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Millennials are dissatisfied, leaving their jobs – survey

Four in 10 of millennial employees are thinking of resigning within the next two years because they don’t feel their leadership skills have been developed enough, survey said.

Millennials are those born after 1982 or those individuals who reached adulthood around the turn of the 21st century although the precise delineation varies from one source to another. By 2020, millennials are also expected to comprise half of the global workforce.

Deloitte’s fifth annual Millennial Survey, released by local member practice Navarro Amper & Co., said this dissatisfaction among millennial employees stems partly from feelings of being underutilized and the perception that they are not being developed as leaders: 62 percent of Filipino millennials say their leadership skills are not being fully developed in their current organization. Among those who said they plan to leave within two years, 61 percent feel that they are being overlooked for potential leadership positions.

Who will leave the business in the next…

Who will leave the business in the next…

Given the choice, 40 percent of Filipino millennials would leave their current employers within two years, with that figure rising to 64 percent when the timeframe is extended to 2020.

Globally, 44 percent of millennials expect to resign within two years, 66 percent within five.

“With a maximum age of 33, millennials are entering that period where they expect to have more say in the way their organization is run,” said Greg Navarro, Managing Partner & CEO of Navarro Amper & Co.

“So in managing and engaging them, leaders have to keep this in mind and come up with a development track that recognizes that ambition: Is there room at the top for these young professionals and are they getting the necessary training for those posts?”

Personal values trump company targets

The survey also revealed that millennials are bringing their own values with them into the workplace. Respondents who are currently occupying junior or senior level posts were asked what factors influence them when making decisions at work.

For Filipino millennials, personal values and morals topped the list, with little discrepancy between job levels – 74 percent of junior level and 76 percent of senior level millennials cited it as having a high degree of influence. Globally, 64 percent of senior level millennials and 49 percent of juniors rely on their personal values.

Relative degree of importance when choosing an employer

Relative degree of importance when choosing an employer

Regardless of job level, 69 percent of Filipino millennials also consider personal goals and ambitions when making decisions, while 59 percent think about their organizations’ formal targets or objectives in their decision-making process.

To gain some insight into these personal values, the survey asked millennials what metrics they think should be used when taking stock of a company’s success. For starters, 81 percent of Filipino millennials say business success should be measured by more than financial performance, compared to 87 percent globally.

Job Satisfaction

The survey also showed that Filipino millennials put a higher importance on job than other millennials. Seventy-five percent of Filipino millennials said employee satisfaction/being a great place to work is an important factor when measuring business success, compared to 62 percent globally. This was followed by quality of its products/services at 72 percent, compared to 63 percent globally. At the bottom of the list is level of efficiency, at 56 percent (48 percent globally).

“Consistent with last year’s survey results, millennials tend to have ‘people-first’ values. For them, a successful business takes care of its employees first and foremost. This is something business leaders should consider as more and more millennials take on positions of authority: How will the values of this generation affect the focus and direction of businesses? These priorities should also clue leaders in on how to keep and attract these employees. This is critical particularly for local businesses since we are going to see a dearth of new graduates in the next two years due to the K to 12 Program,” said Navarro.

Millennials’ focus on employee satisfaction carries on to what they think makes for an ideal workplace.

When asked what factors – outside of salary – they consider important when choosing to work for an organization, Filipino millennials ranked good work-life balance as the most important (15.3 percent), followed by opportunities to progress/take on leadership role (14.7 percent), and training programs offered to support professional development (9.2 percent).

The least important factors for them are whether the organization is fast growing/dynamic (4.4 percent), its investment in and use of latest technology (4.2 percent), and the reputation of its leaders/senior executives (3.2 percent).

Conducted in the last quarter of 2015, the survey covered nearly 7,700 from 29 countries, including 300 from the Philippines. All millennials polled for this survey have obtained a college or university degree, are employed fulltime, and predominantly work in large (100+ employees), private sector organizations.

Navarro Amper & Co. is a member of Deloitte Southeast Asia Ltd – a member firm of Deloitte Touche Tohmatsu Limited comprising Deloitte practices operating in Brunei, Cambodia, Guam, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam – which was established to deliver measurable value to the particular demands of increasingly intra-regional and fast growing companies and enterprises.

Comprising 270 partners and over 7,300 professionals in 25 office locations, the subsidiaries and affiliates of Deloitte Southeast Asia Ltd combine their technical expertise and deep industry knowledge to deliver consistent high quality services to companies in the region.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities.

Deloitte provides audit, consulting, financial advisory, risk management, tax and related services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries and territories, Deloitte’s 225,000 professionals bring world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges.