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Deloitte Millennial Survey 2018
Millennials: disappointed in business, unprepared for Industry 4.0
The millennial generation is feeling uneasy about the future.
In a fragmenting social and political environment, with Industry 4.0 driving profound changes, many millennials are exhibiting a marked desire for reassurance. They believe business’ priorities should be job creation, innovation, enhancing employees’ lives and careers, and making a positive impact on society and the environment. Yet fewer than half believe that businesses behave ethically and are committed to improving society—the lowest in four years.
For the 2018 edition of the annual Millennial Survey, we surveyed 10,455 millennials across 36 different countries. For the first time, the survey also includes opinions of Generation Z—those following millennials into the workplace.
So what did we learn?
Key findings of Deloitte Millennial Survey 2018:
- Perceptions of business is declining. The 2018 survey found that both millennials and Gen Z generations are distrustful of companies’ motivation and ethics and are calling for business leaders to positively impact the broader world. While millennials’ view of business has declined sharply, their trust in political leaders is even lower.
- Diversity and flexibility are key to loyalty. Loyalty levels have retreated to where they were two years ago; as loyalty levels retreat and as gig economy expands, diversity and flexibility are keys to retention. Good pay and positive cultures attract millennials, but diversity/inclusion and flexibility are key to retention.
- Millennials and Gen Z feel unprepared for Industry 4.0. Millennials are highly aware of how Industry 4.0 is shaping the workplace and they believe it has the potential to free people from routine activities to focus on more creative work. However many are uneasy about its arrival. They are looking to business to help them develop the necessary skills to succeed in Industry 4.0, particularly soft skills like creativity and interpersonal skills. In their view, businesses are not being responsive to their developmental needs.
- Incoming workforce, Gen Z echoes millennial views. The lack of alignment between millennial and Gen Z perceptions about corporations’ motivations and their own priorities is reflected in loyalty to employers. In terms of factors that engender loyalty to employers, Gen Z, which has fewer financial obligations, listed monetary rewards second behind the desire to be part of a positive workplace culture. Both generations cited flexibility and opportunities for continuous learning.