Younger employee group demands more for their loyalty

One in four millennials would quit their job to join a new organisation or do something else during the next year if the opportunity arose, according to the latest Deloitte millennial survey.

Worryingly for employers, when the researchers extended the time frame for this question by two years and 44 per cent said they would quit and two out of three said they’d be open to doing something else by the end of 2020.

Only 16 per cent millennials saw themselves with their current employer ten years from now. However, retaining this demographic of employees may be tricky as although pay remains a top priority for millennials, work-life balance, integrity, and career development are all important factors too.

These were findings from a survey of nearly 7,700 millennials from 29 countries during September and October last year.

However, there are opportunities for employers to combat this brain drain. While salary and financial benefits are the top factor for millennials, once this is stripped out work-life balance and opportunities to progress and take leadership roles stands out. The report found that having a mentor was “incredibly powerful” in achieving this.

Nearly two-thirds (63 per cent) of millennials felt that their leadership skills are not being fully developed, suggesting this is a key area for businesses to focus on.

And the majority (71 per cent) of those expecting to leave their employer in the next two years are unhappy with how their leadership skills are being developed. This is 17 per cent higher than among those intending to stay beyond 2020.

The traditional image of the millennial has been that of a “selfish, self occupied” individual illustrated by the recent spat over social media involving a Yelp employee who complained to her CEO that she didn’t earn enough.

But this image is challenged by the report that finds that millennials are values driven and are much more likely to refuse a project based on personal values and morality.

“A generation ago, many professionals sought long-term relationships with employers, and most would never dream of saying ‘no’ to supervisors who asked them to take on projects,” said Punit Renjen, Deloitte Global CEO.

“But, millennials are more independent and more likely to put their personal values ahead of organisational goals. They are re-defining professional success, they’re proactively managing their careers, and it appears that their values do not change as they progress professionally, which could have a dramatic impact on how business is done in the future.”

Adding weight to this point, 87 per cent believed that “the success of a business should be measured in terms of more than just its financial performance”.

Only in Germany (22 per cent) and South Korea (30 per cent) do more than a fifth of millennials say business should be measured in purely financial terms.

Companies whose values are aligned with millennials will attract and retain the loyalty of this section workforce as long as they can offer them the incentives outlined above.