Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Business needs to reset its purpose to attract Millennials

Media release

15 January 2015

Business needs to reset its purpose to attract Millennials, according to Deloitte’s annual survey

Business should focus on people and purpose, not just products and profits in the 21st century according to Deloitte’s fourth annual Millennial Survey released today. This and other findings from the survey suggest businesses, particularly in developed markets, will need to make significant changes to attract and retain the future workforce.

Deloitte Global surveyed tomorrow’s leaders, from 29 countries, on effective leadership, how business operates and impacts society. Millennials overwhelmingly believe (75 percent) businesses are focused on their own agenda rather than helping to improve society.

“The message is clear: when looking at their career goals, today’s Millennials are just as interested in how a business develops its people and how it contributes to society as they are in its products and profits,” said Hamish Wilson, Deloitte partner and human capital leader. “These findings should be viewed as a wake-up call to the business community, particularly in developed markets like New Zealand, that they need to change the way they engage Millennial talent or risk being left behind.”

Only 28 percent of Millennials feel their current organisation is making full use of their skills. More than half (53 percent) aspire to become the leader or most senior executive within their current organisation, with a clear ambition gap between Millennials in emerging markets and developed markets. Sixty-five percent of emerging-market based Millennials said they would like to achieve this goal, compared to only 38 percent in developed markets. This figure was also higher among men.

Additionally, the survey found large global businesses have less appeal for Millennials in developed markets (35 percent) compared to emerging markets (51 percent). Developed-market based Millennials are also less inclined (11 percent) than Millennials in emerging markets (22 percent) to start their own business.

Other notable findings from the survey include:

Millennials want to work for organisations with purpose. For six in 10 Millennials, a “sense of purpose,” is part of the reason they chose to work for their current employers. Among Millennials who are relatively high users of social networking tools (the “super-connected Millennials”), there appears to be even greater focus on business purpose; 77 percent of this group report their company’s purpose was part of the reason they chose to work there, compared to just 46 percent of those who are the “least connected.”

Technology, media, and telecommunications (TMT) most attractive employers. TMT ranked most desirable sector and the one to provide the most valuable skills according to Millennials. Men (24 percent) were nearly twice as likely as women (13 percent) to rank TMT as the number one sector to work in. Among broader sectors, leadership is perceived to be strongest in the TMT sector (33 percent). This percentage was three times higher than second ranked food and beverages (10 percent), and four times that for third-ranked banking/financial services (8 percent). In addition, when asked about the businesses that most resonated with Millennials as leaders, Google and Apple top the list of businesses, each selected by 11 percent of respondents.

Confidence Gap? Millennial men more likely to pursue leadership. Millennial men were somewhat more likely to say they would like to secure the ‘top job’ within their organisation than women (59 percent vs. 47 percent). Women were also less likely to rank their leadership skills at graduation as strong; 27 percent of men vs. 21 percent of women rated this skill as strong. However, when asked what they would emphasise as leaders women were more likely to say employee growth and development (34 percent compared to 30 percent), an area that many Millennials felt was lacking within their current organisations.

Organisations and higher education must do more to nurture emerging leaders. While overall Millennials did not feel their organisations make full use of their skills (only 28 percent say their organisation makes full use of their skills), this figure falls significantly among Millennials in developed markets to just 23 percent. In addition, it falls below 20 percent in Japan (9 percent), Turkey (15 percent), South Korea (17 percent) and Chile (19 percent). When asked to estimate the contributions that skills gained in higher education made to achievement of their organisation’s goals, Millennials’ average figure is 37 percent.

The changing characteristics of leadership. Today’s Millennials place less value on visible (19 percent), well-networked (17 percent), and technically-skilled (17 percent) leaders. Instead, they define true leaders as strategic thinkers (39 percent), inspirational (37 percent), personable (34 percent) and visionary (31 percent).

“Millennials want more from business than might have been the case 50, 20, or even 10 years ago,” said Mr Wilson. “They are sending a very strong signal to the world’s leaders that when doing business, they should do so with purpose. The pursuit of this different and better way of operating in the 21st century begins by redefining leadership.”

To download the full report please visit: www.deloitte.com\millennialsurvey


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tiwai Point: Rio Tinto Announces Plans To Close Tiwai Point Smelter

Rio Tinto has just announced that it will wind down New Zealand Aluminium Smelters - the Tiwai Point smelter - saying the business is no longer viable. More>>

ALSO:

Freight: New Report On Auckland Port Relocation

The Government has released a major new report on the options for relocating the Port of Auckland’s freight operations while deferring any decision on the issue. More>>

ALSO:

Chartered Accountants: COVID-19 Fails To Knock Kiwi Investor Confidence, But More Disclosure Wanted

Three months of COVID-19 lockdown and investment turmoil has done little to knock confidence in New Zealand capital markets and listed companies with overall investor sentiment very similar to 2019, an investor survey held in mid June shows. However, ... More>>

ALSO:

Taxation: Black-Market Tobacco Sidesteps $287 Million In Excise Tax

Year-on-year increases in consumption of illicit tobacco in New Zealand have seen illegal trade swell to 11.5% of the total market. If consumed legally, illicit products would have netted the Government $287 million in excise tax during 2019. Independent ... More>>

ALSO:

Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>

ALSO:

XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>

ALSO:

Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>

ALSO:

Electricity: Transmission Pricing For A Low Carbon Future

The Electricity Authority has decided on new guidelines for transmission pricing. James Stevenson-Wallace, Chief Executive of the Electricity Authority says the new guidelines will deliver significant benefits to consumers, through lower electricity ... More>>

ALSO:

RNZ: Economic Activity And Business Confidence Bouncing Back

Two surveys from ANZ show business confidence and economic activity have rebounded, but uncertainty about the future remains extreme. More>>

ALSO:

NIWA: The Climate Record That Keeps Getting Broken

Among the multitude of New Zealand climate statistics there is one record that continues to be broken month after month. Since January 2017 there has not been one month that recorded a below average nationwide temperature, according to NIWA’s seven station ... More>>

ALSO:

Govt: Extended Loan Scheme Keeps Business Afloat

Small businesses are getting greater certainty about access to finance with an extension to the interest-free cashflow loan scheme to the end of the year. The Small Business Cashflow Loan Scheme has already been extended once, to 24 July. Revenue and Small ... More>>

ALSO:

Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>

ALSO:


RNZ: Fuel, Alcohol Costs To Go Up From Today

The increase today in the taxes on fuel, road user charges and alcohol is being called a tone-deaf move. More>>

ALSO:

Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>


DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>

ALSO:

New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>

ALSO: