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 challenge."
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 positions."
- "My leadership skills are not being fully developed."
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).