A large-scale study published by Deloitte highlights the attitudes of millennials regarding industry and business, as well as their fears of not having the skills needed for the future of work. Read on for the top four findings from the report.
- Millennials don’t believe businesses are ethical
The percent of millennials who believe corporations behave ethically has declined from last year (48 percent versus 65 percent last year). Seventy five percent see businesses as focusing on their own agenda rather than considering the whole society. And the majority agree that businesses “have no ambition beyond wanting to make money.”
This is alarming, especially considering millennials and the younger generation, Gen Z, are deeply concerned with social and ethical causes. The top priorities millennials believe businesses should focus on? Innovation, job creation, inclusion and diversity, and making a positive impact on society and the environment overall.
- Still, they expect a lot from business leaders
Millennials are still “pro-business” and expect a lot from their leaders. This year’s respondents indicated that they believed business leaders have more of a positive impact than religious or political leaders (44 percent versus 33 percent and 19 percent respectively). They believe business leaders should do more for their companies and their communities.
- Millennials choose loyalty – if they’re given a reason to
Unsurprisingly, employee turnover continues to be a problem in business. The percent of millennials who believe they will leave a company within two years is at 43 percent. Those who think they will stay beyond five years is at 28 percent. Among Gen Z, the numbers are even higher, with 61 percent saying they will leave within two years and only 12 percent saying they will stay.
There are many factors influencing loyalty decisions, including flexibility, growth opportunities, financial rewards, and workplace culture. Millennials who felt their company did not align with their personal or philosophical views were more likely to leave within two years.
- Millennials feel unprepared for the future of business
Young workers feel that their employers aren’t doing a good enough job readying them for the workforce. Those surveyed believe they need the most help at building confidence, interpersonal skills, critical thinking, and innovation or creativity. More than a third of millennials believe it is “essential” that a company’s employees and leaders have strong interpersonal skills. However, only 26 percent reported having company support in developing them. The same is true for the other skills on the list.
While this survey shows quite a negative shift in young people’s views of businesses, this also serves as an opportunity. Companies that do balance social concerns and become more caring toward their employees will ultimately retain the best of the millennial and Gen Z generation, leading them to success down the road.