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Deloitte Millennial Survey 2018 – the Australian cut
Are millennials losing faith in business?
Australian millennials remain uneasy about the future: worried about terrorism, robots taking their jobs, and unemployment generally, and they have little confidence in the ability of business or politicians to help them.
The 2018 Deloitte Millennial Survey surveyed 10,455 millennials across 36 countries, including 337 in Australia, about their attitudes to work.
Climate change, unemployment and income inequality are the top concerns of Australian millennials. This year’s survey reveals three key themes:
1) Perceptions of business are declining
- Millennials' opinion of business’ motivation and ethics is at its lowest level in four years
- Less than half (45%) of millennials believe business has a positive impact on society, down from 72% in 2017
- Two thirds (63%) believe political leaders are having a negative impact on society
- Over a third (39%) of millennials believe they will better off than their parents (compared to 51% globally) and only 35% believe they will be happier (compared to 43% globally).
The Deloitte Millennial Survey 2018
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2) Flexibility and a positive work culture are key to millennial loyalty
- Australian millennials believe culture is more important than money: 67% rate a positive work environment as the most important consideration when choosing a new employer (compared to 52% globally)
- In Australia financial rewards/benefits are ranked second (63% in Australia and globally). Flexibility is ranked as third most important (by 55% in Australia and 50% globally)
- Gen Z loyalty to employers is lower than millennials, with 59% saying they would expect to stay with their current employer for less than two years.
3) Young workers feel unprepared for the changing nature of work
- The growth of Industry 4.0 technologies—from robotics and the internet of things to artificial intelligence and cognitive—has altered the nature of work, and millennials have mixed feelings about this
- In Australia, 45% of millennials believed that Industry 4.0 would augment their job, allowing them to focus on more creative, human and value-adding work
- Gen Z were more pessimistic, with less than a third (32%) thinking technology would augment their job and a quarter (24%) saying it would replace part or all of their job’s responsibilities (18% of millennials believe this).
The Australian Cut
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The Deloitte Millennial Survey 2017
According to Deloitte Global’s sixth annual Millennial Survey, young professionals now indicate they’re less likely to leave the security of their jobs, more concerned about uncertainty arising from conflict, and—especially in developed countries—not optimistic about their future prospects nor the directions their countries are going. The findings are based on the views of almost 8,000 millennials questioned across 30 countries in September 2016.
The Deloitte Millennial Survey 2016
Millennials, in general, express little loyalty to their current employers and many are planning near-term exits, according to Deloitte’s fifth annual Millennial Survey. This remarkable absence of allegiance represents a serious challenge to any business employing a large number of Millennials, especially those in markets where Millennials now represent the largest segment of the workforce. However, because most young professionals choose organisations that share their personal values, it’s not too late for employers to overcome this “loyalty challenge.” The findings are based on the views of 7,700 millennials from 29 countries during September and October 2015.