The Deloitte Millennial Survey 2018
Millennials’ confidence in business, loyalty to employers deteriorate
Respondents yearn for leaders whose decisions might benefit the world—and their careers
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’ opinions about business’ motivations and ethics, which had trended up the past two years, retreated dramatically this year, as did their sense of loyalty. And 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. The 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. The survey was conducted 24 November 2017 through 15 January 2018.
Millennials in emerging markets generally expect to be both financially (71 percent) and emotionally (62 percent) better off than their parents. This is in stark contrast to mature markets, where only 36 percent of millennials predict they will be financially better off than their parents and 31 percent say they’ll be happier.
Millennials view business positively and believe it’s behaving in an increasingly responsible manner; 76 percent say businesses, in general, are having a positive impact on the wider society in which they operate. However, they also believe multinational businesses are not fully realizing their potential to alleviate society’s biggest challenges.
Young workers are not ready for Industry 4.0
Millennials and Gen Z recognize the current and future importance of Industry 4.0, yet many feel unprepared for the changes it will bring. Fewer than four in 10 millennials (36 percent) and three in 10 Gen Z currently in work (29 percent) believe they have the skills and knowledge they’ll need to thrive.
While technical skills are always necessary, respondents are especially interested in building interpersonal skills, confidence and ethical behavior—all of which they consider essential for a business to be successful. They would like business to take a lead role in readying people for Industry 4.0.