Millennials and their employers: Can this relationship be saved?
Businesses at risk of losing top talent, according to Deloitte’s global annual survey
-Two-thirds of Millennials express a desire to leave their organizations by 2020.
-Millennials’ loyalty to their organizations is connected to leadership development opportunities, workplace flexibility, and a sense of purpose beyond profit.
-Personal values guide Millennials’ career choices; 56 percent won’t consider certain employers based on an organization’s values or conduct, while 49 percent have rejected assignments that conflict with their values or ethics.
Businesses must adjust how they nurture loyalty among Millennials or risk losing a large percentage of their workforces, according to Deloitte’s fifth annual Millennial Survey. Forty-four percent of Millennials say, if given the choice, they expect to leave their current employers in the next two years. That figure increases to 66 percent when the time frame is extended to 2020. The findings were revealed through a survey of nearly 7,700 Millennials from 29 countries during September and October 2015.
Concerns regarding a lack of development of leadership skills and feelings of being overlooked were often voiced by those considering near-term career changes. But, larger issues around work/life balance, the desire for flexibility, and differences around business values are influencing their opinions and behaviors. Millennials appear to be guided by strong values at all stages of their careers; it’s apparent in the employers they choose, the assignments they’re willing to accept, and the decisions they make as they take on more senior-level roles. While they continue to express a positive view of business’ role in society and have softened their negative perceptions of business’ motivation and ethics compared to prior surveys, Millennials still want businesses to focus more on people (employees, customers, and society), products, and purpose—and less on profits.
“Millennials place great importance on their organization’s purpose beyond financial success, remaining true to their values and opportunities for professional development. Leaders need to demonstrate they appreciate these priorities, or their organizations will continue to be at risk of losing a large percentage of their workforce,” said Omar Fahoum, chairman and chief executive at Deloitte Middle East. “Fortunately, Millennials have provided business with a roadmap of how employers can meet their needs for career satisfaction and professional development.”