It’s not (just) about the money, millennials say


Posted

May 16, 2018 17:51:15

In a time when tales of corporate greed and misconduct abound, is it any wonder young people’s confidence in business ethics has plunged?

This year’s annual Deloitte Millennial Survey shows Generation Y’s opinion of business motivation and ethics is at the lowest point in three years.

However, despite feeling pessimistic about their economic future, the survey found money was not the sole motivation for the age group that makes up 50 per cent of Australia’s workforce.

Millennials not feeling it

Nearly a fifth of 24 to 35-year-olds surveyed in 2018 said reputation for ethical behaviour, diversity and inclusion, as well as workplace wellbeing were important when choosing an employer.

But, according to Deloitte Australia’s chief operating officer, David, Hill, millennials see a gap between their priorities and those of employers.

Do millennials believe in their employers’ priorities? Not really

Generating Jobs Improving Society Generating Profits
Percentage of millennials who think this is what their employer’s objectives should be 43% 39% 24%
Percentage of millennials who think this is what their employer’s objectives actually are 25% 25% 51%

Source: 2018 Deloitte Millennial Survey

“The view is that you should be about profit and purpose, whereas essentially coming through in this survey, millennials feel that many of their employers are all about profit,” he said.

What are millennials’ top employer priorities?

#1 Pay 63%
#2 Culture 52%
#3 Flexibility 50%

Source: Deloitte Insights, 2018 Deloitte Millennial Survey

This year’s survey saw millennials’ view of business motivations plunge to its lowest level in three years.

Less than half of those surveyed believe businesses behave ethically, while 83 per cent of those surveyed believe businesses focus more on their bottom line over the good of greater society.

“The concept of corporate social responsibility has been around a long time,” Mr Hill said.

“I think what millennials are doing is cutting through the rhetoric to what they see as the action.”

Mr Hill pointed to the conduct issues currently in the spotlight, particularly in social media, where this generation is very adept.

“This is a generation, if they see a disconnect between the form and the substance, they’ll call it.”

What would convince a millennial to stick around?

As in last year’s survey, millennials were found to have a low sense of loyalty to their current employer.

But inclusion, flexibility in the workplace and a positive work culture are an important determinant.

“As employers, if we can embrace things like flexibility, truly live diversity and inclusion, live the values that matter to the millennials, then they’re likely to be more loyal, more confident and more trusting,” Mr Hill said.

What kind of impact do millennials think society’s leaders are having?

Positive Negative
NGO and not-for-profit leaders 59% 23%
Business leaders 44% 42%
Religious faith leaders 33% 52%
Political leaders 19% 71%

Source: 2018 Deloitte Millennial Survey

Nick Tucker, a psychologist and analyst at AON Hewitt, a human resources consultancy firm, believes expectations of millennials are a product of age, not generation.

“People have different priorities at different life stages in their career.

“For example, when you’re starting out and establishing your career, the focus is career progression, the focus is pay, the focus is getting that next step,” Mr Tucker said.

He said employers need to understand employees’ values to encourage loyalty.

“So the idea is then to go above and beyond.

“One of the common ways you can achieve that is by connecting that employee to the greater purpose.”

Topics:

ethics,

work,

youth,

industry



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