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The Deloitte Millennial Survey 2017
Apprehensive millennials: seeking stability and opportunities in an uncertain world
A turbulent 2016—punctuated by terror attacks in Europe, Brexit, and a contentious US presidential election—appears to have rattled millennials’ confidence.
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Executive summary
Last year, many millennials seemed to be planning near-term exits from their employers. But, after 12 months of political and social upheaval, those ambitions have been tempered, according to Deloitte Global’s sixth annual Millennial Survey. Young professionals now indicate they’re less likely to leave the security of their jobs, more concerned about uncertainty arising from conflict, and—especially in developed countries—not optimistic about their future prospects nor the directions their countries are going. The findings are based on the views of almost 8,000 millennials questioned across 30 countries in September 2016.
Pessimism in developed world runs rampant
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.
In Turkey, these numbers are higher than the numbers in mature markets but lower than the average of the numbers of emerging markets. 45 percent of Y Generation in Turkey believes that they will be financially better than their parents, while 37 percent think they will be happier.
- Economic, social, and political sentiments: A chasm between the developed and developing world
- Terrorism, “conflict” issues replace environmentalism as top person concerns
“Pro-business,” but expecting more
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. The percentage of millenials in Turkey who views business positively reaches to 86 percent. However, they also believe multinational businesses are not fully realizing their potential to alleviate society’s biggest challenges.
- Business as a force for positive change
- Unrealized potential of multinationals
- Business/government collaboration: Mixed results
Making an impact through their employers
Millennials feel accountable for many issues in both the workplace and the wider world. However, it is primarily in and via the workplace that they feel most able to make an impact. Opportunities to be involved with “good causes” at the local level, many of which are enabled by employers, provide millennials with a greater feeling of influence.
A preference for plain talk and inclusiveness
Surveyed millennials, in general, do not support leaders who take divisive positions, or aim for radical transformation rather than gradual change. They are more comfortable with plain, straight-talking language from both business and political leaders; respond to passionate opinions; and identify with leaders who appeal to anyone who might feel “left out” or isolated.
Freelance flexibility with full-time stability
In spite of perceived across-the-board advantages of working as freelancers or consultants, nearly two-thirds of millennials said they prefer full-time employment. Millennials’ anxiety about world events and increasing automation may be partially responsible for them wanting to remain in their jobs, but the allure of flexible working options might be just as influential.
Millennials in Turkey also want to remain in their jobs and 54 percent of them prefer full time employment. Yet the demand for freelance work and flexible working options in Turkey is still considerable and is higher than the world average. 40 percent in Turkey prefer to work as freelancers whereas this number is 31 percent for the global average.
- Increasing loyalty and a desire for certainty
- Flexible working practices, loyalty, and the foundation of trust
- Automation: Threats and opportunities
Generation Z will be welcomed
Millennials tend to have a broadly positive opinion of GenZ (those currently aged 18 or younger), believing the group to have strong information technology skills and the ability to think creatively. Six in 10 millennials believe GenZ will have a positive impact as their presence in the workplace expands; this belief is higher in emerging markets (70 percent) than in mature markets (52 percent). 71 percent of the Millennials in Turkey believes that the presence of GenZ in the workplace will have a positive impact.