Jolt for employers, business leaders as millennials expectations unmet

By ADONIJAH OCHIENG

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Summary

• Millennials’ perception of businesses ethics and the motivation behind decisions made by companies have changed drastically over the last one year, according to the Deloitte 2018 Millennials Survey, an indication that most organisations have mismatched priorities against young people’s expectations.
• Of the 10,455 millennials interviewed for the study, only 47 per cent said they believe business leaders are committed to bettering the society compared to 62 per cent in 2017.
• Abound three quarters of the respondents feel that business are furthering their own agenda instead of focusing on improving the wider society.

Millennials have become more sceptical about decisions by business leaders and employers as well as their role in society, a new survey showed, turning focus on the unmet expectations of young professionals.

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Chart: Adonijah Ochieng Source: Deloitte 2018 Millennials Survey Get Data

Millennials’ perception of businesses ethics and the motivation behind decisions made by companies have changed drastically over the last one year, according to the Deloitte 2018 Millennials Survey, an indication that most organisations have mismatched priorities against young people’s expectations.

Of the 10,455 millennials interviewed for the study, only 47 per cent said they believe business leaders are committed to bettering the society compared to 62 per cent in 2017. Abound three quarters of the respondents feel that business are furthering their own agenda instead of focusing on improving the wider society.

Also, only 48 per cent of young people surveyed believe that companies behave ethically down from 65 per cent in 2017.

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“While young workers believe that business should consider stakeholders’ interests as well as profits, their experience is of employers prioritizing the bottom line above workers, society and the environment, leaving them with little sense of loyalty,” says the 2018 Deloitte Millennial Survey.

According to the report, millennial feel that business success should not only be measured in terms of financial performance, but the impact companies have on the society and employees.

The report says that young people believe that the core mandate of companies should include creating jobs with clear career development path, making positive impact on the society, creating innovative ideas, and promoting diversity and inclusion in a workplace.

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The study respondents reported wide gaps between their expectations and corporations' priorities. They reported business priorities as generating profit, driving efficiencies and producing or selling products and services.

The study further reveals that even among senior millennial employees, there is a mismatch between their expectations and employers' actions. 44 per cent of millennials in senior management positions said that companies prioritise profits, but only 27 per cent believe it should be so.

"Senior-executive millennials also say businesses should protect the environment, improve society and innovate more than they believe their own employers are currently doing," the report says.

Millennials are the first truly digital generation having been born at a time of technological disruptions and advancements. As a result, their environment has influenced their beliefs and behaviour.

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Millennials, thought to be unpredictable, have a harsh view of political and religious leaders’ role in the society. On the other hand, they believe that business leaders have a greater role to play in improving people’s lives.

“The judgment of political leaders was particularly brutal, with only 19 per cent of younger workers saying they make a positive impact, versus 71 per cent negative,” the report says.

Young people think that business leaders are better poised to be agents of positive change in the society. 44 per cent of the respondents say that business leaders have the power to change the communities they live in for the better.

In addition, the study reveals that young people are more optimistic about the economy, as opposed to the social and political situation.

According to the survey findings, about 45 per cent of those interviewed expect the economy to improve compared 24 per cent with unfavourable predication. Only a third of millennials believe that social and political progress will be achieved in the next one year.

However, there is a disparity as young people from emerging markets express optimism over growth prospects compared to those from developed economies.

Millennials are the generation of young people born between 1982 and 1996 and are currently between the ages 21 and 35.

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