Ready for the Millenial revolution? It’s here.
Deloitte just published the results of a massive survey of millenials (8,000 people in their 20′s and early 30′s from 124 countries) and the results are inspiring. This cohort of people is now taking over leadership positions in business and government around the world and their values, expectations, and beliefs are important to all of us.
A few key findings:
Millenials believe business can do more.
While most Millennials (74 %) believe business is having a positive impact on society by generating jobs (48%) and increasing prosperity (71%), they think business can do much more to address society’s challenges in the areas of most concern: resource scarcity (68%), climate change (65%) and income equality (64%). Additionally, 50% of Millennials surveyed want to work for a business with ethical practices.
Government is not doing enough.
Millennials say government has the greatest potential to address society’s biggest issues but are overwhelmingly failing to do so. Almost half feel governments are having a negative impact on areas identified as among the top challenges: unemployment (47%), resource scarcity (43%), and income inequality (56 %).
Organizations must foster innovative thinking.
Millennials want to work for organisations that support innovation. In fact, 78%of Millennials are influenced by how innovative a company is when deciding if they want to work there, but most say their current employer does not greatly encourage them to think creatively. They believe the biggest barriers to innovation are management attitude (63%), operational structures and procedures (61%), and employee skills, attitudes, and (lack of) diversity (39%).
The research also found that nearly 70% of millenials want to start their own business, demonstrating how important innovation and creativity has become. These are people who want to make a change and they want to join organizations that let them drive change. They are not old-fashioned “organization climbers.”
Organizations must nurture emerging leaders. Millenials are ready to lead.
Over one in four Millennials are ‘asking for a chance’ to show their leadership skills. Additionally, 75% believe their organizations could do more to develop future leaders. Our research shows that programs to build leadership among Millennials are one of the weakest areas within corporate HR today.
Millennials are eager to make a difference.
Millennials believe the success of a business should be measured in terms of more than just its financial performance, with a focus on improving society among the most important things it should seek to achieve. Millennials are also charitable and keen to participate in ‘public life’: 63% of Millennials donate to charities, 43% actively volunteer or are a member of a community organisation, and 52% have signed petitions.
Bottom Line: Pay Attention
We all need to pay attention to these findings. This group of young people look at business in a new way: they expect our businesses to innovate, drive value in many ways, and deliver value to society in many ways. The results are inspiring in every possible way.
(Click here to view the findings in more detail.)
I am an industry analyst and researcher focused on corporate human resources, leadership, HR technology, and the intersection between work and life.
You can follow me to stay up to date on trends, research, and news in all areas of HR, leadership, and talent management on twitter at @josh_bersin or on LinkedIn at http://www.linkedin.com/in/bersin.
For more information on Bersin by Deloitte, please visit http://www.bersin.com .
This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor.
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