Win over Millennial talent – or else, Deloitte says
Tuesday, January 26, 2016
Posted by: Barbara Francella
Two-thirds of Millennials express a desire to leave their
organizations by 2020, and businesses must adjust how they nurture loyalty
among them or risk losing a large percentage of their workforces, according to
a new Deloitte study.
Millennials' lack of allegiance represents a serious challenge
to businesses, especially in markets like the United States where Millennials
now represent the largest segment of the workforce, according to The
2016 Deloitte Millennial Survey of nearly 7,700 Millennials in 29 countries.
However, because most young professionals choose organizations that share their
personal values, it’s not too late for employers to overcome this "loyalty
Excluding salary and benefits (the most important driver of
employer choice), Millennials are looking for employers who offer work/life
balance, opportunities to progress and be leaders, flexible work arrangements,
a sense of meaning from their work, and professional development training
programs, according to the report.
A whopping 44 percent of Millennials say, if given the
choice, they would like to leave their current employers in the next two years,
according to the report. Seven in 10 of those likely to leave in the next two
years are unhappy with how their leadership skills are being developed — fully
17 points higher than among those intending to stay beyond 2020.
The most loyal employees are more likely to agree that:
- "There is a lot of support/training available to
those wishing to take on leadership roles."
- "Younger employees are actively encouraged to
aim for leadership roles."
Meanwhile, the least loyal employees are significantly more
likely to say:
- "I’m being overlooked for potential leadership
- "My leadership skills are not being fully
Millennials also appear to be steered by strong values at
all stages of their careers. This is 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, Deloitte reported. Globally, 56 percent of
Millennials have "ruled out ever working for a particular organization because
of its values or standard of conduct."
While Millennials may judge the impact
of business to be positive, and think business behaves in an ethical manner,
most Millennials have no problem standing their ground when asked to do
something that conflicts with their personal values. Almost half (49 percent) have "chosen not to undertake
a task at work because it went against their personal values or ethics."
This increases to 61 percent among those in senior positions.
When asked to state the level of influence different factors
have on the decisions they make at work, "my personal values/morals" ranked
first. More than half (55 percent) of Millennials said this had a very high
degree of influence. "Personal goals and ambitions and career progression"
ranked second as an influencer on workplace decisions (51 percent).