NEW YORK, JANUARY 31, 2017. A turbulent 2016 – marked by terrorist attacks in Europe, the Brexit and the presidential election in the United States – seems to have shaken the millennials’ confidence, according to the company’s sixth annual millennial poll Deloitte. Respondents indicate that they are less likely to leave the security of their jobs, that they are more concerned about the uncertainty arising from the conflict, and are not optimistic about where their countries are going. The results were revealed through a survey of nearly 8,000 millennials in 30 countries.
Millennials in emerging markets generally expect to be better off than their parents both economically (71%) and emotionally (62%). This contrasts sharply with mature markets, where only 36% of millennials predict they will be financially better off than their parents and 31% indicate they will be happier. United States is the only mature market where most millennials expect to be better than their parents. In only 11 of the 30 countries covered, most expect to be “happier” than their parents.
“This pessimism is a reflection of how the millennials’ personal concerns have changed,” said Punit Renjen, chief executive of Deloitte Global. “Four years ago, resource scarcity and climate change were among the millennials’ main concerns. This year, crime, corruption, war and political tensions are weighing on the minds of young professionals, impacting their prospects Personal and professional “.
Millennials anxiety may be partially responsible for more young professionals wishing to stay in their jobs. Last year, the “loyalty gap” between those who left their businesses in two years and those who thought to stay for more than five years was 17 percentage points. This year, the balance of millennials looking to “leave soon” is only seven points.
The desire for security is also evident in the study, while millennials keep in mind the advantages of working internationally as independent professionals or consultants (from the opportunity to work in different industries, to learning new skills and the ability to travel or work in the Foreign) almost two-thirds said they prefer a full-time job. Among the 18 areas of personal concern that were measured, unemployment ranked third.
Generating an impact on your employers
Millennials feel responsible for many problems both at work and in the rest of the world. However, it is mostly in and through workplaces that they feel most capable of generating an impact. Opportunities to participate in “good causes”, locally, many of which are facilitated by employers, provide the millennials with a greater sense of influence. This local change, on a small scale, has a domino effect from the individual to a broader work environment and society as a whole.
More than half of millennials say they have opportunities to contribute to charitable causes in their workplaces. “The survey results suggest that those who received those opportunities show a greater level of loyalty to their employers, which is consistent with the connection we saw last year between loyalty and a company’s sense of purpose,” explained Jim Moffatt, CEO of Deloitte Global Consulting. “But we are also seeing that the purpose has benefits beyond retention. Those who have the opportunity to contribute are less pessimistic about the overall political and social situations of their countries and have a more positive view of business behavior.”
In general, millennials say they will stay longer with employers involved in social issues such as education, unemployment, and health care, and the more optimistic about the progress of their countries are the most likely to help Employers to engage with broader social and economic issues.
The millennials’ attitudes towards the general corporate arena continue to improve. For the third consecutive year, more respondents believe that companies behave ethically and that their leaders are committed to improving society, and less feel that businesses are purely profitable and that prioritize their agendas with little regard for society.
While six out of 10 people surveyed say multinational companies have had a positive impact on the millennials’ most troubling challenges, they believe that large organizations can do much more.
“The events of last year were a wake-up call for business and government leaders,” Renjen said. “The business community can and should pay attention to millennials’ pessimism by doing more for society. We are in the best position to address many of society’s most challenging problems and lead the way towards creating a functioning economy for all”.
Flexibility improves performance, retention
Overall, 84 percent of millennials have some degree of job flexibility in their organizations, and 39 percent say their organizations offer highly flexible work environments. They believe that flexible working arrangements help improve employee productivity and commitment while improving personal well-being, health, and happiness.
Those in highly flexible organizations appear to be far more loyal to their employers and two and a half times more likely to believe that flexible working practices have a positive impact on financial performance as opposed to more restrictive organizations. Three-quarters of those who offer flexible work opportunities say they trust their colleagues to respect them, and 78 percent feel the trust of their line managers.
Additional survey results include:
- Automation brings threats and opportunities. There is no doubt that automation brings with it some concern; 40% of respondents see a threat in their jobs; 44% believe there will be less demand for their skills; A majority believes they will have to re-train; And 53% see the work place more and more impersonal and less human. In contrast, many respondents, especially those considered “super connected” millennials, see automation as a source of opportunities for value-added or creative activities, as well as learning new skills.
- In search of frankness and passion, not radicalism. The millennials surveyed, in general, do not support leaders who take controversial or divisive positions, or who seek to radically transform instead of gradual change. They feel more comfortable with direct and blunt language on the part of both corporate and political leaders.
- Skepticism of business-government collaboration. With respect to addressing society’s challenges, millennials are equally divided between those who believe that companies and governments work well together (49 percent) and those who do not (48 percent). In addition, only 27 percent of respondents believe that citizens / society are the ultimate beneficiaries when companies and governments work together.
- The creativity and skills of GenZ (Generation Z) are welcome. Millennials tend to have a broadly favorable view of GenZs (those 18 years of age or younger), believing that the group has solid knowledge in information technology and the ability to think creatively. Six out of every 10 millennials believe the GenZs will have a positive impact as their presence in the workplace expands; This belief is higher in emerging markets (70 percent) than in mature markets (52 percent).
About the Deloitte Millennials Survey
The results of the research are based on a study by Deloitte Global of nearly 8000 millennials representing 30 countries around the world during the month of September 2016. Screening questions at the recruitment stage ensured that all respondents were millennials , Born after 1982, with higher education qualifications, full-time employees and working predominantly in large organizations (100+ employees) in the private sector.
About Deloitte
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