Businesses under pressure to meet Millennials' expectations

Cashmanager | 8 years ago

Businesses across the globe are under more pressure than ever to meet the needs and demands of the Millennial generation - those typically born between the early 1980s and 2000s - Deloitte’s third annual Millennial Survey has showed. Almost 7,800 people were questioned across 28 countries about business and innovation, the way companies interact with society and how leaders behave. Results showed that 74 per cent of Millennials believe business is having a positive impact on society by increasing jobs and prosperity - but there is still plenty of room for improvement. The scarcity of resources, climate change and income inequality were identified as the three biggest areas where changes are needed. Millennials also expect organisations to do what they can to encourage innovative thinking. More than three-quarters (78 per cent) of those polled said they are influenced by how innovative a company is when deciding whether they want to work there. However, a large number claimed their employer does not do much to encourage creative thinking, with 63 per cent blaming the attitude of their managers. Operational structures and procedures, employee skills and attitudes and a lack of diversity all featured on the list as well. Deloitte acknowledged that businesses need to do more to nurture their emerging leaders, especially as one in four Millennials wants the opportunity to demonstrate leadership skills. There are various ways in which companies can achieve this. Giving employees the opportunity to train in areas outside their job description - such as business accounting software - could be one way to accommodate their needs. Three-quarters of those polled revealed their organisations could do more to develop the talents of future leaders, so this might be an area businesses want to address in 2014. Furthermore, many people said the success of a company should be measured based on more than just its financial performance.