The Deloitte Millennial Survey 2017 is applicable to corporates and small businesses alike, as both appeal to a majority millennial workforce and consumer base.
We thought we’d share our key take-outs from the lengthy report:
- Retention is on the Within an unstable environment, millennials are seeking more stability from businesses. Yay for employers for sure! And it’s a win-win. The longer you’re in the job the better you get at it, so chopping and changing jobs isn’t the best idea.
- Doing good is about more than financial success. If your business is more directly involved in issues of personal concern, supporting charities and other social initiatives, you’ll gain millennials’ trust and loyalty.
“Millennials do expect businesses to do more than simply seek financial success. Moreover, those businesses that do engage in issues of concern to millennials are more likely to gain their trust and loyalty.”
- It’s important to give millennials opportunities to get personally involved through payroll giving and/or volunteering because this builds a positive view of the business, and boosts loyalty and their sense of empowerment.“This is important – employees who find meaning in their jobs and can make a difference are more loyal.”
“Business involvement in social issues and “good causes” goes beyond the tangible impact made or the reputational benefit that might result; by involving employees in such initiatives, employers seem to be boosting millennials’ sense of empowerment. This is important to businesses – employees who feel their jobs have meaning, or that they are able to make a difference, exhibit greater levels of loyalty.”
- Flexible/agile working is a key success factor for both keeping millennials happy and for business profitability. It increases employee accountability, loyalty and trust in the business, resulting in better work being done. The report found negative experiences in corporates engaging with flexible working to be low.
“Millennials appear to want the best of both worlds— freelance flexibility with full-time stability. Employers are increasingly offering flexible working arrangements while respondents believe such flexibility improves things for everybody. It also encourages greater levels of accountability—which they want—and their proven ability to assume accountability is leading to greater opportunities.”
- The workplace makes millennials feel more influential.“This is an important point for businesses to acknowledge as it offers a platform from which to build each employee’s sense of purpose and, ultimately, a more engaged workforce.”
We hope this helps if you’re in a rush. Otherwise, please read it and let us know your thoughts.