The Millennials are slowly becoming the new generation of leaders, and they do not tick like the generation that came before them. Deloitte surveyed almost 7,700 Millennials from 29 different countries to uncover the values and behaviors that define this new working class.
An Emphasis on Growth
In this year, 25 percent of Millennials will quit or leave their current organization, but why? Is it really just a lack of loyalty on the part of this younger generation? Sixty-three percent of Millennials assert that they do not feel as though their leadership skills are being fully developed, and 28 percent claim their organization is making “full use” of their varied skills. They believe that leadership skills are particularly important, but most do not see their companies making efforts to empower them to be the leaders of tomorrow. Seventy-one percent of Millennials are likely to leave their current organization in the next two years because of how unhappy they are with this lackluster so-called leadership development.
Eighty-seven percent of Millennials believe that “the success of a business should be measured in terms of more than just its financial performance.” Millennials desire more attention to be paid on the business’s impact on a wider society, and they remain hopeful that good, ethical decisions can be made.
This year’s survey revealed that Millennials do not believe that their organization’s long-term success aligns with the values they claim to have. Millennials believe that businesses as a whole can further develop in five areas: improving skills, providing employees with a good income, being the “best” place to work, providing goods and services that have a positive impact on society, and generating and sustaining jobs.
Contrary to belief, most Millennials’ goals are not to be insta-famous or accumulate ridiculous wealth. Instead, they desire to have a good work and life balance. They want to have a healthy career, but also have a happy home and family. They additionally desire to make a positive impact.
The key to retaining Millennials is simple: Do what you say and do the right thing. Make efforts to understand Millennials’ values and satisfy their demands from employers. Additionally, and what I believe to be most important, support their professional development. When Millennials feel as though they can grow and be challenged, not only will their satisfaction increase, but so will their loyalty.
You can view the full report here: http://www2.deloitte.com/content/dam/Deloitte/at/Documents/human-capital/millennial-innovation-survey-2016.pdf