Millennials’ confidence in business takes a sharp turn. They feel unprepared for Industry 4.0

Millennials have become more skeptical overall of business’ motivation and ethics and also of political leaders’ positive impact on society, according to Deloitte’s Millennial Survey 2018 that records a sharp turn of the views expressed in the previous two issues.

Millennials call for business leaders to positively impact the broader world and consider that business success should be measured also through their impact on society, environment and economy, beyond financial performance.

“The findings of the survey should represent a topic to think about for business leaders, including from Romania, as it is wake up call. As employees’ loyalty and confidence levels retreat, there are implications on the performance of companies and economy as a whole. Although our country was not included in the survey, as long as the responses are similar across the globe, we can appreciate that Romanian Millennials have the same concerns as their generation,” said Raluca Bontas, Partner Global Employer Services, Deloitte Romania.

“Based on the conclusions of the survey, we notice that Millennials have a different agenda from the business, in the way they see it. Thus they consider that the priorities of the companies should be job creation, innovation, enhancing employees’ lives and careers, and making a positive impact on society and the environment. But according to them, companies focus on generating profit, driving efficiencies, and producing or selling goods and services. Although they admit businesses must make a profit to achieve the priorities millennials desire, they consider that businesses should set out to achieve a broader balance of employees’ objectives along with financial performance,” Raluca Bontas further explained.

Main findings of Millennial Survey 2018:

·        Less than half of millennials believe businesses  behave ethically (48% in 2018 vs 65% in 2017) and that business leaders contribute to enhance social climate (47% vs 62%)

·        44% believe business leaders are making a positive impact on society, by comparison only 19% have the same opinion on political leaders

·        Three quarters of millennials believe multinational corporations have the potential to help solve society’s economic, environmental and social challenges

·        43% envision leaving their jobs within two years, a 15-point gap from the year prior

·        Only 28% are looking to stay beyond five years with their present jobs

·        Among millennials who would willingly leave their employers within the next two years, 62% regard the gig economy as a viable alternative to full-time employment

·        Loyalty is even lower among the emerging Gen Z employees, with 61% saying they would leave their current jobs within two years if given the choice.

·        17% of all surveyed millennials, and 32% of those whose organizations already use Industry 4.0 technologies extensively fear part or all of their jobs will be replaced.

·        Just 36% of millennials and 42% of Gen Z respondents reported their employers were helping them understand and prepare for the changes associated with Industry 4.0.

However the survey shows a gap between millennials’ views of business and their views of political leaders. As millennials consider corporations have more potential to solve social, economic and environmental issues than politicians, business leaders should be motivated to make a larger impact on the society beyond job creation and generating profits.

“One of the main questions is: what can the companies do to retain employees as loyalty and confidence retreat. Analysing by comparison the responses to the previous issues of the survey, we can conclude that diversity, inclusion and flexibility are the keys to keeping millennials and Gen Z happy. At the same time companies should respond to their fears regarding the changes associated to Industry 4.0,” concluded Raluca Bontas.

About the Survey

The 2018 report is based on the views of 10,455 millennials questioned across 36 countries. Millennials included in the study were born between January 1983 and December 1994 and represent a specific group of this generation—those who have college or university degrees, are employed full time, and work predominantly in large, private-sector organizations.  Millennials are increasingly taking on senior positions in which they can influence how their organizations address society’s challenges.

This report also includes responses from 1,844 Gen Z respondents in Australia, Canada, China, India, the United Kingdom and the United States. Gen Z respondents were born between January 1995 and December 1999. All are currently studying for or have obtained a first/higher degree.

The full report, available here.