Deloitte has recently released their fifth annual Millennial Survey, detailing the incoming workforce's trends and traits. The research findings are based on a study conducted by Deloitte Global of nearly 7,700 Millennials representing 29 countries around the globe. All respondents were born after 1982, have obtained a college or university degree, are employed full-time, and work in large (100+ employees), private-sector organizations.
Amongst the findings, forty-four percent of Millennials say, according to the survey, that if given the choice, they expect to leave their current employers in the next two years. The statistic grows to 66 percent when the time frame is extended to 2020.
"Millennials place great importance on their organization's purpose beyond financial success, remaining true to their values and opportunities for professional development," stated Punit Renjen, Deloitte Global CEO. "Leaders need to demonstrate they appreciate these priorities, or their organizations will continue to be at risk of losing a large percentage of their workforce. Fortunately, Millennials have provided business with a roadmap of how employers can meet their needs for career satisfaction and professional development."
The Survey says that seven in ten Millennials 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.
"A generation ago, many professionals sought long-term relationships with employers, and most would never dream of saying 'no' to supervisors who asked them to take on projects," continued Renjen. "But, millennials are more independent and more likely to put their personal values ahead of organizational goals. They are re-defining professional success, they're proactively managing their careers, and it appears that their values do not change as they progress professionally, which could have a dramatic impact on how business is done in the future."
More findings from the survey include:
- Forty percent of Millennials reporting high job satisfaction, and 40 percent who plan to remain in their jobs with their current employer beyond 2020, say their employers have a strong sense of purpose beyond financial success.
- The desire to leave their current job during the next five years is greater among millennials in emerging markets (69 percent) than in developed economies (61 percent).
- 63 percent of millennials feel their leadership skills are not being fully developed, and 71 percent of those expecting to leave their employer in the next two years are unhappy with how their leadership skills are being developed—a full 17 points higher than among those intending to stay beyond 2020.
- Three-quarters of Millennials would prefer to work from home or other locations where they feel they could be most productive. However, only 43 percent currently are allowed to do this.
- Three-quarters (77 percent) of Millennials feel in control of their career paths.
Deloitte Global leaders will discuss the Deloitte Millennial Survey and the impact of Millennials on business and employers at the World Economic Forum's annual conference in Davos, Switzerland, from 20 to 23 January 2016.
For the full Millennial Survey, head to Deloitte's site here.