Millennials are pessimistic about the economy and sceptical of corporate motives, causing 49% of the generation to be willing to quit their current job within two years, a new study has found.
“Income inequality and the lack of social mobility are likely factors driving economic pessimism,” the 2019 Deloitte Millennial Survey found.
Both millennials and Gen Zs would potentially leave their job or not work for a company if the business didn’t make a positive impact on society. Gen Zs, born between January 1995 and December 2002, were especially vocal about not working for companies that didn’t align with their values. However, there was a correlation between those wanting to stay in their jobs if the employer was an inclusive, socially responsible company.
Millennials, born between January 1983 and December 1994, are still just as ambitious as previous generations and want to earn high salaries, despite their scepticism of traditional institutions.
Over half of both young generations said they want to be wealthy, however, 57% of millennials said that travel and seeing the world was their top priority. Just under half (49%) want to own a home, 46% want to make a positive impact in society but only 39% want to start a family and have children.
Distrust of traditional media was also prevalent among both groups and millennials expressed low opinions of political and religious leaders.
When it comes to social media, although the two generations embrace technology and believe new technologies will impact their jobs, 64% of millennials said they believed they would be ‘physically healthier’ if they spent less time on online social platforms. They are also weary of cybersecurity risks and 79% are worried that they will experience online fraud and distrust the use of their personal data by corporates.
“From the economic recession a decade ago, to the Fourth Industrial Revolution, millennials and Gen Zs have grown up in a unique moment in time impacting connectivity, trust, privacy mobility and work,” Deloitte Global Chief Talent Officer, Michele Parmelee said.
“This uncertainty is reflected in their personal views on business, government, leadership and the need for positive societal change agents. As business leaders, we must continue to embrace the issues resonating most with these two generations, or risk losing out on talent in an increasingly competitive market.
“To attract and retain young employees, businesses should bolster their diversity and inclusion initiatives, find new ways to incorporate these generations into corporate societal impact programs and place a priority on reskilling and training to ensure talent is prepared for what’s ahead,” Parmelee said.
The two generations make up the majority of the world’s working population.
To build the report, Deloitte questioned 13,416 millennials across 42 countries and territories and 3,009 Gen Zs across 10 countries.