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Millennials and their employers
Can this relationship be saved?
Millennials represent an increasing share of the workforce, and a growing number now occupy senior positions. They are no longer leaders of tomorrow, but increasingly leaders of today - as such, their views on how business does and should conduct itself are of more than academic interest.
In order to gain insight into the Swiss millennial perspective, we have conducted 192 interviews in Switzerland
The Global Millennial Survey
According to Deloitte Touche Tohmatsu Limited’s (Deloitte) fifth annual Millennial Survey, businesses must adjust how they sustain loyalty among Millennials or risk losing a large percentage of their workforces.
44% of Millennials say, if given the choice, they expect to leave their current employers in 2017.
That figure increases to 66% when the period is extended to 2020. The findings were revealed through a survey of nearly 7,700 Millennials from 29 countries during September and October 2015.
The Swiss Perspective
Whilst the Swiss Millennials responded mostly similar to their global colleagues, there are certain aspects where the local response differed from the global one.
The biggest discrepancy between the Swiss and the global results is shown in the question if Millennials feel overlooked for leadership positions. Millennials in Switzerland feel less overlooked compared to their global colleagues. 78% of the Swiss Millennials think that they are considered for potential leadership positions (compared to only 58% on a global level).
This result shows that Swiss employers are not afraid of considering younger employees for open leadership roles. It seems that the Swiss employees are earlier prepared to take on a potential leadership role.
The Gender Gap
It is also encouraging to report relatively small gender differences in consideration for senior roles. However, whilst consideration may be equal, the reality is that Millennial men are significantly more likely than women to say they lead a department or are members of the senior management team.
Could this reflect continuing gender bias or situations in which women feel less encouraged in seeking senior roles? Or might this be interlinked with the fact that Millennials seek a good work/life balance and traditional personal life goals instead of having the desire to rise up the ranks?
Please contact us if you would like to further discuss the results and implications of the Millennial report with us.
How to earn their loyalty
Millennials seek employers with similar values; seven in 10 believe their personal values are shared by the organizations for which they work. This is the potential “silver lining” for organizations aiming to retain these young professionals.
- Provide opportunities for leadership development
- Connect Millennials to mentors
- Encourage a work/life balance
- Provide flexibility that allows Millennials to work where they’re most productive
- Give them more control over their careers
- Foster cultures that encourage and reward open communications, ethical behaviour, and inclusiveness
Contrary to perception, the survey found that Millennials are not particularly influenced by the “buzz” around particular businesses or employers. Survey respondents also indicate little desire to be famous, have a high profile on social media, or accumulate great wealth. Instead, in broad terms, Millennials’ personal goals are rather traditional. They want to own their own homes, they desire a partner for life, and they seek financial security that allows them to save enough money for a comfortable retirement.
View the full executive report
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.
Read the study