The prevailing wisdom is that, in general, Millennials express little loyalty to their current employers and many are planning near-term exits. During the next year, if given the choice, 25% of Millennials would quit his or her current employer to join a new organization or to do something different. That figure increases to 44 % when the time frame is expanded to two years. (Source: Deloitte’s 2016 Millennial Survey)
This “loyalty challenge” is driven by a variety of factors, for example:
- Millennials feel underutilized and believe they’re not being developed as leaders.
- Millennials feel that most businesses have no ambition beyond profit, and there are distinct differences in what they believe the purpose of business should be and what they perceive it to currently be.
- Millennials often put their personal values ahead of organizational goals, and several have shunned
assignments (and potential employers) that conflict with their beliefs.
Millennials have recently inched past the other generations to corner the largest share of the US labor market and a growing number now occupy senior positions. They are no longer leaders of tomorrow, but increasingly, leaders of today. We also recognize that Millennials are taking their values with them into the boardroom.
While many Millennials have already attained senior positions, much remains to be done. More than six in
ten Millennials (63 %) say their “leadership skills are not being fully developed.” Unfortunately, little progress is being made in this area. When asked to rate the skills and attributes on which businesses place the most value (and are prepared to pay the highest salaries), Millennials pointed to “leadership” as being the most prized.
Millennials fully appreciate that leadership skills are important to business and recognize that, in this respect, their development may be far from complete. But, based on the current results, Millennials believe businesses are not doing enough to bridge the gap to ensure a new generation of business leaders is created. Need help with workforce strategy and planning? CAI can help!
Tom Sheehan brings 20+ years of extensive, broad-based strategic, tactical and practical HR experience to CAI’s Advice & Resolution team. He advises HR and other business leaders on talent management, organizational effectiveness, employee engagement, M&A’s, and employee relations.