Deloitte released the results of their fifth annual Millennial Survey, highlighting the trends that are likely to influence the leaders of tomorrow. The study involved about 7,700 Millennials, spread across 29 countries. The respondents to the survey were born after 1982, had successfully completed a college or university degree, and are employed full time in large private sector organisations. Possibly the most striking outcome is the fact that about 44% of Millennials, if provided with a choice, expect to exit their current organisation in the next two years. The same numbers rises to 66%, if the timeline is stretched to 2020.
Punit Renjen, CEO, Deloitte Global has stated, “Millennials place great importance on their organization's purpose beyond financial success, remaining true to their values and opportunities for professional development. Leaders need to demonstrate they appreciate these priorities, or their organizations will continue to be at risk of losing a large percentage of their workforce. Fortunately, Millennials have provided business with a roadmap of how employers can meet their needs for career satisfaction and professional development."
Other important findings of the survey are as follows:
- About 70% Millennials believe that their personal values are in alignment with the organisation that they work. This provides a wider scope for employers to retain these employees.
- Millennials are more independent than the last generation, and do not seek long-term association with employers. Renjen says, “...They are likely to put their personal values ahead of their organisational goals. They are re-defining professional success, they’re proactively managing their careers, and it appears that their values do not change as they progress professionally, which could have a dramatic impact on how business is done in future.”
- About 40% Millennials report high job satisfaction.
- 40% of the respondents who plan to stay with their current employer beyond 2020 said that their employers have a strong sense of purpose, which goes beyond financial success.
- The desire to leave the current organisation, in the next five years, is greater in emerging markets, at 69%, as compared to developed markets, wherein stands at 61%.
- In another potentially news-worthy revelation, 63% Millennials feels that their leadership skills are not being developed fully.
- Nearly 71% of those expected to leave their current organisation in the next two years are unhappy with the development of their leadership skills. This is 17% higher than the respondents who intend to stay beyond 2020.
- In another finding, that is a cue to employers, 75% of Millennials prefer to work from home or other locations, wherever productivity is maximum, but only 43% are allowed to do so.
- 77% of Millennials feel in control of their career.
The findings show that a massive shift has occurred in the Millennials’ demand for leadership skills and their willingness to jump at new jobs as compared to the previous generation. Furthermore, the study is also being pegged as insightful in understanding the relationship of gender disparity in the workforce. Slightly more women than men — 67 percent versus 64 percent — planned to quit their jobs within the next five years, and the reason could be that half of women say they're "being overlooked for leadership positions." Deloitte also confirmed its survey respondents' suspicions, finding that 21 percent of Millennial men but only 16 percent of women led departments at their companies.
To conclude, businesses and organisations must adapt how they nurture and create space for Millennials to grow, or risk instability in employment patterns in the longer run. It becomes important to identify that larger issues around work/life balance, the desire for flexibility and differences around business values are influencing their opinions and behaviours. Hence, ample opportunities for growth, leadership, and job satisfaction need to fostered, to ensure that Millennials are more productive, and also progress in their individual careers.
Considering that Millennials will comprise nearly 75% of the workforce by 2025, and this section will have a different set of priorities than the ones that preceded them, the findings of the survey assume much more importance. The findings from the study are best summarised by Deloitte as, “Two-thirds of Millennials express a desire to leave their organizations by 2020. Businesses must adjust how they nurture loyalty among Millennials or risk losing a large percentage of their workforces.”