Millennials crave leadership development, says study

by John Hilton18 Jan 2016
It’s crucial that organisations take note of leadership development opportunities in order to gain the loyalty of millennials in their workforce, according to Deloitte’s fifth annual Millennial survey.

The results found that 44% of millennials said that if given the choice they expect to leave their current employers in the next two years.

Moreover, the number jumps 66% when the time frame is extended to 2020.

The research included a study of 7,700 millennials comprising 29 countries around the world. 

In particular, the millennials nominated a lack of leadership development skills as a reason for their near-term career changes.

Nearly two-thirds (63%) said their leadership skills were not being fully developed and 71% of those expecting to leave their employer in the next two years are unhappy with how their leadership skills are being developed  - this is 17 points higher than among those intending to stay beyond 2020.

Additionally, they are especially focused on both productivity and personal growth. This includes spending more time discussing new ways of working, developing their skills and being monitored.

Further, millennials want businesses to harness their energy more towards people – such as employees, customers and society – products, and purpose, and less on profits.

Punit Renjen, Deloitte Global CEO said millennials place great importance on their organisation's purpose beyond financial success, remaining true to their values and opportunities for professional development.

“Leaders need to demonstrate they appreciate these priorities, or their organisations will continue to be at risk of losing a large percentage of their workforce," said Renjen.

"Fortunately, Millennials have provided business with a roadmap of how employers can meet their needs for career satisfaction and professional development."

Millennials also want organisations which will connect them to mentors, encourage a work/life balance and provide flexibility which allows them to work where they are most productive.

They also want greater control over their careers, and to work in organisations which reward open communications, ethical behaviour and inclusiveness.