Profit and salary are nice, but are you helping people?
That’s what millennials are asking prospective companies as they head into the workforce. The 2018 Millennial Survey Report from Deloitte found that 52 percent of young people think businesses are unethical and 53 percent believe they aren’t helping improve society. Now more than ever, younger employees want to work for companies that make a difference.
Now in its seventh year, the survey features Gen Z for the first time — the generation following millennials into the workforce, or those born between 1995 and 1999. Among the findings:
- Millennials don’t trust businesses. Young people believe there is more to a successful business than financial performance.
- Diversity is a priority. While pay and benefits rank at the top, flexibility and companies with diverse senior management rated highly.
- Loyalty isn’t important. As millennials and Gen Z dominate the workforce, they want their employers to prove they are worthy.
Shifting leadership ideals
As millennials and Gen Z take over the workforce, they are proving they want more out of a career than how much money a potential employer can generate.
Millennials believe that businesses should be able to make a positive impact on society and the environment. According to Deloitte, millennials want jobs that…
- Create innovative ideas
- Make products and services that better people’s lives
- Consider diversity a top priority
“When comparing what millennials believe business should achieve and what they think their own organizations’ main priorities are, wide gaps exist,” the study says. “Senior-executive millennials say businesses should protect the environment, improve society, and innovate more than they believe their own employers are currently doing.”
Last year, climate-related issues weren’t a major concern among millennials. This year, it’s tied with terrorism as one of their top concerns.
Developing and diversifying workers matters
Inclusion in the workplace continues to grow as an idea and a reality. And as diversity grows, many young professionals hold their bosses accountable. Both millennial and Gen Z respondents believe that businesses aren’t diverse enough and aren’t truly committed to growing diversity among their workers.
“Roughly two-thirds of respondents from both generations not only believe leaders simply pay “lip service” to diversity and inclusion,” the study says. “Millennials and Gen Z correlate diversity with a forward-thinking mindset rather than the mechanical filling of quotas.”
Respondents believe organizations that showcase diversity, like having diverse senior management, encourages others at lower levels to nurture emotional intelligence and foster a motivating workplace.
Loyalty is fleeting
As millennials continue to spread into the workforce, their beliefs follow them from job to job. They have their list of credentials that companies must have. And if their current employer doesn’t follow it, they’ll look elsewhere.
“Among millennials, 43 percent envision leaving their jobs within two years; only 28 percent seek to stay beyond five years,” Deloitte says. “Employed Gen Z respondents express even less loyalty, with 61 percent saying they would leave within two years if given the choice.”
Flexibility remains one of the top reasons a young professional wants to stay at a job. It allows employees to work when they feel they are at their best. And it shows that employers trust their workers.
Originally published at www.debt.com on September 7, 2018.