MILLENNIALS LIKELY TO BE GONE IN TWO YEARS
Written on the 9 February 2016
MILLENNIALS are proving to be a challenge for employers, with half likely to move on within two years if they don't feel a sense of purpose in the workplace, according to a new report.
The report by Deloitte delivers employers a sobering message: change or you will probably lose those talented, tech-savvy millennial employees.
While the report reveals that 50 per cent of millennials plan to move jobs within two years of joining a company, only 20 per cent intend staying for more than five years.
Deloitte's David Hill says these findings are a wake-up call for Australian business leaders.
"The findings of the Millennial Survey are critical for business leaders," says Hill.
"The 7700 tertiary-educated and employed millennials we interviewed globally place great importance on working for an organisation with innovative leaders who offer meaningful work, opportunities for professional development and a good work-life balance.
"We have a lot to learn from these bright, young future leaders. The best leaders value their ideas and energy. Those who don't are likely to find their millennial workers quickly looking elsewhere."
While the survey might spell gloom for some employers, it does offer some solutions by detailing exactly what millennial workers are looking for in an employer.
The most loyal employees will be those who feel there is support and training on offer for those wishing to take on leadership roles, and active encouragement to aim for leadership positions within a corporation.
In terms of what millennials feel is most important when choosing an organisation to work for, the report found that employees are looking for a good work-life balance, opportunities to take on leadership roles, and flexibility within the workplace.
Interestingly, millennials are not basing their decisions on the reputation of a workplace or the senior executives within.
Deloitte's Paul Dobson says this desire to have a sense of purpose at work is a new characteristic of millennial employees.
"Less than a generation ago, the majority [of employees] would never dream of saying 'no' to supervisors who asked them to take on projects," says Dobson.
"Millennials are more independent and more likely to put their personal values ahead of organisational goals.
"They are re-defining professional success and proactively managing their careers and it would appear their values do not change dramatically as they progress professionally, which will have a significant impact on business and society in the future."