Across the globe, 70% of future leaders are likely to reject what traditionally organised businesses have to offer and opt for working independently through digital means, according to professional services network Deloitte.
Findings based on the company’s annual Millennial Survey suggest that business leaders, in meeting the expectations of Generation Y in the workplace, will face significant challenges.
Millennials seek organisations that foster innovative thinking and develop their employees’ skills; however, based on the perception of the majority of millennials worldwide, businesses are not “doing as much as they could” to develop their leadership skills, which they “need in order to nurture their future leaders”.
Rana Ghandour Salhab, talent and communications partner at Deloitte Middle East, said: “To attract and retain talent, business needs to show millennials it is innovative and in tune with their world view.”
“By working together and combining their different skills, business, governments and non-government organisations have an opportunity to reignite the millennial generation and make real progress in solving society’s problems,” she added.
The survey revealed that approximately 74% of millennials believe that business has a positive impact on society by increasing prosperity and generating jobs. However, they feel that there are more ways in which business can contribute to addressing some of the world’s most pressing problems, which include, according to the majority of respondents, resource scarcity, climate change and income equality.
According to an overwhelming majority of respondents, government has the greatest potential to address societal problems, but is failing to do so. Over 70% of millennials believe that organisations must foster innovative thinking and nurture emerging leaders, according to the survey.
Findings also suggest that millennials are “eager to make a difference”; the majority believe that the success of a business is measured by its contribution to society in addition to its financial performance.
“Fostering a culture of innovation will not only help retain high-performing talent but it will also drive growth by creating opportunities for individuals to unlock the next game-changing innovations,” Salhab said.
Deloitte refers to one or more practices of Deloitte Touche Tohmatsu Limited, a UK private company that provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries.