We took a look at the annual Deloitte Millennial Survey (2016) and here were some of the key highlights:
· 7,700 Millennials surveyed from 29 various countries born after 1982, have a college degree, fulltime and predominately work in large (100+) organizations
· Surveys do not dictate or full encompass a whole demographic but it can help us look into generalized concepts, themes and trends in any particular group providing us objective data to make good decisions with.
· If given a choice today, 1 out of 4 Millennials would quit their current employer and join a new organization
· Approximately 1 in 5 respondents are either the head of an organization or division (12%) or have a position in senior management (7%).
· Millennials no longer have the potential to shape the fortunes of their organizations; many are already in positions to do so
· 63% of Millennials surveyed say their leadership skills are not being fully developed
· 71% of those likely to leave in the next 2 years are unhappy with how their leadership skills are being developed
· Almost 9 in 10 believe that the success of a business should be measured in terms of more than just its financial performance
· Millennials judge the performance of a business on what it does and how it treats people. 63% would reference the quality of its product, 62% would reference levels of employee satisfaction and 55% would focus on customer loyalty and satisfaction as other key components to business performance.
· When asked to state the level of influence different factors have on their decision making at work personal values and morals ranked highest with 55%. Personal goals, ambitions and career progression was 51%.
· Millennials who enter the boardroom and/or have senior positions have a desire to rebalance business priorities by putting people before profit.
· Millennials recognize that financial success is one of the elements that characterize a leading organization but on its own is insufficient; profit must be combined with people, products and purpose.
· Millennials shared their leaders’ sense of priority over investing in growing business initiatives, dealing fairly with suppliers, developing new/innovative products and services, making positive impact on customers, and ensuring long-term future growth for the organization
· Millennials also desire recognition around accountability and attention to detail. While Millennials wouldn’t wish to work in a highly regimented and controlled environment, they understand the need for people to be held accountable for their actions and performance.
· Surprising, the survey found little desire to be famous, have a high profile on social media, or the idea of accumulating great wealth among Millennials.
· Millennials’ goals are more traditional: good work/life balance, own homes, a partner in life, and financial security for retirement.
· Loyality to an employer is driven by understanding and supporting a Millennials’ career and life ambitions, as well as providing opportunities to progress and become leaders. Having a mentor is a powerful in this regard. 94% of Millennials with mentors said their mentors provide good advice.
· Pay and financial benefits drive Millennials’ choice of organization more than anything else however it does not work in isolation. When salary/financial benefits are removed from the equation, work/life balance, flexibility, sense of meaning, professional development, and taking on leadership roles stand out.
· In the Millennials ideal workweek, there would be significantly more time devoted to the discussion of new ideas and ways of working, on coaching and mentoring, and on the development of their leadership skills.
· Millennials would increase the time devoted to leadership skills development from 2.7 to 4.5 hours a week.