Companies, particularly those operating in developed markets, will have to make significant changes if they want to attract, acquire and retain generation Y employees (Millennials). They need to shift their attention away from products and profit toward a greater emphasis on people and personal development, as well as opportunities to do something meaningful for society. That is the main finding of the fourth edition of the Millennial Survey by Deloitte. The study involved more than 7,800 future leaders from 29 countries. All of them were born after 1983, have graduated from high school or university and have worked full time, mainly in large companies.
Only 28% of the respondents believe their current employer can fully use their skills. Fifty-three percent, mostly men, have the ambition to become leaders or senior managers (66% in emerging markets). Millennials in developed markets are less interested in global companies (35%) than Millennials in emerging markets (51%). Young and educated people in emerging markets are more interested in starting their own businesses.
Generation Y wants more than young people 20 or 50 years ago
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Millennials want to work for organizations with a higher mission.
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They are most interested in working for employers operating in the field of technology, media and telecommunications.
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Generation Y men have higher confidence in their abilities as well as higher career ambitions compared to women.
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When Millennials estimate the contributions that skills gained in higher education make to helping their employers reach their goals, the average answer was 37%. They want to continue learning and further develop themselves.
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They think a true leader is a strategic thinker and a visionary who is personable and can inspire others.
The complete study is available for download at Deloitte's website here.
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