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Lack of loyalty among millennials a 'serious challenge', says survey

Two-thirds of millennials expect to leave their current place of work by the end of 2020, according to the global Deloitte Millennial Survey 2016.

Even in the next two years, almost half (44 per cent) of millennials say, if given the choice, they would like to leave their current employers.

Serious challenge

The report described the findings as a 'remarkable absence of allegiance' that represented a 'serious challenge' to any businesses that employs a large number of young people.

Of the 29 countries surveyed, the UK was the developed economy with the highest proportion of millennials who expect to leave their organisation in the next five years (71 per cent).

But it's not too late for employers to overcome the 'loyalty challenge', the report said.

Strong values

Defined as people born after 1982, millennials have strong values that do not change as they progress through their careers, the report claimed. They want businesses to focus less on profits and more on people (including employees, customers and communities), products and purpose.

Personal values can guide millennials' career choices, it said. The majority (56 per cent) won't consider certain employers based on the organisation's values or conduct, while 49 per cent have rejected work assignments that conflict with their values or ethics.

Millennials looking for employers with similar values, the report said. Seven in ten believe their personal values are shared by their organisation - and those who feel aligned with their organisation are far more likely to stay, it said.

Building loyalty

Organisations could use other strategies to retain their younger employees too, the report said:

  • mentorship was found to have a clear positive impact, helping career progression and enhancing loyalty.
  • millennials were found to be more likely to stay at organisations where they are satisfied with professional development programmes.
  • organisations with a strong sense of purpose, inclusiveness and open communications were more likely to have millennials who wanted to stay longer.
  • pay and financial benefits are more important to millennials when choosing an organisation than anything else.

After pay, a good work-life balance is next most important factor, followed by opportunities to progress or take on leadership roles; flexible working arrangements; deriving a sense of meaning; and provision of training programmes.

Purpose beyond profit

'Millennials place great importance on their organization's purpose beyond financial success, remaining true to their values and opportunities for professional development,' said Punit Renjen, Deloitte Global CEO.

'Leaders need to demonstrate they appreciate these priorities, or their organisations will continue to be at risk of losing a large percentage of their workforce.

'Fortunately, millennials have provided business with a roadmap of how employers can meet their needs for career satisfaction and professional development.'

Acas publications and services

Acas has published pdf icon Managing Future Talent - A guide for employers [1Mb], which aims to share good practice about how to create a workplace in which young employees can thrive.

The Acas pdf icon Recruiting staff guide [326kb] has all you need to know about recruitment, selection and implementation of induction programmes.

Acas experts can visit your organisation and review your existing recruitment and induction procedures. See Recruitment and Retention: how Acas can help for more details.

Acas also offers practical training on Recruitment and induction, Staff retention, Work/life balance and Skills for supervisors, all aimed at improving an organisation's connection with its workers, to boost levels of engagement, motivation and fulfilment.

For free, impartial advice and guidance visit Acas Helpline Online.

Visit the Acas Training Courses, Workshops and Projects area for more information.

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