A recent survey from Deloitte revealed some interesting facts about millennials across the world. Chief among those is that two-thirds don’t expect to be at their current job in 2020.
Gallup has labeled them “the job-hopping generation,” and there’s no reason to expect that it will be any different for Generation Z. Millennials reported that they’ve left jobs at a rate of 21% in the last year, more than three times as often as non-millennials. They’re more likely to say they’re actively looking for another job, and they don’t expect to stay at their current job for very long.
While employers have tried many tactics — from Ping-Pong tables to happy hours — to persuade millennials to stay at their jobs, they’re not necessarily just looking to have fun at work. Like other employees, millennials have real concerns about how the workplace can be improved.
More than 7 in 10 millennials said they’re not developing adequate leadership skills, the Deloitte survey found. And they’re most interested in leadership skills, placing them over all others. Also, satisfied employees were more likely to say that their company values leadership training.
This is a generation of young, highly educated professionals that expect to move up in their fields. If they’re not provided with opportunities to do so at their current job, they’ll find them elsewhere.
One way companies are successfully addressing the leadership issue is through providing mentors. Experienced professionals can show newer employees the ropes and help them to become decision makers. Employees who report that they plan on staying more than five years with their current organization are more than twice as likely to have a mentor.
A lack of professional development opportunities is something that companies across the board could evaluate. Our Employee Engagement Report found that only one-quarter of all employees were satisfied with their company’s professional development offerings.
More so than other generations, millennials are refusing to work for organizations that go against their values. In fact, the Deloitte study also found that 49% reported that they had turned down work because it went against their ethics. More than half said that their values have a strong impact on their personal goals and on how they make decisions at work.
Companies that want to attract millennials need to do more than earn profits. Fewer than 5% ranked profit generation as a top goal companies should have. Millennials are looking for organizations that take social responsibility seriously.
This generation grew up with technology and all of its associated media. Consequently, they’re skeptical of marketing tactics. Millennials say they’re unimpressed with a company’s “social media buzz” and instead want to see organizations consider their impact on the environment more.
Millennials ranked employee satisfaction as the number one goal businesses should pursue. They said this keeping employees loyal will support long-term business success.
And we completely agree. Businesses that keep employees engaged and satisfied are more likely to thrive. The improvements that millennials are looking for are ones that every business should consider.