Are your youngest employees feeling unmotivated? The latest Deloitte Millennial Survey reveals that workers under age 35 want specific actions from the leaders who run their places of employment. These desires run deeper than getting a paycheck on time.
Between 2017 and 2018, the number of millennials and Gen Zers who said that businesses are focused on their own agendas instead of the wider society jumped from 59% to 75 percent. These employees believe (62%) businesses just want to make money. Even worse, only 48% say business leaders behave ethically. This is no way to start the new year.
The other ominous finding of this study is that 43% of millennials expect to leave their current employer within two years. And 61% of Gen Z employees say the same.
Factors That Influence Employees to Stay
Younger employees have many choices when it comes to employment. Here are the factors that tip the scales in favor of a specific employee. Note that Gen Z data appears in parens.
- Financial rewards/benefits 63% (51%)
- Positive workplace culture 52% (57%)
- Flexibility (location/hours) 50% (44%)
- Continuous learning 48% (44%)
- Well-being programs 33% (25%)
- Reputation for ethical behavior 22% (33%)
- Diversity/inclusion 19% (27%)
- Volunteer opportunities 12% (19%)
In terms of making a difference and showing ethical behavior, Deloitte analysts highlighted the chief concerns of younger employees. These include terror (32%) and climate (31%). One takeaway from this study is that business leaders should address what they’re doing to minimize climate change in day-to-day operations.
Another way for employers to make an impact is to commit to helping young employees prepare to work in the world of constantly changing technology. Analysts are talking about Industry 4.0 and how young workers will fit into the new economy. “Industry 4.0 is characterized by the marriage of physical and digital technologies, such as analytics, artificial intelligence, cognitive computing and internet of things technology.” Over 40% of younger employees are eager to work for companies that provide continuous learning. Be sure to incorporate ongoing training into the work day. You'll motive your employees and improve your operational outcomes.