There is seemingly no end to the research, surveys, and reports being produced about Millennials and the impact they are having, and will continue to have, on our world and the workplace.
Recently Deloitte, a multinational professional services firm based in New York, released a fascinating report about Millennials and the workplace. The full report is available online as a PDF, but here is a summary, as shared by Deloitte:
- Forty-four percent of Millennials say they will likely leave their current employers within two years. Why? A feeling of being overlooked for personal and professional development is paired with an intense desire for work and life balance, a desire for flexibility, and a perceived lack of shared values.
- Millennials are values-based, and it affects how they choose employers, accept assignments, and make decisions as they move up the career ladder.
- Millennials expect businesses to focus on people, products, and purpose over profit. They warm to the role of P&L as they gain experience, but not to the point of sacrificing their perceived values.
- Speaking of which, seven in 10 Millennials believe their personal values are shared by the organizations for which they work. Deloitte calls this the “silver lining” for organizations aiming to retain these young professionals—an indication that this new generation can be happy and motivated when their voices are heard.
In all, it’s a fascinating report—one well worth the time to read and understand. Businesses often succeed or fail based on their ability to adapt, and recognizing the changes that are occurring in the work force is a fundamental skill facing employers in the 21st Century.
Jim Ondrus pioneered the management concept of Leadership Transitioning™. He is president of JA Ondrus, LLC, a Canton, Ohio executive coaching firm.