Business Pessimists: Deloitte Millennial Survey 2018
The confidence of millennials (aged 24 to 37) in business has plummeted, which has made them less loyal as employees, according to the 2018 global Deloitte Millennial Survey.
- Distrust in Business: Millennials' positive perceptions of business have reached their lowest level in four years. Less than half (48%) believe businesses behave ethically, while only 47% think business leaders are committed to helping improve society. There's a mismatch between what millennials believe businesses should do and what they see happening: they see organisations prioritising profit over making a positive impact in society.
- Low Loyalty: Among the millennials surveyed, only 28% would like to stay at their company beyond five years. Some 43% intend to leave their employer within the next two years, with 62% citing the gig economy as a viable alternative to full-time employment. If companies want to earn the trust and loyalty of young workers, they need to focus on diversity, inclusion and flexibility, and find ways to help the communities they work in. See also Career Pioneers and SXSW 2018: Speaking Gen Z's Language.
- Unprepared for Industry 4.0: Although we are in the Fourth Industrial Revolution – or Industry 4.0 – only 36% of millennials and 29% of Gen Z (aged nine to 23) believe they have the tools necessary to succeed in this industry – that is, the industry defined by tech innovations such as robotics and artificial intelligence. These cohorts are seeking help from business – not to develop technical skills, but soft skills, such as creativity and confidence.
For more on millennials' attitudes, see Turbo-Charged Consumers: Millennial 20/20 Summit 2018.