According to Deloitte and their 2016 Millennial survey, Millennials now represent the largest segment of both the global and domestic workforce. The results of the survey, which reached nearly 7,700 Millennials from 29 countries, paints the generation as both fickle and value-driven when it comes to their perception of their employer and businesses in general.
66 percent of those surveyed expect to leave their organizations by 2020 while Employee Engagement was the number one response when asked what values support long-term success for businesses, followed by Ethics then Customer Focus. At the bottom of the pile in terms of values supporting long-term success for businesses in the eyes of Millennials? Innovation and Good Products at 6 and 7 percent respectively.
The Importance of Personal Values
The survey asked respondents to state the level of influence of seven factors on their decision making at work. 55 percent said “my personal values/morals” had a very high degree of influence on their decisions making it the top response. Second was “personal goals and ambitions and career progression” at 51 percent. Ranking fifth out of the seven factors measured was “meeting the organization’s formal targets or objectives.” The rank does not change for Millennials in senior leadership positions.
Millennials also believe there is a significant gap between where they believe organizational priority should be placed and what their perception of current alignment is. For instance, Millennials believe they have much higher prioritization of values than their employer in terms of providing a good income to employees, being the best possible place to work, improving the skills of our workforce and providing services/goods that make a positive difference in people’s lives.
Closing the Gap
The survey also looked at how employers can slow the impending Millennial brain that two thirds of the generation changing jobs in the next four years would cause. Three key actions the survey suggests are: identify, understand and align with Millennials’ values; satisfy the demands Millennials have of employers; and support Millennials’ ambitions and professional development. Ultimately, organizations who “do the right thing” will be less likely to lose their Millennial employees, the survey posits.