Adapt or Lose
Most corporate leaders should be pleased. Employment is at a high. The economy and the stock market are doing well. So, what is there to worry about?
Baby boomers and
their predecessors who believed in hard work and company loyalty are
retiring. Many of their replacements are Millennials who already make up
the biggest working generation at 35% according to a 2018 Pew Research
report. As the next study discovered and pointed out, the values and
goals of Millennials are different in certain areas.
released Deloitte Millennial Survey 2019 painted many signals of a generation
acutely different than their parents and grandparents. For employers, the
big news was that nearly half – 49% — said they would quit their jobs
within two years if they could. That was an increase of 11% since the
2017 Deloitte study. And 25% of those who said they would leave their
jobs within two years had already done so.
The primary reason
Millennials cited for leaving their jobs was pay; 43% claimed that as
their number one reason. The following top reasons were a bit more
revealing. In descending order, Millennials cited the next five top
reasons as: 1. Lack of learning and development opportunities, 2. Not
feeling appreciated, 3. Poor work-life balance/lack of flexibility, 4.
Boredom/unchallenging job, and 5. Dissatisfaction with workplace culture.
Personal goals were
also somewhat telling. Number one at 57% were Millennials who said they
wanted to travel and see the world. Starting a family was last.
However, their second and third place values of wanting to earn higher salaries
and gain wealth (52%) and wishing to purchase homes (49%) were not as
surprising. Their fourth value was revealing in that 46% expressed an
interest in wishing to make an impact in their community and society.
What’s an Employer to Do?
Some of the solutions seem obvious. Do the opposite of some of these top reasons cited for employee dissatisfaction. Provide more learning and development opportunities. Recognize and encourage employee recognition. Look into possible remote work opportunities and flextime, and generate more camaraderie and friendly competition at work coupled with clear and candid communication.
In providing more
learning and development opportunities, employers can also address other
Millennial concerns. 46% had told Deloitte that with more and more
technology descending upon the workplace, it will become more difficult getting
ahead at their present places of employment or finding other work. As if
to add an exclamation point to that, only 20% said they felt prepared for the
changes in tech, while 70% felt they possessed some knowledge
In addition to
adopting these changes, form a task force to analyze and identify the company
values and culture with the end result of recommending possible collaborative
efforts in the community within like groups. Before tackling the latter,
set up some parameters so the task force isn’t disappointed and frustrated
after researching and making recommendations.
Will the company
consider letting employees off during regular working hours to perform
volunteer work? If so, what kind of nonprofit agency values would best
match up with the company’s? How many hours a week or month
would the company permit? How many employees can it afford to authorize
In its study, 28%
of Millennials told Deloitte they intended to remain with their current
employers for five or more years. Companies that are in tune with their
Millennial workforce will be more successful in retaining even more of them.