Millennials account for a third of the New Zealand workforce, making it critical for organisations to tune into their wants and needs
Despite some business leaders starting to address social issues, millennials have become noticeably more skeptical of business’ motivation and ethics, according to Deloitte’s seventh annual millennial survey.
Indeed, millennials already make up over a third of the New Zealand workforce, making it critical for organisations to address their wants, needs and challenges.
Interestingly, in 2018, less than half of millennials surveyed believe businesses behave ethically (48% vs 65% in 2017) and that business leaders are committed to helping improve society (47% vs 62%).
These results were lower still among Kiwi respondents, with only 45% believing businesses behave ethically and only 42% thinking business leaders are committed to helping improve society.
Deloitte New Zealand director Lauren Foster said that the rapid social, technological and geopolitical changes of the past year have had an impact on millennials’ views, and it should be a “wake-up call to business leaders”.
Moreover, millennials 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.
However, when asked what their organisations focus on, they cited generating profit, driving efficiencies, and producing or selling goods and services.
“These cohorts feel business leaders have placed too high a premium on their companies’ agendas without considering their contributions to society at large,” said Foster.
“Businesses need to identify ways in which they can positively impact the communities they work in and focus on issues like diversity, inclusion and flexibility if they want to earn the trust and loyalty of millennial workers.
Foster added that the fluctuating loyalty levels showcase a unique opportunity for businesses to double-down on attracting and retaining millennial talent.
“Businesses need to listen to what millennials are telling us and reimagine how business approaches talent management in Industry 4.0, placing a renewed focus on learning and development to help all people grow in their careers throughout their lifetimes.”
Moreover, among New Zealand respondents, 49% envision leaving their jobs within two years, and only 17% are looking to stay beyond five years. Among millennials who would willingly leave their employers within the next two years, over half regard the gig economy as a viable alternative to full-time employment.
Those working for employers perceived to have diverse workforces and senior management teams are more likely to want to stay five or more years.
Among the Kiwi millennial respondents who said they intend to stay with their current employers for at least five years, 55% note greater flexibility in where and when they work now compared to three years ago.