The millennial generation is fearful of what the future has to offer them. Yet, they are intrigued by what the evolving working environment – that is integrated with technology – has to offer for them. The 2018 Deloitte Millennial survey found that the main concerns of these millennials in the workplace are what the corporation has to offer them in preparing for the 4.0 Industry and how their leader will contribute to the development of their career and community.
Millennials and Gen Z have trust issues in corporations as compared to the previous generations. The percentages decrease as the majority of the responses indicate that corporations are now behaving ethically.
However, more agreed on the fact that the corporations are not committed in improving society and that they are focusing more on their agendas than the betterment of the wider society, according to the survey. Corporations now “seek nothing more beyond wanting to make money”.
The two generations believe that corporations should strive to achieve “a broad balance of objectives” that includes: (1) making a positive impact on society and the environment, (2) creating innovative ideas, products, and services, (3) job creation, career development and improving people’s lives and finally (4) emphasizing on inclusion and diversity in the workplace.
Millennials and Gen Z expect a positive impact from leaders and corporations. However, the 2018 survey shows how their expectations deteriorated with leaders of NGO and non-profit organization bringing the highest positive impact (59%) and political leaders bringing the most negative impact (19%).
Business leaders are considered as the ones who will bring changes and lead their workers to success with regards to their priorities and concerns.
SOCIAL & POLITICS
The survey highlighted the views of millennials and Gen Z on political and economic trends in their country with the integration of technology, and how it changes them. The numbers show that a third of them expect their country’s overall social and political scene to improve while another third predicts that things to deteriorate. Younger Gen Z workers are optimistic that they will be financially better off as compared to the Millennials in general. This is assuming that the economy will grow once it has stabilized and adjusted to the technological transformation.
Millennials are expected to stay even longer in their current companies as compared to the Gen Z unless they are offered realistic prospects in terms of financial and individual aspects. Millennials stated that their organisation prioritises the pursuit of profit. They suggested that employers should share their wealth by providing good jobs and enhance the employee’s life to keep up with the cost of living in the world.
The Gen Z, which have few financial obligations, placed monetary rewards as second priority whereas their first priority is to have a positive workplace culture that includes continuous learning and flexibility. This also contributes to the option of a gig economy, where they may leave a company rather than accepting permanent employment, in order to search for better and higher income, with flexibility and freedom as the second option.
As the economy shifts into the 4.0 Industry, the Gen Z and Millennials have doubts about facing the challenges that the new industry will bring. The majority seems prepared for what the future holds with knowledge and skills preparing them for their careers.
Yet, they feel the most threatened by Industry 4.0. Business leaders who take a holistic approach and practice retaining employees whilst motivating them to improve their skills and characteristics as the key players of the industry will offer more than the theories offered by educational institutions.
Employers are expected to support, guide and nurture their employee’s soft skills and interpersonal skills. They are not to be treated as automated machines for repetitive and mundane tasks.
Both Millennials and Gen Z are now shifting their concerns towards the non-financial aspects of the organisations by emphasizing on growth, flexibility, and improvement. These should not be limited to the development of their careers but should also contribute to the community and bring changes to the world for long-term success.
“To prosper over time, every company must not only deliver financial performance but also show how it makes a positive contribution to society. Companies must benefit all of their stakeholders, including shareholders, employees, customers and the communities in which they operate” – BlackRock CEO Larry Fink
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