NEW YORK, May 20, 2019 /PRNewswire/ --
TUNE IN: Watch the Deloitte livestream event that will be
broadcast live from New York City
today at 9:30 AM EDT to discuss the latest insights from the
Deloitte Millennial Survey.
Facing continuous technological and societal disruption,
millennials and Gen Zs are disillusioned with traditional
institutions, skeptical of business' motives and pessimistic about
economic and social progress, according to the 2019 Deloitte
Millennial Survey, released today. The survey found that despite
global economic growth, expansion and opportunity, younger
generations are wary about the world and their place in it. But
they remain hopeful and lean on their values as both consumers and
employees.
"From the economic recession a decade ago to the Fourth
Industrial Revolution, millennials and Gen Zs have grown up in a
unique moment in time impacting connectivity, trust, privacy,
social mobility and work," says Michele
Parmelee, Deloitte Global Chief Talent Officer. "This
uncertainty is reflected in their personal views on business,
government, leadership and the need for positive societal change
agents. As business leaders, we must continue to embrace the issues
resonating most with these two generations, or risk losing out on
talent in an increasingly competitive market."
This "generation disrupted" is no less ambitious than previous
generations: More than half want to earn high salaries and be
wealthy. But their priorities have evolved, or at least been
delayed. Having children and other traditional signals of adulthood
"success markers" do not top their list of priorities. Instead,
they'd rather travel and see the world (57 percent) versus buying a
home (49 percent) and help their communities (46 percent) versus
having children (39 percent).
Their desire to make a difference is evident in both their
personal concerns—climate change and the environment topped that
long list—and in the factors they consider when choosing consumer
products and services, as well as employers.
Economic optimism, institutional trust and social mobility
continue to waver
Respondents' anticipation for economic improvement dipped to the
lowest level in six years. Only 26 percent of respondents expect
economic conditions in their countries to rally in the coming year,
down from 45 percent a year ago.
Income inequality and unemployment were cited as top
challenges facing the world today and are likely factors in their
pessimistic views toward the economy. Two-thirds of millennials
believe that some people are not given a fair chance at achieving
success. Respondents believe that government is most responsible
for improving social mobility, but they do not believe this is one
of government's top priorities.
Consistent with past surveys, respondents expressed low opinions
of political and religious leaders. Seventy-three percent said
political leaders are failing to have a positive impact on the
world, with two-thirds saying the same of faith leaders. About 45
percent of millennials said they have absolutely no trust in either
set of leaders as sources of reliable information. However,
respondents still believe government is best-equipped to solve the
world's most pressing challenges.
An evolving tech and media landscape underscores privacy and
cybersecurity concerns
Along with declining trust in governmental and religious
institutions, trust in media is low among millennials and Gen Zs.
Forty-three percent of respondents said that traditional media is
negatively impacting the world, and 27 percent expressed zero trust
in the media as a reliable source of information. As millennials
and Gen Zs look to gather information through alternative means,
concerns about the impact of social media are also pervasive.
Seventy-one percent of millennials feel fairly positive or very
positive about their personal use of digital devices and social
media. However, 64 percent of respondents believe they would be
physically healthier if they reduced social media consumption, and
41 percent wish they could stop using it completely.
Despite recognizing the detriments of social media, overall,
respondents are embracing technology. They are more skeptical,
though, when it comes to cybersecurity. Seventy-nine percent are
concerned they will be victims of online fraud. Similarly, 78
percent are worried about how organizations share personal data
with each other. This is eye-opening, considering that a quarter of
millennials have ended consumer relationships because of companies'
inability to protect data.
Business must adapt to values-driven consumers and
employees
Millennials' opinions about business continue to diminish, as 55
percent of respondents said business has a positive impact on
society, down from 61 percent in 2018. The decrease was driven, in
part, by views that businesses focus solely on their own agendas
rather than considering the consequences for society. Business will
have to work hard to improve this reputation because millennials
are putting their money where their mouths are: 42 percent have
started or deepened business relationships because they believe
companies' products or services are having positive impacts on
society and/or the environment, while 38 percent have ended or
lessened relationships with companies perceived to have a negative
impact.
Regarding technology's influence on the workforce, 49 percent of
millennials believe new technologies will augment their jobs, 46
percent believe the changing nature of work will make it tougher to
find or change jobs and 70 percent believe they may only have some
or few of the skills required to succeed in Industry 4.0.
Millennials believe business is most responsible for training
workers to meet evolving challenges, while Gen Zs—still largely in
school or recently graduated—put this responsibility on academia.
This presents an interesting opportunity for business and academia
to increasingly collaborate to solve tomorrow's workforce
challenges.
In terms of diversity and inclusion, there is a strong
correlation between millennials who plan to stay in their current
jobs and those who said their companies deliver best on indicators
such as diversity and inclusion. Additionally, a majority of
millennials responded that they give a "great deal" or "fair
amount" of importance to gender and ethnicity when considering
whether to work for an organization.
"Millennials and Gen Zs are conflicted about the role of
technology, and they are looking to business to help them adjust to
a new normal," Parmelee says. "To attract and retain young
employees, businesses should bolster their diversity and inclusion
initiatives, find new ways to incorporate these generations into
corporate societal impact programs and place a priority on
reskilling and training to ensure talent is prepared for what's
ahead."
MillZ Mood Monitor
As part of Deloitte's ongoing research on millennials, and now
Gen Z, Deloitte is also unveiling a new tool called the "MillZ Mood
Monitor," which will track respondents' year-over-year optimism
about key political, personal, environmental and socioeconomic
topics. Scores are based on responses related to economic,
social/political, personal, environmental and business
sentiments.
In the inaugural Mood Monitor, out of a total of 100,
millennials posted a score of 39; Gen Z scored 40. Scores were
boosted by generally positive feelings regarding business and the
environment. Despite a large drop-off the past couple of years, 55
percent of both groups still believe business is having a positive
impact on society. And about half of each group believes efforts to
protect the planet's health will be effective, compared to less
than 30 percent who aren't convinced.
Scores were hampered, though, by doubt about economic and
social/political situations. In both groups, men were more
optimistic than women, driven by a more positive economic outlook
and agreement that business has a positive impact upon wider
society.
For more information and to view the full research results of
2019 Millennial Survey, read the report here.
Editorial Note: The data and opinions in this press
release include the collective insights of both generations and in
some cases independent of each other and have been cited
accordingly.
Methodology
The 2019 report is based on the views of 13,416 millennials
questioned across 42 countries. Millennials included in the study
were born between January 1983 and
December 1994. This report also
includes responses from 3,009 Gen Z respondents in 10 countries.
Gen Z respondents were born between January
1995 and December 2002. The
overall sample size of 16,425 represents the largest survey of
millennials and Gen Zs completed in the eight years Deloitte Global
has published this report. This year's survey was expanded to
include a more diverse group of participants, including 31 percent
who did not have full-time employment status, and 34 percent who
did not hold a college or university degree.
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SOURCE Deloitte Global