The Deloitte Millennial Survey 2016
Winning over the next generation of leaders
Two-thirds of Millennials express a desire to leave their organizations by 2020. Businesses must adjust how they nurture loyalty among Millennials or risk losing a large percentage of their workforces.
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Millennials, in general, express little loyalty to their current employers and many are planning near-term exits, according to Deloitte Touche Tohmatsu Limited’s fifth annual Millennial Survey. This remarkable absence of allegiance represents a serious challenge to any business employing a large number of Millennials, especially those in markets—like the United States—where Millennials now represent the largest segment of the workforce. However, because most young professionals choose organizations that share their personal values, it’s not too late for employers to overcome this “loyalty challenge.” Deloitte surveyed nearly 7,700 Millennials from 29 countries during September and October 2015 to learn more about Millennials’ values and ambitions, drivers of job satisfaction, and their increasing representation in senior management teams.
Forty-four percent of Millennials say, if given the choice, they would like to leave their current employers in the next two years. A perceived lack of leadership-skill development and feelings of being overlooked are compounded by larger issues around work/life balance, the desire for flexibility, and a conflict of values.
Millennials appear to be steered by strong values at all stages of their careers; it’s apparent in the employers they choose, the assignments they’re willing to accept, and the decisions they make as they take on more senior-level roles.
While they continue to express a positive view of business’ role in society and have softened their negative perceptions of business’ motivation and ethics compared to prior surveys, Millennials still want businesses to focus more on people (employees, customers, and society), products, and purpose—and less on profits.
- Millennials want business to shift its purpose
- Not impressed by the “buzz” around a business
- For long-term success, put employees first
- Aligned values, but mismatched purposes
Millennials seek employers with similar values; seven in 10 believe their personal values are shared by the organizations for which they work. This is the potential “silver lining” for organizations aiming to retain these young professionals.
- It’s not too late to earn Millennials’ loyalty
- Encourage mentorship
- Have purpose beyond profit
- Provide developmental opportunities
- Create the “perfect” job, environment
- Millennials want to feel in control of their careers