Have we lost the millennials?
The Deloitte Millennial Survey 2018: A Swiss Perspective
- Executive summary
- Video: Global results
- Perceptions of business
- Diversity and flexibility
- Industry 4.0
Following a troubling year, where geopolitical and social concerns gave rise to a new wave of business activism, millennials and Gen Z are sounding the alarm, according to Deloitte’s seventh annual Millennial Survey.
Millennials are losing confidence in their employers, and their loyalty is deteriorating.
- Deloitte’s 2018 Millennial survey findings are based on the views of more than 10,000 millennials questioned across 36 countries, and more than 1,800 Gen Z respondents questioned in six countries.
- Amongst the Swiss population, results are based on the answers of 193 interviewees, around 90 per cent of whom are millennials, and the rest being Gen Z.
- Millennial’s opinions about business’ motivations and ethics, which had trended up in the past two years, retreated dramatically this year, as did their sense of loyalty.
- Neither generation is particularly optimistic about their readiness for Industry 4.0.
- Their concerns suggest this is an ideal time for business leaders to prove themselves as agents of positive change.
Perceptions of business are declining
This year’s survey shows a clear, negative shift in millennials’ feelings about business’ motivations and ethics. Today, only a minority of millennials believe businesses behave ethically (48 percent vs 65 percent in 2017) and that business leaders are committed to helping improve society (47 per cent vs 62 per cent in 2017).
Respondents yearn for leaders whose decisions might benefit the world—and their careers.
The report also revealed that 49% of Swiss millennials believe their business leaders have a negative impact on society. They no longer trust that businesses have an overall positive purpose. Furthermore, 75% believes that corporations act in a selfish and egoistic way, in which they focus on their own agenda rather than trying to positively impact society. Most of the interviewees expressed that their companies’ actual priorities deviate strongly from what their priorities should be.
Business' behaviour, priorities and impact
Diversity and flexibility are key to loyalty
Forty-three per cent of millennials envision leaving their jobs within two years; only 28 per cent seek to stay beyond five years. Employed Gen Z respondents express even less loyalty, with 61 per cent saying they would leave within two years if given the choice.
Attracting and retaining millennials and Gen Z talent begins with financial rewards and workplace culture; it is enhanced when businesses and their senior management teams are diverse, and when the workplace offers higher degrees of flexibility. Those who are less than satisfied with their pay and work flexibility are increasingly attracted to the gig economy, especially in emerging markets.
When choosing an employer the Swiss respondents’ priorities roughly correspond with those of global millennials, with both groups ranking ‘Financial reward/benefits’ as the most important aspect. The most striking difference, however, comes with the ‘Flexibility’ factor. Having flexible working hours and locations is notably more important to Switzerland’s young workforce than globally (prioritised by 64 per cent and 50 per cent of respondents respectively).
34% of millennials in Switzerland say their employers are helping to prepare them for Industry 4.0 compared with 36 per cent globally.
Industry 4.0 has a positive impact for Swiss Millennials
Switzerland’s respondents are convinced that the revolution of today’s industry is going to have great impact on their everyday life – but in a positive way. They are not at all concerned about losing their job, with only 11% believing that Industry 4.0 will replace part or all of their job’s responsibility.
Millennials say that Industry 4.0 will enrich their jobs by allowing them to focus on a more creative, human and value-adding part.
39% of millennials in Switzerland believe that it is the responsibility of business and corporations to prepare their employees for the coming changes.