Worried about the future: a new survey by Deloitte shows that Australian millennials have little confidence in the ability of business or politicians to help them adjust to the changing nature of work. Climate change, unemployment and income inequality are the top concerns.

Researchers for the 2018 Deloitte Millennial Survey surveyed over ten thousand millennials – those born between 1983 and 1994 - across 36 countries, including 337 in Australia. For the first time, Gen Z employees (born between 1995 and 1999) were also surveyed about their attitudes to work.

Confidence in business tied to impact on society

Millennials view of the ethics and motivation of businesses has dropped to the lowest level in four years. In Australia, only 45 per cent of millennials believe that business has a positive impact on society, compared to 72 per cent in 2017.

Deloitte Australia’s Chief Operating Officer, David Hill says millennials are acutely attuned to business’ wider role in society. “It’s alarming to see this reversal of confidence in business,” he said. “This significant group of our workforce feels business is placing too high a premium on its own agenda without considering its contribution to society at large. Companies need to orientate their business toward profit with purpose; and be proactive about making a positive impact in society. This is key to attracting and retaining millennials.”

According to millennials, businesses should prioritise job creation, innovation, enhancing the lives and careers of employees, and making a positive impact on society and the environment. 

Employer diversity, inclusion and flexibility key 

A positive work culture is more important to millennials than money when it comes to choosing a new employer, particularly in Australia, with 67 per cent of respondents rating a positive work environment as the most important consideration (compared to 52 per cent globally). Financial rewards/benefits and flexibility were ranked second and third most important.

Millennials’ loyalty to their employers remains low. Almost half (44 per cent) of millennials expect to stay with their employer for less than two years. Only 22 per cent say they plan to stay beyond five years.

For Gen Z the rate is even lower, with 59 per cent saying they would expect to stay with their current employer for less than two years and only 16 per cent saying they would stay beyond five years.

Said David Hill, “While pay and culture attract this cohort to employers, it’s diversity, inclusion and flexibility that keep them there; they’re the keys to keeping millennials and Gen Z happy.”

“The fluctuating loyalty levels highlight a unique opportunity for Australian employers to double down on attracting and retaining talent. We need to listen to what our employees are telling us and reimagine how we approach talent management, guided by a renewed focus on learning and development to help our millennial and Gen Z employees grow for years to come.”

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