In the next year, given the choice, one in four global Millennials – classified as those reaching young adulthood around the year 2000 – will quit his or her current job to embark on another career option, Deloitte’s fifth yearly Millennial Survey shows.
This figure increased when the time frame was expanded to five years, with 76% of South African Millennials surveyed expecting to quit their current employer by 2020.
Overall, the intention to move on was greater in emerging markets (69%) than in mature economies (61%).
“It is thus imperative for businesses to adjust how they nurture loyalty among Millennials or risk losing a large percentage of their workforces. The potential exodus is not only linked to junior appointments; but even those Millennials in senior positions expressed the intention to leave their organisations relatively soon,” commented Deloitte South Africa human capital leader Werner Nieuwoudt.
Around one in five respondents polled as part of the Millenial Survey was either the head of a department or division or had a position within his or her senior management team or board.
“While Millennials occupy influential positions and have presumably enjoyed satisfactory career trajectories, a majority still believe they will leave their current businesses in the next five years,” he held.
Deloitte Global CEO Punit Renjen added that business leaders needed to demonstrate an appreciation of the priorities of Millennials, or their organisations would continue to be at risk.
“Fortunately, Millennials have provided business with a roadmap of how employers can meet their needs for career satisfaction and professional development,” he said.
Seven out of ten Millennials surveyed believe their personal values were shared by the organisations for which they work, demonstrating a potential silver lining for organisations aiming to retain these young professionals.
According to the survey, employers that provided opportunities for leadership development; connected Millennials to mentors, encouraged a work/life balance, provided flexibility that allows Millennials to work where they’re most productive, gave them more control over their careers, and fostered cultures that encouraged and rewarded open communications were those that would be most successful in retaining Millennial employees.
“A generation ago, many professionals sought long-term relationships with employers and most would never dream of saying ‘no’ to supervisors who asked them to take on projects.
“But, Millennials are more independent and more likely to put their personal values ahead of organisational goals. They are redefining professional success, they’re proactively managing their careers and it appears that their values do not change as they progress professionally, which could have a dramatic impact on how business is done in the future,” asserted Renjen.
Additional highlights from the survey included the discovery of a high correlation between job satisfaction and a strong sense of purpose beyond simple financial success.
It further pointed to the fact that there were more than economic factors that drove Millennials to leave an organisation, while many believed that business should be used as a force for good.