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Deloitte has warned Australian businesses to rethink their staff development and retention strategies, or risk losing a large percentage of their workforce.
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Millennials have put employers on notice, says Deloitte
12 February 2016
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The Deloitte Millennial Survey for 2016, an annual research report which delivers an insight into the minds of the younger working generation, has revealed that 50 per cent of Millennials plan to move on from their current jobs within two years.
The 300 Australians interviewed as part of the global survey painted a rather stark image for Australian employers in the long term, with only 18 per cent of Millennials indicating that they expect to stay with their current employer for more than five years, compared with 27 per cent globally.
“The 7,700 tertiary-educated and employed Millennials [aged up to 31] we interviewed globally place great importance on working for an organisation with innovative leaders who offer meaningful work, opportunities for professional development and good work-life balance,” stated David Hill, Deloitte Australia chief operating officer.
Mr Hill warned that those businesses who fail to see the value in the ideas and energy provided by the younger generations are “likely to find their Millennial workers quickly looking elsewhere”.
“In my experience, we have a lot to learn from these bright, young future leaders,” he added.
Of those Millennials who have indicated their intentions to exit early, 69 per cent voiced their dissatisfaction regarding what they deem a failure to nurture the leadership skills of the next generation.
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Deloitte noted that the most loyal young employees will be those who feel that there is support and training on offer for those wishing to take on leadership roles, with younger employees actively encouraged to aim for leadership roles.
“Leadership skills can and should be developed at every level of an organisation,” said David Brown, human capital leader for Deloitte.
“With the shift from positional power to personal power, the importance of being able to influence and lead others is important for everyone in an organisation, irrespective of generation,” Mr Brown concluded.
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