Business should focus on people and purpose, not just products and profits according to Deloitte Touche Tohmatsu Limited’s (Deloitte Global) fourth annual Millennial survey. This and other findings from the survey suggest businesses, particularly in developed markets, will need to make significant changes to attract and retain the future workforce.
Deloitte Global surveyed 7,800 graduates born after 1982 in full-time employment across 29 countries, including the UK, on effective leadership, how business operates and impacts society.
Some 71% of UK respondents say businesses have a positive impact on society, compared to 82% in emerging markets and 73% globally. However, 77% of UK Millennials, and 75% globally, believe businesses are focused on their own agenda rather than helping to improve society. Just 48% of UK Millennials say businesses show strong leadership on important social issues, compared to 61% globally. Similarly, just 39% of UK Millennials say businesses act in an ethical manner, against 52% globally.
When asked which sectors they aspire to work in, 40% of UK Millennials say the professional services sector is attractive, with 34% expressing a preference for the technology, media and telecommunications (TMT) sector. This trend is reversed globally, with 46% of Millennials worldwide keen to work in the TMT sector, ahead of professional services at 39%. UK male respondents are more likely to choose the TMT sector, with 40% preferring the sector, ahead of 27% of women.
Steve Almond, Chairman of Deloitte Global, said: “The survey sends a clear and strong message to business leaders that, to stay engaged with Millennials, they need to focus on their broader purpose and their people as much as they do on products and profits.”
Barry Salzberg, CEO of Deloitte Global, added: “Millennials want more from business than might have been the case 50, 20, or even 10 years ago. They are sending a very strong signal to the world’s leaders that when doing business, they should do so with purpose. The pursuit of this different and better way of operating in the 21st century begins by redefining leadership.”