Bulk of the young Australian workforce known as millenials is not keen on staying long in their jobs. Four out of five said in a survey that more than five years will be too much in a job.
These are the findings of a recently held annual global study called Deloitte Millennial Survey. Noting that millennials are short on employer loyalty, the survey said they are seeking increased leadership opportunities and workplace flexibility. It also said millenials will account for 75 percent of the global workforce by 2025.
“The millennials we interviewed globally place great importance on working for an organisation with innovative leaders who offer meaningful work,” Deloitte Australia’s Chief Operating Officer David Hill said.
According to the survey, 69 percent of the Australian millennials want to leave their employer in the next two years. This is because most of them are unhappy with the way their leadership skills are being groomed. The term millennials are reserved for those born after 1982. They now constitute a significant proportion of the younger professionals, reports AAP.
In other words, millennials want more fire in their jobs and greater involvement in driving the future of the organisation. Hill said good employers listen to the ideas of their younger staff. He said a failure in harnessing the energy and zeal of younger work force will increase the attrition rates.
The survey surmises that workplace loyalty has strong linkage with opportunities in climbing the corporate ladder. Workplace flexibility and a sense of purpose that transcends profit motives are other pull factors.
The study covered 7,700 young professionals worldwide. Some of the findings of the survey could be bad news for many employers. This is because many said the values they seek from a job will remain unchanged even with the passage of time.
The Deloitte survey also noted that those who are staying on with the jobs are lured by a strong sense of corporate purpose and leadership opportunities ahead. Meanwhile, a report of the PricewaterhouseCoopers released by the Australian Higher Education Industrial Association assumes significance. This followed the view that Australian universities needed help in navigating the economic changes.
According to a report in The Australian, Australian Universities had been ahead in adapting to changes. The government statistics showed that between 1996 and 2012, Australian universities doubled the number of award course completions. During the same period, the number of international students also increased six-fold. It further implied that until the global financial crisis affected the hiring rates, the university graduates had the brightest full-time employment rates.