What Millennials Want (And Why Employers Should Take Notice)

This week, some of the most influential figures in business, government and non-government organizations (NGOs) are gathering at the annual meeting of the World Economic Forum in Davos, Switzerland to discuss how to “Reshape the World.” I think it’s clear Millennials are demanding change, and it’s time business took notice. They can’t afford not to: by 2025 Millennials will represent 75% of the global workforce.

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Quantifying the Millennial zeitgeist has captivated academics and the media alike. And yet, despite the extensive coverage on the subject, I think we’re all still struggling to define what this generation actually wants. Facebook might tell us what they “like” and Spotify what they listen to … but as a leader of a major international organization (with more than 200,000 employees) I’m particularly fascinated by their expectations for their careers.

And therein lies the question: what does the Millennial generation want to be when it grows up? A new survey of Millennials (born January 1983 onwards), conducted globally by Deloitte Touche Tohmatsu Limited provides some fascinating insights:

  1. Millennials expect businesses to care. While most Millennials believe business is having a positive impact on society by generating jobs (48 percent) and increasing prosperity (71 percent), they think business can do much more to address society’s challenges in the areas of most concern: resource scarcity (68 percent), climate change (65 percent) and income equality (64 percent).
  2. Millennials want to be innovative. Millennials want to work for organizations that support innovation. In fact, 78 percent of Millennials were influenced by how innovative a company was when deciding if they wanted to work there, but most say their current employer does not do enough to encourage them to think creatively. They believe the biggest barriers to innovation are management attitude (63 percent), operational structures and procedures (61 percent), and employee skills, attitudes, and lack of diversity (39 percent).
  3. Millennials want to be leaders. Almost one in four Millennials are ‘asking for a chance’ to show their leadership skills. Additionally, 75 percent believe their organizations could do more to develop future leaders.
  4. Millennials want to make a difference. Millennials believe the success of a business should be measured in terms of more than just its financial performance, with a focus on improving society among the most important things it should seek to achieve. Millennials are also charitable and interested to participate in ‘public life:’ 63 percent of Millennials gave to charities, 43 percent actively volunteered or were a member of a community organization and 52 percent signed petitions.
  5. Millennials are ready to go their own way. Businesses that fail to address these concerns may find they will lose skilled professionals in the years ahead, as many of the most talented members of the Millennial generation decide to leave large organizations and instead work for themselves. Roughly 70 percent of Millennials see themselves working independently at some point, rather than being employed within a traditional organizational structure.

This week, some of the most influential figures in business, government and non-government organizations (NGOs) are gathering at the annual meeting of the World Economic Forum in Davos, Switzerland to discuss how to “Reshape the World.” I think it’s clear Millennials are demanding change, and it’s time business took notice. They can’t afford not to: by 2025 Millennials will represent 75% of the global workforce.

I’m in Davos for the meeting, and I’d love to hear what you think. Whether you’re a Millennial, a parent of Millennials, or anywhere in between. Comment below, tweet @Deloitte or write on our Facebook wall with your thoughts on the role of business in driving progress, innovation and competitiveness. Include hashtag #DeloitteDavosLive to join the conversation.

 

 

 

Image credits: Deloitte

Barry Salzberg is the Global CEO of Deloitte Touche Tohmatsu Limited (www.deloitte.com/global). Click the ‘Follow’ link below to stay up to date with Barry’s exclusive LinkedIn Influencer content.

Read more coverage from LinkedIn Influencers in Davos here.

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