Millennial Report 2018: Why private Irish businesses need to take note… and take action
Irish private business leaders’ priorities must align with broader societal impact to attract this generation of talent.
Download the Irish report here: Millennial Report 2018
Similarly to last year, millennials were surveyed on their outlook of Irish society, their opinions of Irish business, loyalty to their current employers, and attitudes towards Industry 4.0. The Global research surveyed 10,455 millennials across 36 countries with 202 Irish millennials participating.
The results indicate that younger workers are increasingly uneasy about the future, pessimistic about the prospects for political and social progress, and have growing concerns about safety, social equality, and environmental sustainability. Millennials are looking to business leaders to drive societal and economic change, presenting an opportunity for organisations to attract, retail and engage this generation.
Commenting on the report, Dan Murray, Partner at Deloitte and Head of Deloitte Private (which focuses exclusively on serving privately owned businesses, family businesses and entrepreneurs in Ireland), specifies why private companies in particular need to take heed:
“Given that a high proportion of respondents are from Irish private companies, I would strongly encourage their leaders and management teams to reflect on the findings in relation to their own businesses. With the continuing improvement in the Irish economy, talent and skills shortages across all industries are becoming increasingly apparent. Hiring the best talent, including from the millennial cohort, means that Irish employers need to be transparent and have both a highly visible and highly attractive employment brand. Employees often find the employer, not the other way round.
“Some indigenous private companies may feel that they may not be as attractive to millennials as well-known global companies. However, they are still well placed to offer competitive financial rewards along with attractive non-financial rewards, ranging from easier access to senior leaders to enhanced networking, mentoring, development opportunities, better work/life balance and flexible hours. From working with private companies, it is evident to us that the flatter organisational structure typical of private companies is also an advantage in that it allows employees to see the direct impact of their work. If the benefits are apparent, it is really up to the management team to promote them to current and prospective employees.
“It is also clear that millennials feel that business success should be measured more broadly than purely financial performance. While these millennial workers realise that profits are both necessary and a priority, they believe that companies should set out to achieve a broad balance of objectives which include making a positive impact on society and the environment, along with an emphasis on inclusion and diversity in the workplace. I would emphasise that all Irish businesses act on the suggestions outlined below for attracting and retaining millennial talent within their organisation.”
What can organisations do?
If Irish organisations are looking to win in the war for millennial talent, they should consider the following:
•Have you articulated a compelling organisational strategy and vision that speaks to a greater purpose?
•Are leaders aligned on organisational priorities and clear on expectations, organisational values and leadership behaviours?
•What is your employee value proposition?
•Do your culture, ways of working and policies support flexibility and diversity?
•How is your organisation responding to the future of work?
•Do you offer alternative career paths and support continuous development?
To read the report in full, please click here: Millennial Report 2018