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A recent ABC News story highlighted that, for the first time in history, less than half of all working Australians now have a permanent full-time job. For those of us in full-time jobs, this news is probably greeted with a mixture of concern and envy. It should also be a wake-up call – for workers and businesses – about how quickly the world of work is changing.
A ‘job for life’ is not just an outdated concept, but a complete anathema to Millennials and Gen Z, who are much more fluid in their approach to work than Gen X or the Baby Boomers.
As millennials become the dominant generation in the workforce, the power balance between the organisation and the individual has shifted towards the individual, who is now calling the shots about who they want to work for and for how long.
Deloitte’s 2018 Millennial Survey found that 53% of Australian millennials are already joining or considering the gig economy instead of a full-time job and 67% of Gen Z see the gig economy as a supplement to a part-time or full-time job.
Compared to Gen X, millennials vote with their feet. They will leave an organisation if it doesn’t meet their expectations:
One reason millennials don’t stay with organisations long is likely due to a mismatch between their personal values and purpose and those of the organisation they are working for. The Deloitte 2018 Millennials Survey also found that:
Millennials believe business’ priorities should be job creation, innovation, enhancing employees’ lives and careers, and making a positive impact on society and the environment. However, when asked what the organisations they work for focus on, millennials cited generating profit, driving efficiencies, and producing or selling goods and services—the three areas they felt should have the least focus.
There are three changes business can make:
David is Deloitte’s global leader for workforce transformation and leads the human capital practice in Asia Pacific. In a career spanning 40 years David has advised in both corporate human resource roles, and in an advisory capacity in Australia, and abroad across North America, Europe and Asia. He specializes in human capital strategy and execution, workforce transformation, and the future of work.
All business transformation, whether changing systems, processes or organisational structures, ultimately depends on changing human behaviour. But how can we change human behaviour if we don’t understand it?
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