The Millennial Survey 2014: Big demands and high expectations
Thursday, 13 March 2014 00:00
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Deloitte’s third annual Millennial Survey explored what Generation Y wants from business, government, and the future workplace. The results revealed that Generation Y wants to work for organisations that foster innovative thinking, develop their skills, and make a positive contribution to society
Deloitte’s third annual Millennial Survey surveyed nearly 7,800 Millennials from 28 countries across Europe, Americas, BRICS (Brazil, Russia, India, China and South Africa) and Asia-Pacific about business, government and innovation.
The questionnaire focused on the role business plays in society; its objectives, impact and outcomes; the responsibility of business and government and how well each is addressing the challenges faced by society; the potential impact of new technologies and innovation; and how businesses help people to bring out new ideas and develop their leadership skills.
Across the globe 70 % of tomorrow’s future leaders might ‘reject’ what business as traditionally organised has to offer, preferring to work independently through digital means in the future. This and other findings in Deloitte’s annual study of Generation Y point to significant challenges facing business leaders if they are to meet the expectations of the Millennial generation. Other key findings from the survey include:
Business could achieve more. While most Millennials (74 %) believe business is having a positive impact on society by generating jobs (48 %) and increasing prosperity (71 %), they think business can do much more to address society’s challenges in the areas of most concern: resource scarcity (68 %), climate change (65 %) and income equality (64 %). Additionally, 50 % of Millennials surveyed want to work for a business with ethical practices.
Government is not doing enough. Millennials say government has the greatest potential to address society’s biggest issues but are overwhelmingly failing to do so. Almost half feel governments are having a negative impact on areas identified as among the top challenges: unemployment (47 %), resource scarcity (43 %), and income inequality (56 %).
Organisations must foster innovative thinking. Millennials want to work for organisations that support innovation. In fact, 78 % of Millennials are influenced by how innovative a company is when deciding if they want to work there, but most say their current employer does not greatly encourage them to think creatively. They believe the biggest barriers to innovation are management attitude (63 %), operational structures and procedures (61 %), and employee skills, attitudes, and (lack of) diversity (39 %).
Organisations must nurture emerging leaders. Over one in four Millennials are ‘asking for a chance’ to show their leadership skills. Additionally, 75 % believe their organisations could do more to develop future leaders.
Eager 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 keen to participate in ‘public life’: 63 % of Millennials donate to charities, 43 % actively volunteer or are a member of a community organisation, and 52 % have signed petitions.
SJMS Associates is an independent correspondent firm to the global professional services firm Deloitte Touche Tohmatsu in Sri Lanka. The firm provides services that assist the growth and competitiveness of businesses, including assurance and advisory, tax advisory, financial and management consulting, recoveries and corporate restructure services.
