Quantifying the Millennial zeitgeist has captivated academics and the media alike. And yet, despite the extensive coverage on the subject, I think we’re all still struggling to define what this generation actually wants. Facebook might tell us what they “like” and Spotify what they listen to, but as a leader of a major international organisation with more than 200,000 employees, I’m particularly interested by their expectations for their careers.
And therein lies the question: what does the Millennial generation want to be when it grows up? A new survey of Millennials (born January 1983 onwards), conducted globally by Deloitte Touche Tohmatsu Limited, provides some fascinating insights:
1. Millennials expect businesses to care
While most Millennials believe business is having a positive impact on society by generating jobs (48%) and increasing prosperity (71%), they think business can do much more to address society’s challenges in the areas of most concern: resource scarcity (68%), climate change (65%) and income equality (64%).
2. Millennials want to be innovative
Millennials want to work for organisations that support innovation. In fact, 78% of Millennials were influenced by how innovative a company was when deciding if they wanted to work there, but most say their current employer does not do enough to encourage them to think creatively. They believe the biggest barriers to innovation are management attitude (63%), operational structures and procedures (61%), and employee skills, attitudes and lack of diversity (39%).
3. Millennials want to be leaders
Almost one in four Millennials are “asking for a chance” to show their leadership skills. Additionally, 75% believe their organisations could do more to develop future leaders.
4. Millennials want to make a difference
Millennials believe the success of a business should be measured in terms of more than just its financial performance, with a focus on improving society among the most important things it should seek to achieve. Millennials are also charitable and interested in participating in “public life”: 63% of Millennials gave to charities, 43% actively volunteered or were a member of a community organisation and 52% signed petitions.
5. Millennials are ready to go their own way
Businesses that fail to address the above concerns may find they will lose skilled professionals in the years ahead, as many of the most talented members of the Millennial generation decide to leave large organisations and instead work for themselves. Roughly 70% of Millennials see themselves working independently at some point, rather than being employed within a traditional organisational structure.
This week, some of the most influential figures in business, government and non-governmental organisations are gathering at the Annual Meeting of the World Economic Forum in Davos, Switzerland, to discuss how to reshape the world. I think it’s clear that Millennials are demanding change, and it’s time business took notice. They can’t afford not to: by 2025 Millennials will represent 75% of the global workforce.
Barry Salzberg is Global CEO at Deloitte Touche Tohmatsu Limited. He is participating in the World Economic Forum’s Annual Meeting in Davos.
This article was first published on the World Economic Forum blog.