Deloitte Millennials Survey:
In Search for Stability and Full Time Employment
Millennials are more interested in the security of their jobs, more concerned about uncertainty arising from conflict and less optimistic about the directions their countries are going, according to Deloitte’s sixth annual Millennial Survey. The study indicates that the turbulent 2016 marked by terror attacks in Europe, Brexit, and a contentious US presidential election, has rattled millennials’ confidence.
“This pessimism is a reflection of how millennials’ personal concerns have shifted,” explains Punit Renjen, Deloitte Global CEO. “Four years ago, climate change and resource scarcity were among millennials’ top concerns. This year, crime, corruption, war, and political tensions are weighing on the minds of young professionals, which impacts both their personal and professional outlooks.”
Pessimism reflects also in millennials’ financial expectations: in mature markets only 36% of millennials expect to be financially better off than their parents, while in the emerging markets millennials are more optimistic: almost three quarters of the respondents believe they will be both financially (71%) and emotionally (62%) better off than their parents.
The respondents’ anxiety is partially responsible for more young professionals wanting to remain in their jobs. In last year’s survey, the “loyalty gap” between those who saw themselves leaving their companies within two years and those who anticipated staying beyond five years was 17%. This year, the balance of millennials looking to “leave soon” diminished to only 7%.
Key findings of Deloitte’ Millennials Survey 2017:
- Pessimism in developed markets is rampant. Millennials in emerging markets are more optimistic than those in mature markets. The US is the only mature market where a majority of millennials expects to be better off than their parents.
- Uncertain times appear to be driving a desire for stability. After a year of political and social disruptions, millennials are looking for stability at their jobs, nearly two-thirds of them preferring full time employment rather than freelance jobs.
- Purpose has benefits beyond retention. Millennials who remain longer with their companies share their organizations’ values and are more satisfied with their companies’ sense of purpose.
- Automation becomes a feature of working environments. For millennials, automation provides opportunities for doing creative activities and learning new skills, but 40% of them consider automation is posing a threat to their jobs, while 44% believe there will be less demand for their skills. Half of the respondents believe that the workplace has become more impersonal and less human.
- Flexible working arrangements continue to increase. Respondents consider that flexible working arrangements improves organizational performance, has personal benefits and creates loyalty.
- Young professionals seek directness and passion, not radicalism. Millennials do not support leaders who take controversial or divisive positions, and aim for radical transformation rather than gradual change. They feel more comfortable with straight-talking language from both business and political leaders.
- Business-government collaboration breeds skepticism. Millennials are split between those that believe businesses and governments work well together (49%) and those that believe the contrary (48%).
- Millennials are positive about Generation Z. Six in ten millennials believe GenZ (those currently aged 18 or younger) will have a positive impact in the workplace, due to strong information technology skills and the ability to think creatively.
About the Deloitte Millennial Survey
The research findings rely on a study conducted by Deloitte Global of nearly 8,000 millennials representing 30 countries around the globe in September 2016. Screening questions at the recruitment stage ensured that all respondents were millennials—were born after 1982, have obtained a college or university degree, are employed fulltime, and predominantly work in large (100+ employees), private-sector organizations.