Businesses, particularly in developed markets, should focus on people and purpose instead of just products and profits, and make significant changes to attract and retain the future workforce.
This is the gist of the fourth annual Millennial Survey released today by Deloitte Touche Tohmatsu Limited (Deloitte Global), which is conducted in conjunction with Millward Brown, a UK limited company.
The survey polled over 7,800 Millennials (born after 1982) across 29 countries around the globe, to seek their insights on effective leadership and how business operates and impacts society.
According to the survey, majority of the Millennials (75 percent) believe that 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 organisation is making full use of their skills. More than half (53 percent) aspire to become the leader or most senior executive within their current organisation. 65 percent of emerging-market based Millennials said they would like to achieve this goal, compared to only 38 percent in developed markets, highlighting a clear ambition gap between Millennials in emerging markets and developed markets.
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 are sending a very strong signal to the world's leaders that when doing business, they should do so with purpose. The pursuit of this different and better way of operating in the 21st century begins by redefining leadership," added Salzberg.
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