Business needs to reset its purpose to attract Millennials
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.
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.
Millennials want to work for organizations with purpose. For six in 10 Millennials, a "sense of purpose," is part of the reason they chose to work for their current employers. Among Millennials who are relatively high users of social networking tools, there appears to be even greater focus on business purpose; 77 percent of this group report their company's purpose was part of the reason they chose to work there, compared to just 46 percent of those who are the "least connected."
Technology, media, and telecommunications (TMT) most attractive employers. TMT ranked most desirable sector and the one to provide the most valuable skills according to Millennials. Men (24 percent) were nearly twice as likely as women (13 percent) to rank TMT as the number one sector to work in.
Among broader sectors, leadership is perceived to be strongest in the TMT sector (33 percent). This percentage was three times higher than second ranked food and beverages (10 percent), and four times that for third-ranked banking/financial services (8 percent). In addition, when asked about the businesses that most resonated with Millennials as leaders, Google and Apple top the list of businesses, each selected by 11 percent of respondents.
Confidence Gap? Millennial men more likely to pursue leadership. Millennial men were somewhat more likely to say they would like to secure the 'top job' within their organization than women (59 percent vs. 47 percent).
Only 28 percent of Millennials feel their current organization is making full use of their skills.
Organizations and colleges must do more to nurture emerging leaders. While overall Millennials did not feel their organizations make full use of their skills (only 28 percent say their organization makes full use of their skills), this figure falls significantly among Millennials in developed markets to just 23 percent.
In addition, it falls below 20 percent in Japan (9 percent), Turkey (15 percent), South Korea (17 percent) and Chile (19 percent). When asked to estimate the contributions that skills gained in higher education made to achievement of their organization's goals, Millennials' average figure is 37 percent.
The changing characteristics of leadership. Today's Millennials place less value on visible (19 percent), well-networked (17 percent), and technically-skilled (17 percent) leaders. Instead, they define true leaders as strategic thinkers (39 percent), inspirational (37 percent), personable (34 percent) and visionary (31 percent). ■