At this juncture, one of the greatest challenges in human capital management is managing several different generations of employees. The gaps between the age groups are becoming more pronounced with time – the baby boomer group is heading for retirement, but a few still linger behind, and meanwhile millennials are entering the workforce in droves.
This latter group is particularly vexing. With millennials flooding into every office worldwide, HR leaders must be ready to adjust quickly. They’re forced to prepare for this unique demographic group. What’s different about them? What makes them challenging to manage successfully?
According to Deloitte’s research, there are a lot of factors. The organization recently published an extensive report on the subject, entitled “Mind the Gaps: The Deloitte Millennial Survey 2015,” which explores the many challenges of working with millennials today. Deloitte surveyed 7,800 millennial employees spanning 29 countries, getting their opinions on effective leadership and the impact of business on society.
Millennials have new attitudes about work all over the world.
“Findings from Deloitte’s fourth annual Millennial Survey show that business, particularly in developed markets, will need to make significant changes to attract and retain the future workforce,” the organization stated.
In the end, Deloitte uncovered a lot of interesting nuggets. Below are six key takeaways about the millennial mindset in today’s workforce:
Skepticism about corporate values
Ideally, every corporation would do its part to help society, but millennials aren’t so sure if that’s happening. Deloitte found that 75 percent of millennials think businesses do more for their own agendas than to help others.
Concern about untapped potential
Every employee has a great deal of talent to bring to their jobs, but unfortunately only 28 percent of millennials say their current organization is making full use of their skills.
A newfound sense of ambition
Some youngsters have an eye for the throne. Deloitte found that 53 percent of millennials aspire to become the leader, or at least the most senior executive, within their organization.
Big aspirations in emerging markets
This ambition for the top position is particularly pronounced internationally, in less economically powerful countries. In emerging markets, 65 percent of millennials said they wanted to be top executives, versus only 38 percent in developed markets.
A fear of big business
If you thought most youngsters in the U.S. wanted to work for a large corporation, then you thought wrong. In emerging markets, 51 percent of millennials see an appeal to large global businesses, but in developed markets, that figure is only 35 percent.
Reluctance toward entrepreneurship
If they don’t join existing big employers, will they instead start their own companies? Among millennials, the predominant answer is no. Only 11 percent of young people in developed markets and 22 percent in emerging markets expressed an interest in founding their own businesses.