Younger millennials and Gen Z-ers see the world much differently than the older generation. They grew up in the face of continuous technological advancements and societal disruptions. They have thus developed their own world view; one which is sceptical of traditional institutions and business practices.
According to the 2019 Deloitte Millennial Survey, despite the growth of the global economy and the opportunities that organisations are more than willing to offer these young new talent, the younger generation is still incredibly wary about the world and their place in it. However, they remain somewhat hopeful while leaning on their values as both consumers and employees.
“From the economic recession a decade ago to the Fourth Industrial Revolution, millennials and Gen Z-ers have grown up in a unique moment in time impacting connectivity, trust, privacy, social mobility and work”, said Deloitte Global Chief Talent Officer, Michele Parmelee. “This uncertainty is reflected in their personal views on business, government, leadership and the need for positive societal change agents. As business leaders, we must continue to embrace the issues resonating most with these two generations, or risk losing out on talent in an increasingly competitive market”.
The new disruptive generation is by no means less ambitious than the previous one. The majority are still seeking high salaries, wealth and a high job position. However, their priorities do differ drastically. The older generations would often plan their work life around building a family, buying a home and raising children. In contrast, the newer generation would rather travel and see the world (57 per cent) and help their communities (46 per cent).
Millennial response to the survey regarding future economic conditions was relatively pessimistic. Factors contributing to this are the lack of social mobility and income inequality were cited as top challenges facing the world today. Two-thirds of millennials believe that some people are not given a fair chance at achieving success. Their views on government leaders and their administrations to help alleviate their fears and concerns were similarly negative.
Along with declining trust in governmental and religious institutions, trust in media is low among millennials and Gen Z-ers. Many believe that most traditional media outlets are politically driven and are thus an unreliable source of information. Despite recognizing the detriments of mainstream and social media, overall, respondents are embracing technology: 71 per cent of millennials have a positive opinion of the digital world, and most believe the benefits of technology outweigh the risks.
Opinions about business is also rather bleak. 55 per cent of respondents said business has a positive impact on society, down from 61 per cent in 2018. The decrease was driven, in part, by views that businesses focus solely on their own agendas rather than considering the consequences for society. Traditional business institutions will have to work hard to repair their reputation among the younger generation as those who are not satisfied with the current organisations are often enterprising enough to start their own businesses that will cater to their values.
Regarding technology’s influence on the workforce, 49 per cent of millennials believe new technologies will augment their jobs, 46 per cent believe the changing nature of work will make it tougher to find or change jobs and 70 per cent believe they may only have some or few of the skills required to succeed in Industry 4.0.
Traditional companies will have to work hard to attract and retain young employees. They need to enact changes and find new ways to incorporate these generations into corporate societal impact programs and place a priority on re-skilling and training to ensure talent is prepared for what’s ahead.
The following infographic is courtesy of Deloitte: