You need to understand younger workers’ worldview to attract, engage them.
Millennials aren’t especially optimistic about the future, and they’re not completely satisfied with their lives and the world around them, according to the 2019 Deloitte Global Millennial Survey. Nearly three-quarters (70%) think they may only have some of the skills needed to succeed in the working world of tomorrow. While over half (52%) aspire to earn high salaries and be wealthy, only two-thirds who seek to attain senior levels in their careers are confident about their ability to reach this goal.
While many millennials don’t feel prepared when they enter the workforce, only 21% see this as a personal responsibility. About a third (30%) think that businesses/employers play the greatest role in preparing workers to succeed, and 24% say this responsibility falls to educators/schools.
Of those millennials who plan to leave their current job in the near future, 43% cited dissatisfaction with pay and/or financial rewards at the main reason. Other reasons included:
· Not enough opportunities to advance (35%)
· Lack of learning and development opportunities (28%)
· Not feeling appreciated (23%)
· Poor work/life balance (21%)
· Dislike of workplace culture (15%)
According the report, millennials are most attracted to businesses that prioritize societal impact and ethics. Nearly half (42%) said they would feel more committed to a company that offers services or products that positively impact the environment and/or society. Elsewhere, privacy is important to these workers, and about one-quarter said they would be less likely to work for or stay with a company that requests a lot of data from them or that lacks the ability to protect their private information.
The gig economy, an employment market dominated by short-term contracts or freelance work instead of permanent jobs, appeals to most millennials. They identified the ability to earn more money, customize their work hours, and achieve better work/life balance as the main attractions. However, they also recognize the potential drawbacks, such as unreliable/unpredictable income and irregular hours.
Nearly half (46%) of millennials said they want to make a positive impact on society; and 29% identified climate change/protecting the environment as their top concern. Elsewhere, 22% said they are most concerned about income inequality/wealth distribution, 21% are most worried about unemployment, and 20% said that business/political corruption is their greatest concern. Only 19% are most worried about terrorism and 18% about the potential for war/global conflicts.
While millennials are among the most common users of social media, 64% said they would be physically healthier if they spent less time online, and 60% said they’d be happier. Over half (55%) said social media actually does more harm than good.
The report authors conclude that millennials “expect business to enhance their lives and provide livelihoods, but they don’t see enough businesses standing up and filling the void.” They add, “By ensuring that strategy incorporates plans to meet societal needs and acknowledging the personal and societal concerns about which millennials…care most, business can re-engage younger generations and inspire loyalty.”