Latest News  

Deloitte Survey: Millennials' confidence in business takes a sharp turn. They feel unprepared for Industry 4.0

Millennials have become more skeptical overall of business' motivation and ethics and also of political leaders' positive impact on society, according to Deloitte's Millennial Survey 2018 that records a sharp turn of the views expressed in the previous two issues.

2018-06-26 13:10:28

Millennials call for business leaders to positively impact the broader world and consider that business success should be measured also through their impact on society, environment and economy, beyond financial performance.

"The findings of the survey should represent a topic to think about for business leaders, including from Romania, as it is wake up call. As employees' loyalty and confidence levels retreat, there are implications on the performance of companies and economy as a whole. Although our country was not included in the survey, as long as the responses are similar across the globe, we can appreciate that Romanian Millennials have the same concerns as their generation," said Raluca Bontas, Partner Global Employer Services, Deloitte Romania.

"Based on the conclusions of the survey, we notice that Millennials have a different agenda from the business, in the way they see it. Thus they consider that the priorities of the companies should be job creation, innovation, enhancing employees' lives and careers, and making a positive impact on society and the environment. But according to them, companies focus on generating profit, driving efficiencies, and producing or selling goods and services. Although they admit businesses must make a profit to achieve the priorities millennials desire, they consider that businesses should set out to achieve a broader balance of employees' objectives along with financial performance," Raluca Bontas further explained.

Main findings of Millennial Survey 2018:

• Less than half of millennials believe businesses behave ethically (48% in 2018 vs 65% in 2017) and that business leaders contribute to enhance social climate (47% vs 62%)
• 44% believe business leaders are making a positive impact on society, by comparison only 19% have the same opinion on political leaders
• Three quarters of millennials believe multinational corporations have the potential to help solve society's economic, environmental and social challenges
• 43% envision leaving their jobs within two years, a 15-point gap from the year prior
• Only 28% are looking to stay beyond five years with their present jobs
• Among millennials who would willingly leave their employers within the next two years, 62% regard the gig economy as a viable alternative to full-time employment
• Loyalty is even lower among the emerging Gen Z employees, with 61% saying they would leave their current jobs within two years if given the choice.
• 17% of all surveyed millennials, and 32% of those whose organizations already use Industry 4.0 technologies extensively fear part or all of their jobs will be replaced.
• Just 36% of millennials and 42% of Gen Z respondents reported their employers were helping them understand and prepare for the changes associated with Industry 4.0.


However the survey shows a gap between millennials' views of business and their views of political leaders. As millennials consider corporations have more potential to solve social, economic and environmental issues than politicians, business leaders should be motivated to make a larger impact on the society beyond job creation and generating profits.

"One of the main questions is: what can the companies do to retain employees as loyalty and confidence retreat. Analysing by comparison the responses to the previous issues of the survey, we can conclude that diversity, inclusion and flexibility are the keys to keeping millennials and Gen Z happy. At the same time companies should respond to their fears regarding the changes associated to Industry 4.0," concluded Raluca Bontas.

About the Survey

The 2018 report is based on the views of 10,455 millennials questioned across 36 countries. Millennials included in the study were born between January 1983 and December 1994 and represent a specific group of this generation—those who have college or university degrees, are employed full time, and work predominantly in large, private-sector organizations. Millennials are increasingly taking on senior positions in which they can influence how their organizations address society's challenges.

This report also includes responses from 1,844 Gen Z respondents in Australia, Canada, China, India, the United Kingdom and the United States. Gen Z respondents were born between January 1995 and December 1999. All are currently studying for or have obtained a first/higher degree.


0 COMMENTS ^ Go back to Top
WRITE A COMMENT ^ Go back to Top
 
Your email address will not be published.
Nickname
Email
Comment
Validation Code
   
 
 
NEWS
SAP becomes first European tech company to create ethics Advisory Panel for Artificial Intelligence

SAP announced its guiding principles for artificial intelligence (AI) and its creation of an external AI ethics advisory panel – the first European technology company to do so. The panel, comprised of experts

 Read Full article »
DB Global Technology marks five years of activity in Romania

DB Global Technology, Deutsche Bank's technology center in Bucharest, celebrates five years of activity in Romania, the company announced.

