The 2018 Deloitte Millennial Survey reveals that Millennials lack confidence in business and feel unprepared for Industry 4.0. In India, 78 percent of the Millennials feel that organizations focus on their own agenda and about 73 percent are of the opinion that business’ have no ambition beyond the will to make money.
The new generation, Gen Zs believe business’ priorities should be job creation, innovation, enhancing employees’ lives and careers, and making a positive impact on society and the environment. However, when asked what their organizations focus on, they cited generating profit, driving efficiencies, and producing or selling goods and services—the three areas they felt should have the least focus. They recognize businesses must make a profit to achieve the priorities Millennials desire, but believe businesses should set out to achieve a broader balance of objectives along with financial performance.
In 2018, there has been a dramatic reversal as opinions of business reached Millennials and Gen Zs lowest level in four years. As per the recent study, less than half of Millennials believe businesses behave ethically (48 percent vs 65 percent in 2017) and that business leaders are committed to helping improve society (47 percent vs 62 percent in 2017).
Further, the loyalty levels of the generation have remained fairly low in the last three years.
Among Millennials in India, 47 percent plan to leave their jobs within two years, and only 24 percent would look to stay beyond five years. Loyalty is even lower among the emerging Gen Z employees as 66 percent of them envision of not staying beyond two years in their organizations.
Considering this organization have to leverage the various elements that would ensure their loyalty and increase their retention. The report shows that both Millennials and Gen Z place a premium on factors such as learning opportunities, tolerance and inclusivity, respect and different ways of thinking. While pay and culture attract them to employers, larger meaning of life, diversity, inclusion and flexibility are the keys to retaining them. 44 percent of respondents in India place importance on financial rewards and benefits while choosing an employer as against 63 percent of respondents globally. 52 percent of Millennials and 53 percent of Gen Z in India are looking for opportunities of continuous learning from their employers.
SV Nathan, Partner and Chief Talent Officer, Deloitte Indi says, “Businesses need to listen to what Millennials are telling us and reimagine how business approaches talent management in Industry 4.0. We have to take our people along with us and create a relevant culture, placing a renewed focus on learning and development to help all people grow in their careers throughout their lifetimes.”
The findings of the report highlight the need for organizations to rethink their talent management strategy and focus on learning and growth of their employees. Employers have to take the baton of preparing the Millennials and Gen Zs for Industry 4.0 and invest more in their career growth and development. This will also help in building trust and eventually retaining the cohort of these generations.