Sarah Ford | January 22, 2015
Business Needs to Reset its Purpose to Attract Millennials, According to Deloitte’s Annual Survey
New York, NY, January 21, 2015 /3BL Media/ – Business should focus on people and purpose, not just products and profits in the 21st century according to Deloitte Touche Tohmatsu Limited’s (Deloitte Global) fourth annual Millennial Survey released recently. This and other findings from the survey suggest businesses, particularly in developed markets, will need to make significant changes to attract and retain the future workforce.
Deloitte Global surveyed tomorrow’s leaders, from 29 countries, on effective leadership, how business operates and impacts society. Millennials overwhelmingly believe (75 percent) businesses are focused on their own agenda rather than helping to improve society.
“The message is clear: when looking at their career goals, today’s Millennials are just as interested in how a business develops its people and how it contributes to society as they are in its products and profits,” said Barry Salzberg, CEO of Deloitte Global. “These findings should be viewed as a wake-up call to the business community, particularly in developed markets, that they need to change the way they engage Millennial talent or risk being left behind.”
Only 28 percent of Millennials feel their current organization is making full use of their skills. More than half (53 percent) aspire to become the leader or most senior executive within their current organization, with a clear ambition gap between Millennials in emerging markets and developed markets. Sixty-five percent of emerging-market based Millennials said they would like to achieve this goal, compared to only 38 percent in developed markets. This figure was also higher among men.
Additionally, the survey found large global businesses have less appeal for Millennials in developed markets (35 percent) compared to emerging markets (51 percent). Developed-market based Millennials are also less inclined (11 percent) than Millennials in emerging markets (22 percent) to start their own business.
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