When it comes to employment outlook, millennials don’t plan to stick around over the long term, according to Deloitte’s Millennial Survey 2016.Deloitte interviewed 300 Australians as part of its survey across 29 countries, with 46 per cent stating that they expect to leave their current employer in the next two years, up from 44 per cent globally.
Over the longer term, only 19 per cent stated that they expect to stay with their current employer for more than five years, compared with 27 per cent globally.
Deloitte states that, born after 1982, millennials will comprise 75 per cent of the global workforce by 2025.
“The 7,700 tertiary educated and employed millennials (aged up to 31) we interviewed globally place great importance on working for an organisation with innovative leaders who offer meaningful work, opportunities for professional development and a good work-life balance,” David Hill, Deloitte Australia chief operating officer, commented.
“They also want their leaders to listen and consider their views. In my experience we have a lot to learn from these bright, young future leaders. The best leaders value their ideas and energy. Those who don’t are likely to find their millennial workers quickly looking elsewhere.”
The survey found that 69 per cent of Australian millennials who are likely to leave their employer in the next two years are unhappy with how their leadership skills are being developed, with the most loyal employees being those who feel that: support/training is on offer for those wishing to take on leadership roles, and that younger employees are actively encouraged to aim for leadership roles.
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Meanwhile, millennials “are guided by strong personal values at all stages of their careers”.
“While 73 per cent of millennials believe business has a positive impact on society, they still want businesses to focus more on people (employees, customers and society), products and purpose – and less on profits,” Deloitte sustainability services partner Paul Dobson commented.
“More than three quarters (83 per cent) of the next generation of Australian leaders say business success should be measured by more than financial performance.”
Dobson noted that 73 per cent rated having satisfied/loyal customers as the next most important measure of business success, followed by 69 per cent stating the quality of a company’s products and services, and 67 per cent stating the company being a great place to work.
“For the most loyal millennials a sense of corporate purpose is incredibly important, with 95 per cent of those who remain with their employer more than five years saying it keeps them satisfied,” he commented.
Hill noted that millennials in the workplace “are more independent and more likely to put their personal values ahead of organisational goals” than their generational predecessors.
“They are redefining professional success and proactively managing their careers, and it would appear their values do not change dramatically as they progress professionally, which will have a significant impact on business and society in the future,” he stated.