 Read Full article »
US giant Apple officially registers company in Romania

American technology producer Apple officially registered a company in Romania, Apple Sales Romania SRL, controlled by Apple Distribution International and Apple Sales, both companies being registered in Ireland

 Read Full article »
Oracle Corporation registers 9.2 billion USD in revenues for 2019's first quarter

Oracle Corporation announced fiscal 2019 Q1 results, with total revenues of 9.2 billion USD, up 1 per cent in U.S. dollars and up 2 per cent in constant currency, compared to Q1 last year.

 Read Full article »
UiPath raises 225 million USD Series C Led by CapitalG and Sequoia

UiPath, the leading Enterprise Robotic Process Automation (RPA) software company, has closed its series C funding raising 225 million USD at a valuation of 3 billion USD. The round was co-led by existing inves

 Read Full article »
Xerox launched sales and marketing program for its partners

Xerox has launched in Romania the Xerox Global Partner Program to help its partners diversify their sources of profit and strengthen their customer relationships in the context of the growth of small and medium

 Read Full article »
Local IT services and software market marks under expectations growth in 2017, ANIS says

Domestic software and IT services market in 2017 rose only 2.1 per cent over the previous year to reach 975 million Euro, a growth rate under expectations, according to the most recent study conducted by ANIS s

 Read Full article »
Bitdefender secured direct presence in Australia by taking over local peer SMS eTech

Romanian security technology company Bitdefender said on September 11 it has acquired Australian peer SMS eTech, as part of its strategy of globally expanding in the consumer and enterprise segments.

 Read Full article »
Romanian employers forecast the strongest hiring pace in more than ten years

Fourth-quarter hiring plans are the most optimistic in Europe, on a par with Slovenia, and among the top 5 most optimistic globally, according to ManpowerGroup Employment Outlook Survey for the October – Dece

 Read Full article »
Oracle Academy expands offering with personalized learning resources and AI curriculum

Oracle Academy announced new curriculum offerings and learning modules to advance computing education globally.

 Read Full article »
 
 
MOST READ ARTICLES
» ROMANIAN OUTSOURCING AWARDS FOR EXCELL...
» Molson Coors started to grow its busin...
» French energy operator Total opened su...
» Capgemini to open new office at Suceav...
» Leoni to open new SSC in Cluj, cut job...
» The Outsourcing industry announces its...
» Luxoft expands Asia Pacific presence w...
» Genpact's COO: Staying ahead of the cu...
» Olga Botusan, Stefanini: There is a hu...
» LeasePlan to open service center in Bu...
 
EDITOR CHOICE
Vivek Bakshi, keynote speaker at People in Shared Services & Outsourcing Forum on October 18, at Bucharest

As a GM for the European Delivery Centers (Romania and Poland international locations) tasked with leading the growth and profitability of one of the most dynamic industries with a focus on customer service is

 Read Full article »
Tom Hobson, at People in Shared Services & Outsourcing Forum on October 18, at Bucharest

People in Shared Services & Outsourcing Forum brings in new top speakers starting with the Global Operations & Business Transformation Executive Tom Hobson, GM of ADP Romania.

 Read Full article »
People in Shared Services and Outsourcing Forum takes place on October 18th in Bucharest

Outsourcing Today, the integrated communication platform of for the business services sector, together with The Diplomat-Bucharest, kick off the autumn series of events on October 18, at Caro Hotel Bucharest, w

 Read Full article »
The outsourcing industry needs early and better educated graduates

In terms of development of business shared industry in Romania, the industry might face a need of doubling the current pool of employees, estimated now at roughly over 120.000 people, according to number estima

 Read Full article »
Francesca Postolache, PwC: In the digitally transformed work and living environment, it is essential to keep up with the present and future

It is important to educate and develop ourselves, in the digitally transformed work and living environment and to keep up with the present and future. We need to develop the ability to adapt for the future, say

 Read Full article »
Latest News  
 
about us | newsletter | contact | members area | GDPR policy
Copyright © 2015 by Diplomat Media Events Design by Diplomat Media Events