As millennials continue to become a larger part of the workforce and take on leadership positions, it’s essential that organizations understand what this sector of the population believes about business and their desires for their careers. Below, we’ve shared what we believe to be the largest takeaways from the 2017 Deloitte Millennial Survey.
- The United States is the only “mature market” where millennials expect to better off than their parents
- Millennials in the US are more likely to stay at their current employer beyond five years than to leave within two years
- 70% of millennials in “mature markets” prefer the stability of full-time positions over the opportunity of free-lance work because of security and a fixed income
- Those who work in flexible work environments (location, schedule, role definition, contract type, etc.) are 3x more likely to take a “great deal” of personal accountability for their organization’s reputation
- 51% expect to retrain as automation continues to impact the business environment
- 67% prefer leadership to use “plain, straight-talking language” and do not support leadership taking controversial/divisive positions
- Millennials prefer collaborative and consensual work environments over those which link responsibility to seniority or pay
- Millennials feel most influential and accountable in their workplace, offering employers the opportunity to increase engagement
- 73% of US Millennials think positively about GenZ (those 18 and younger) but believe they will need a lot of support when entering the workforce: GenZ is under-prepared in the areas of professionalism, patience, maturity, and integrity
While this data is not conclusive, it does provide a lot of valuable insight into how companies can better engage their current workforce and how to begin preparing for GenZ. Millennials already make up the largest sector of the US workforce and it’s expected they will be 75% of the workforce by 2030. From re-imagining what employment offers can look like to insisting on different kinds of leadership competencies, millennials are demanding organizations of all sizes and types to redefine how they approach the workforce, making today’s business environment both an innovative and exciting place to be.