“Forty-three per cent of millennials envision leaving their jobs within two years, and only 28 per cent seek to stay beyond five years,” according to the 2018 Deloitte Millennial Survey, which explores the views of 10,455 millennials and 1,844 Gen Z respondents around the world who were born between 1983 and 1994.
Companies’ actions appear to strongly influence the length of time millennials intend to stay with their employers. Good pay and positive corporate cultures are most likely to attract both millennials and Gen Z. They also look for diversity, inclusion and flexibility.
“Attracting and retaining millennials and Gen Z respondents begins with financial rewards and workplace culture; it is enhanced when businesses and their senior management teams are diverse, and when the workplace offers higher degrees of flexibility. Those who are less than satisfied with their pay and work flexibility are increasingly attracted to the gig economy, especially in emerging markets,” according to the survey summary.
However, a stark mismatch persists between what millennials believe responsible companies should achieve and what they perceive businesses’ actual priorities are. “Younger workers are increasingly uneasy about the future, pessimistic about the prospects for political and social progress, and harbour growing concerns about safety, social equality and environmental sustainability,” the survey found.
While young workers believe business should consider stakeholder interests as well as profit, their experience is of employers prioritizing the bottom line above workers, society, and the environment.
Young workers are looking to businesses to help them develop necessary skills, including the “soft” skills they believe will be more important as jobs evolve. Past surveys also indicate that flexible working arrangements improve employee loyalty. Millennials say they appreciate not being tied to strict working hours and locations. They also value the trust their employers demonstrate in granting that flexibility.
Among those who intend to stay with their current employers for at least five years, 55 per cent say there is now more flexibility in where and when they work compared to three years ago. Among those looking to leave within the next 24 months, the figure is only 35 per cent.
Almost four in 10 millennials (38 per cent) report that their organizations already make a large or fair amount of use of advanced automation and connectivity, artificial intelligence, or robotics to perform mechanical tasks or analysis previously done by people.
Overall, most millennials (and half of Gen Z respondents) believe Industry 4.0 will augment their jobs, giving them more time to focus on creative, “human,” and value-added work. Respondents would like business to take a lead role in readying people for Industry 4.0, but a minority feel this is currently happening. Just 36 per cent of millennials and 42 per cent of Gen Z respondents reported that their employers were helping them understand and prepare for the changes associated with Industry 4.0.
Looking forward, about eight in 10 millennials say that on-the-job training, continuous professional development, and formal training led by employers will be important to help them perform their best. Seventy-three per cent of those who plan to stay with their employers more than five years say their organizations are strong providers of education and training.
–The Deloitte Global Millennial Survey 2019– Societal discord and technological transformation create a “generation disrupted”