Among Millennials in India, 47 per cent envision leaving their jobs within two years, and only 24 per cent are looking to stay beyond five years.
A new report by Deloitte highlights the ever-concerning fact that loyalty towards business is gradually diminishing as newer generations come into the workplace. According to Deloitte’s seventh annual Millennial Survey, loyalty levels among Millennials have remained low over the last three years.
Among Millennials in India, 47 per cent envision leaving their jobs within two years, and only 24 per cent are looking to stay beyond five years. Loyalty is even lower among the emerging Gen Z employees — a stark 66 per cent of Gen Z envision staying beyond two years within their organisations.
44 per cent of respondents in India place importance on financial rewards and benefits, while choosing an employer, as against 63 per cent of respondents globally. Both Millennials and Gen Z place a premium on factors, such as learning opportunities, tolerance and inclusivity, respect and different ways of thinking. While pay and culture attract this cohort to employers, the report suggests that the larger meaning of life, diversity, inclusion and flexibility are the keys to keeping Millennials and Gen Z happy.
52 per cent of Millennials and 53 per cent of Gen Z in India are looking out for opportunities of continuous learning from their employers.
SV Nathan, partner and chief talent officer, Deloitte India, says, “Our leaders will have to use disruptive methods to engage with their people.” The survey indicates that about 70 per cent of
Millennials in India believe that their employers are helping to prepare them for Industry 4.0 compared to 36 per cent globally.
“At the same time, they feel that the companies run their own agenda. There is a clear need to bridge the leadership gap and the young generation does not only want to learn but also actually grow and live life. They are eager for business leaders to be proactive about making a positive impact in society—and to be responsive to employees’ needs,” Nathan adds.
As highlighted over the past six years, Millennials—and now Gen Z—are acutely attuned to business’ wider role in society, and overwhelmingly feel that business success should be measured beyond financial performance. They believe business’ priorities should be job creation, innovation, enhancing employees’ lives and careers, and making a positive impact on society and the environment.
Industry 4.0 leaves Millennials, Gen Z feeling unprepared
Millennials and Gen Z are highly aware of how Industry 4.0 is shaping the workplace and feel it has the potential to free people from routine activities to focus on more creative work. In India, 37 per cent of Gen Z feel that the ability to think creatively is the top skill they bring to their workplace. Still, industry 4.0 is a new game for many. In India, 23 and 22 per cent of Millennials and Gen Z respectively, feel that it will have an impact on their job.
32 per cent of Indian Millennials fear part or all of their jobs will be replaced as against 17 per cent globally. 38 per cent Millennials believe their employers and business are responsible for preparing them for industry 4.0.
Nathan opines, “Respondents are looking for guidance that is inclusive of technical and broader knowledge. We need Leaders 5.0 who understand that the transformation journey will require them to embrace a new approach, such as what I call ‘digitalent’. At the end of the day, businesses need to listen to what millennials are telling us and reimagine how business approaches talent management in Industry 4.0. We have to take our people along with us and create a relevant culture, placing a renewed focus on learning and development, to help all people grow in their careers throughout their lifetimes.”
Trust gap provides opportunity for business leaders
Deloitte’s past two surveys suggested that millennials felt increasingly more positive about business’ motivation and ethics. However, in 2018, there was a dramatic reversal as opinions of business reached their lowest level in four years. Today, less than half of millennials believe businesses behave ethically (48 per cent vs 65 per cent in 2017) and that business leaders are committed to helping improve society (47 per cent vs 62 per cent).
In India, 80 and 81 per cent of millennials and GenZ respectively believe that leaders of NGOs or not-for-profits have a positive impact on society. The survey also looks at millennials’ opinions on economic and political trends in their countries, to gauge optimism about respondents’ personal prospects in light of their social views. There was no movement from last year in the overall economic optimism. Across all 36 markets, 45 per cent expect the economic situations in their countries to improve over the next year, a figure almost double of those predicting a deterioration (24 per cent).
Interestingly, Gen Z respondents anticipate being slightly happier than their millennial counterparts. In China and India, 70 per cent of the younger group expects to be happier than their parents.