Millennials, Gen Z Call for Corporate Culture Changes
Firms and companies must shift long-standing business practices — or suffer the consequences.
By Derrick Lilly | Summer 2018
“Millennials’ confidence in business, loyalty to employers
deteriorate. Respondents yearn for leaders whose decisions
might benefit the world — and their careers,” opens Deloitte
in unveiling the findings of its 2018 Millennial Survey.
Indeed, reinforcing the issues highlighted in the 2018 INSIGHT
Special Feature, “
The Culture Conflicts,” Deloitte’s survey again
shows younger generations of workers immersed in and
entering the workforce are upping their pressure on firms and
companies to shift long-standing business practices and
reimagine corporate culture — or suffer the consequences, i.e.
high turnover, employee burnout, succession challenges, lost
profitability, and more. In a tightening labor market, increasingly
dominated by millennial and Gen Z workers, it may be wise to
reckon their warnings.
“Following a troubling year, where geopolitical and social
concerns gave rise to a new wave of business activism,
millennials and Gen Z are sounding the alarm,” notes
Deloitte’s seventh annual Millennial Survey. “Their concerns
suggest this is an ideal time for business leaders to prove
themselves as agents of positive change.”
Based on the views of more than 10,000 millennials
questioned across 36 countries and more than 1,800 Gen Z
respondents questioned in six countries, Deloitte suggests
“positive change” means businesses working towards
serving a true purpose in society, increasing diversity and
flexibility, and investing in developing a future-proof
workforce. Here are the key takeaways.
Perceptions of Business Drop
Millennials’ feelings about business’ motivations and ethics
have dropped dramatically, with only a minority of millennials
believing “businesses behave ethically (48 percent vs 65
percent in 2017) and that business leaders are committed to
helping improve society (47 percent vs 62 percent in 2017).”
“There continues to be a stark mismatch between what
millennials believe responsible businesses should achieve
and what they perceive businesses’ actual priorities to be —
but where matches exist, the perception is that those
companies are more successful, have more stimulating work
environments and do a better job of developing talent,” the
survey notes.
Diversity, Flexibility Breed Loyalty
High turnover is a business issue the accounting and finance
profession has struggled with for years, but Deloitte’s survey
indicates it’s likely to hamper industries globally — 43 percent
of millennials and 61 percent of Gen Z respondents envision
leaving their jobs within two years.
Here again, culture is the culprit. “Those who are less than
satisfied with their pay and work flexibility are increasingly
attracted to the gig economy, especially in emerging markets,”
Deloitte notes. And while the firm acknowledges that
attracting and retaining millennials and Gen Z respondents
begins with financial rewards, “it is enhanced when
businesses and their senior management teams are diverse,
and when the workplace offers higher degrees of flexibility.”
Young Workers Express Worry
Millennials and Gen Z recognize the current and future
importance of an increasingly automated and connected
business world, but that doesn’t mean they’re ready for it, or
the changes yet to come. According to the survey, just 36
percent of millennials and 29 percent of Gen Z respondents
working today believe they have the skills and knowledge
they’ll need to thrive.
“While technical skills are always necessary, respondents
are especially interested in building interpersonal skills,
confidence, and ethical behavior — all of which they consider
essential for a business to be successful,” Deloitte states
in explaining that these generations of workers are looking
for employers to take the lead in readying them for
what’s ahead.
To dive deeper into these issues and more, check out the
2018 INSIGHT Special Feature, “The Culture Conflicts.”