Big demands and high expectations: What Generation Y wants from Business, Government, and the future workplaceDOWNLOAD
Published: 22 January 2014
Big demands and high expectations summarize the results of this year’s Deloitte Touche Tohmatsu Limited’s (DTTL) third annual Millennial Survey released today. Across the globe, 70 percent of tomorrow’s future leaders might ‘reject’ what business as traditionally organized has to offer, preferring to work independently through digital means in the future. This and other findings in Deloitte’s annual study of Generation Y point to significant challenges facing business leaders if they are to meet the expectations of the Millennial generation.
Millennials, who are already emerging as leaders in technology and other industries and will comprise 75 percent of the global workforce by 2025, want to work for organizations that foster innovative thinking, develop their skills, and wish to see them make a positive contribution to society. The study also reveals that Millennials believe businesses are not currently doing as much as they could to develop their leadership skills and that they need to nurture their future leaders, especially as they cannot count on them biding their time until senior positions arise.
“To attract and retain talent business needs to show Millennials it is innovative and in tune with their world view,” said Barry Salzberg, CEO, DTTL. “Our society – globally – faces many critical issues and it has become clear no sector should ‘go it alone.’ By working together and combining their different skills, business, governments and non-government organizations (NGOs) have an opportunity to reignite the Millennial generation and make real progress in solving society’s problems.”
Similar to the global counterparts, 56 percent of Chinese Millennials believed that innovation can be learned and is repeatable (compared with 57 percent for global results). The generation Y impact was also visible in the findings of the China survey with 89 percent of respondents saying that innovative "reputation" has a strong impetus on their decision to work for a particular organization.
In China, government policies have a strong impact on business and it comes with no surprise that 51 percent of cited governments as the "source" of innovative solutions for society's challenges. China respondents see income inequality, aging population and climate change as the top three challenges facing societies around the world.
Other key findings from the survey include:
“It is clear that Millennials want to innovate and businesses should be listening,” said Salzberg. “Fostering a culture of innovation will not only help retain high-performing talent but it will also drive growth by creating opportunities for individuals to unlock the next game-changing innovations.”
To download the full report please visit: www.deloitte.com/MillennialSurvey.
About the Deloitte Millennial Survey
The research findings are based on a study conducted by Deloitte in conjunction with Millward Brown, a UK limited company. More than 7,800 interviews were conducted online between 10 October and 11 November 2013. Approximately 300 interviews were conducted in each of 28 countries around the world. Screening questions at the recruitment stage ensured that all respondents were Millennials – born January 1983 onwards, were degree educated, and were currently in full-time employment. Interviews lasted approximately 15 minutes.