Busi­nesses risk los­ing top tal­ent

Lesotho Times - - Business -

JO­HAN­NES­BURG — In the next year, given the choice, one in four global Mil­len­ni­als would quit his or her cur­rent job and do some­thing dif­fer­ent, ac­cord­ing to Deloitte’s fifth an­nual Mil­len­nial Sur­vey.

The fig­ure in­creases when the time frame is ex­panded to five years with 76 per­cent of South African Mil­len­ni­als sur­veyed ex­pect­ing to quit their cur­rent em­ployer by 2020. In gen­eral, the in­ten­tion to move on is greater in emerg­ing mar­kets, at 69 per­cent, than ma­ture economies, at 61 per­cent.

“It is thus im­per­a­tive for busi­nesses to ad­just how they nur­ture loy­alty among Mil­len­ni­als or risk los­ing a large per­cent­age of their work­forces,” says hu­man cap­i­tal leader for Deloitte in South Africa, Werner Nieu­woudt.

Mil­len­ni­als cur­rently rank as the largest group­ing in SA’S pop­u­la­tion of al­most 54 mil­lion, ac­cord­ing to Deloitte.

“The po­ten­tial ex­o­dus is not only linked to ju­nior ap­point­ments but even those Mil­len­ni­als in se­nior po­si­tions ex­pressed the in­ten­tion to leave their or­gan­i­sa­tions rel­a­tively soon,” says Nieu­woudt.

In the cur­rent sur­vey, about one in five re­spon­dents are ei­ther the head of a depart­ment or divi­sion or have a po­si­tion within his or her se­nior man­age­ment team or board.

“Clearly, Mil­len­ni­als no longer have the po­ten­tial to shape the for­tunes of their or­gan­i­sa­tions; many are al­ready in po­si­tions to do so,” says Nieu­woudt.

“How­ever, while they oc­cupy such in­flu­en­tial po­si­tions and have pre­sum­ably en­joyed sat­is­fac­tory ca­reer tra­jec­to­ries, a ma­jor­ity still be­lieve they will leave their cur­rent busi­nesses in the next five years.’

‘’While this nat­u­rally rep­re­sents gains for new em­ploy­ers this is a sig­nif­i­cant amount of se­nior tal­ent (and in­vest­ment) to be walk­ing out the door,’’ he adds.

Con­cerns re­gard­ing a lack of de­vel­op­ment of lead­er­ship skills and feel­ings of be­ing over­looked were of­ten voiced by those sur­veyed con­sid­er­ing near-term ca­reer changes.

How­ever, larger is­sues around work/ life bal­ance, the de­sire for flex­i­bil­ity, and dif­fer­ences around busi­ness val­ues emerged as a larger in­flu­encer of opin­ion and be­hav­iour.

Mil­len­ni­als ap­pear to be guided by strong val­ues at all stages of their ca­reers; it’s ap­par­ent in the em­ploy­ers they choose, the as­sign­ments they’re will­ing to ac­cept, and the de­ci­sions they make as they take on more se­nior-level roles.

While they con­tinue to ex­press a pos­i­tive view of busi­ness’ role in so­ci­ety and have soft­ened their neg­a­tive per­cep­tions of busi­ness’ mo­ti­va­tion and ethics com­pared to prior sur­veys, Mil­len­ni­als still want busi­nesses to fo­cus more on peo­ple (em­ploy­ees, cus­tomers, and so­ci­ety), prod­ucts, and pur­pose—and less on prof­its.

Pu­nit Ren­jen, Deloitte Global CEO, says busi­ness lead­ers need to demon­strate they ap­pre­ci­ate th­ese pri­or­i­ties, or their or­gan­i­sa­tions will con­tinue to be at risk.

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

Deloitte lead­ers will be dis­cussing the Deloitte Mil­len­nial Sur­vey and the im­pact of Mil­len­ni­als on busi­ness and em­ploy­ers at the World Eco­nomic Fo­rum’s an­nual con­fer­ence in Davos, Switzer­land, from Jan­uary 20-23. — IOL

Mil­len­ni­als ap­pear to be guided by strong val­ues at all stages of their ca­reers.

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