Millennials are now the largest segment of the workforce (by 2025, they will comprise 44 percent of workers globally); and yet, they’re largely unsatisfied at work. The Deloitte Millennial Survey 2016 (this is Deloitte’s fifth time conducting such a survey) found that 66 percent of Millennial workers plan to leave their current employers in the next five years—with 44 percent of those planning an exit in just two.
In order to convince this generation to stick around, employers need to figure out what it is their young employees are after—and what they, as employers, can do to make the workplace more attractive. Here’s what Deloitte found this rising class is looking for.
1. TO FEEL NURTURED AND HAVE LEADERSHIP OPPORTUNITIES
According to Deloitte, more than six out of 10 Millennials believe their “leadership skills are not being fully developed.” And 71 percent of the Millennials who plan to leave their current jobs in less than two years reported that they are “unhappy with how their leadership skills are being developed.” And if growth doesn’t seem possible, why would—and why should—they stick around? Deloitte’s research supports the idea that supporting leadership ambitions fosters loyalty.
2. FOR THEIR EMPLOYERS TO SHARE THEIR VALUES
When asked to state the main factors that drive their decision-making at work, Millennials ranked “my personal values/morals” as number one. And globally, 61 percent of Senior Millennials (defined as heads of department and above) have “chosen not to undertake a task at work because it went against their personal values." Therefore, it makes sense that Millennials will consider a company’s mission when deciding whether it’s a good fit—half of Junior Millennials (graduates and those in junior positions) and 65 percent of Senior Millennials said “purpose was part of the reason they chose to work at their company.”
3. FOR THEIR EMPLOYERS TO HAVE A VISION AND POSITIVE IMPACT
A whopping 87 percent of Millennials reported believing that “the success of a business should be measured in terms of more than just financial importance.” In plain English terms, they want their employers to care about more than just their bottom line.
Rather than seeking personal fame or a high social media profile, Millennials want to make their business—and the world—better. Nearly three quarters of Millennials believe “business has a positive impact on wider society,” and over 80 percent “would like to/already have made a positive difference in the world they live in.”
4. FOR PEOPLE TO COME BEFORE PROFIT.
Millennials in leadership positions are interested in rejiggering their companies’ priorities in order to put employees’ needs and happiness first, Deloitte’s survey found. These Millennial managers would like to focus on “being the best possible place to work” and “providing a good income to employees.”
However, Millennials aren’t naive—they know profit is vital to a successful business. However, “profit” is just one of the four Ps that comprise a “leading organization.” Companies must also invest in people (defined as employees as well as wider society), products, and purpose.
5. MORE THAN JUST A GOOD SALARY
It’s true that pay and financial benefits are Millennials’ first—and most important—consideration when evaluating a job offer. However, when presented with offers that boast similar compensation packages, Millennials consider factors such as a good work-life balance, leadership opportunities, and flexible working conditions as much more important than the reputation of its leaders or whether the company invests in and uses the latest technology.
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