Milennials are no longer future leaders of industry. They are today's leaders. So, when nearly half of them -- especially women -- say they have one foot out the door at their current employer, it's worth understanding why.
According to Deloitte's 2016 survey of nearly 7,700 Millennials -- those born between 1982 and 1998 -- from 29 countries, not only are Millennials' motivations and priorities different from those of their older colleagues, so is their sense of loyalty to their current employer.
One quarter of respondents said they were likely to leave their current employer in the next year, and 44% said they would within two years. Among the women, 67% said they would leave their employer in the next five years versus 64% of men.
There could be a number of reasons for this, including the fact that many may have been with their current employers for several years by now, but the report's authors also suggest that ongoing gender bias, or at least gender differences, could play a role as well.
Deloitte found that 21% of Millennial men lead a department or are senior managers versus only 16% of women. It suggests that this is a result of either gender bias or women not seeking out senior roles. Only 21% of women, compared to 27% of men, reported that they felt they had strong leadership skills, suggesting the latter is likely -- that women are often holding themselves back. (See Intel Urges Women to Take Advantage of Their Seat at the Table and Cisco's Kanouff Says the ‘Door is Open' for Women in Comms.)
At the same time, 48% of women indicated they felt they are "being overlooked for potential leadership positions," suggesting bias abounds as well. (See Tales From the Valley: Bias, Sexism & Worse and McKinsey: Women Less Likely to Advance at Work.)
For men and women combined, both indicated that they thought their "leadership skills are not being fully developed" and that their current employers are not making "full use" of the skills they currently have to offer.
Milennials, as a whole, also indicated different values than older generations. Rather than focus solely on the paycheck, things like the company culture, work-life balance, social responsibility and ethics mattered most. Their own personal values were of utmost importance.
Here again, men and women tended to differ in their responses somewhat, with women placing more importance on the company culture and men caring more about products and performance. (See Championing Change: It's a Cultural Thing and What Is Your Company's Gender IQ?)
Considering that Millennials will make up 75% of the workforce by 2025, understanding what drives them and how to retain them -- both men and especially women, who are more prone to leave -- is critically important. (See Vodafone's Doberneck: Put Policies Into Practice to Retain Women.)
Deloitte points out that 70% believe their employers share their personal values, which is a great start. It also suggests that, in order to keep Millennials around, these companies focus on encouraging mentorship, have purpose beyond profit, provide development opportunities, create the "perfect" job environment and help Millennials feel in control of their careers.
— Sarah Thomas, , Editorial Operations Director, Light Reading