motivated, productive and loyal workforce.
What do you think? Are these realistic requests or unreasonable demands? Are Millennials self-entitled or do they have a right to feel concerned? We want to hear from you in the Comments section.
By Zack Friedman, Founder & CEO of Make Lemonade, a personal finance comparison site.