Business leaders have the opportunity to tap into the vision and insight of millennials despite their pessimism about the future, according to a recent study.
Younger workers are increasingly uneasy about the future, pessimistic about prospects for political and social progress, and harbour growing concerns about safety, social equality, and environmental sustainability, the 2018 Deloitte Millennial Survey found.
It explored the views of 10,455 millennials and 1844 Gen Z respondents around the globe.
Yet there’s a glimmer of hope for business leaders: Millennials and members of Generation Z want them to drive societal and economic change.
Perceptions of business have reversed. Millennials’ opinions about the motivations and ethics of the business sector, which had trended up the past two years, took a sharp turn downward.
A stark mismatch persists between what millennials believe responsible companies should achieve and what they perceive businesses’ actual priorities are. Diversity and flexibility are key to loyalty, the study found.
Good pay and positive corporate cultures are most likely to attract both millennials and Gen Z, but the keys to keeping them happy are diversity, inclusion, and flexibility.
Unfortunately, survey respondents believe that most business leaders, rhetoric notwithstanding, are not truly committed to creating inclusive cultures. Many respondents, especially in emerging markets, view the gig economy as an attractive alternative or adjunct to their jobs.
Young workers feel unprepared for Industry 4.0. Millennials express admiration for corporations that are adapting to and advancing Industry 4.01 and developing their people to succeed in this evolving business environment. Lacking confidence that they can succeed in an Industry 4.0 environment, young workers are looking to businesses to help them develop the necessary skills, including the “soft” skills they believe will be more important as jobs evolve.
While young workers believe that business should consider stakeholder interests as well as profits, their experience is of employers prioritizing the bottom line above workers, society, and the environment. Only a minority of respondents now believe corporations behave ethically (48% v. 65% last year) and business leaders are committed to helping improve society (47% v. 62%).
The complete study can be found here.
