Millennials have been accused of being self-entitled, unwilling to roll up our sleeves and get dirty the way older generations did and refusing to settle for anything that doesn't meet our lofty expectations. Sure enough, recent research from Deloitte found nearly half of millennials plan to leave their job within two years — an alarming 43 percent. But before the millennial-haters grab their pitchforks, i's important to note that it doesn't all come down to dollar signs or our work ethic. In reality, it has a lot more to do with our values and beliefs.
The findings were part of The Deloitte Millennial Survey 2018, for which they surveyed 10,455 millennials from 36 countries. Their findings? Millennials have become incredibly skeptical when it comes to companies' motivation and ethics. While the previous two years showed improvements in millennials' trust in businesses, 2018 marked a steep decline, to hit the lowest level in four years. This year, only 48 percent of those surveyed think businesses behave ethically, compared to 65 percent in 2017. Just 47 percent say they think business leaders show a commitment to improving society, versus 62 percent in 2017.
What is this saying, more specifically? I'm glad you asked!
For starters, Deloitte found while millennials understand profit and sales are important, they shouldn't be the only focus — which they so often are. Instead, they say, we should be putting just as much effort into creating jobs, being innovative, creating better careers and lives for employees, and doing good things for the environment and society.
Millennials feel work has come down to the almighty dollar, and everything else has wrongfully been put on the back burner. And that's why so many of us plan to leave our jobs in just a couple short years. So, if anyone thinks it's about greed, think again. It's much more of a reflection on the employers' priorities than the employee's wants and needs.
And if you assume things are looking up with other generations, hold that thought. Deloitte notes it's getting worse. While 43 percent of millennials plan to leave their job within two years, it comes out to 61 percent of Gen Zers.
With such a sharp drop in millennials' loyalty to their employers, it's clearly become vital for them to find ways to keep their employee satisfaction — and thus, retention — up.
And there's where several key factors come into play, according to Deloitte's report. The days of working like dogs and life revolving around the job are slowly but surely leaving us. We don't want to live at the office. Deloitte's report mentions that lack of flexibility, diversity, and inclusivity are the main points of frustration for millennials, explaining that these are key to millennials' loyalty to companies in the current job climate.
The bottom line is that a lot of millennials are unsatisfied with their current work. In fact, one Gallup study said 51 percent of us aren't engaged at work and feel no connection to our positions, and another 16 percent of us actually resent our jobs.
The tides won't turn until there is a significant change in the workplace — and maybe the the looming threat of millennials shifting gears to find places that better suit their needs, companies will be motivated to get on board with that change.
Of course, it's not just about millennials — it's about workplace culture. Foster a better work environment, and you'll be repaid with team members who love what they do, give it their all, and will stick around for years to come. This recent survey may be nothing more than an indication that millennials are the generation willing to lead the charge.