Businesses must adjust how they nurture loyalty among millennials or risk losing a large percentage of their workforces, according to Deloitte’s fifth annual Millennial Survey.

Forty-four per cent of millennials say, if given the choice, they expect to leave their current employers in the next two years. That figure increases to 66 per cent when the time frame is extended to 2020. The findings were revealed through a survey of nearly 7,700 millennials from 29 countries during September and October 2015.

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

But, larger issues around work/life balance, the desire for flexibility, and differences around business values are influencing their opinions and behaviours. 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.

Jessica Mello, director in consulting for Deloitte Ltd in Bermuda, said: “We often hear from our clients that they recognise their millennial employees have different values and priorities than older employees. Leaders are trying to adapt to millennials’ needs, but often don’t know how. Our research provides clients with first steps in how to earn millennials’ loyalty, so they can keep younger talent engaged and motivated in their organisations.”

Millennials seek employers with similar values; seven in ten believe their personal values are shared by the organisations for which they work. This is the potential “silver lining” for organisations aiming to retain these young professionals.

Closing the “purpose gap” also will be critical to attracting and keeping millennials. They want to work for organisations that focus on improving the skills, income, and ‘satisfaction levels’ of employees; create jobs; and provide goods and services that have a positive impact on peoples’ lives. Millennials recognise the need for businesses to be profitable and to grow, but feel organisations are often too focused on those objectives. To millennials, organisations with a strong sense of purpose will achieve long-term success while organisations that do not are at risk.

According to the survey, employers that provide opportunities for leadership development; connect millennials to mentors; encourage a work/life balance; provide flexibility that allows millennials to work where they’re most productive; give them more control over their careers; and foster cultures that encourage and reward open communications, ethical behaviour, and inclusiveness, are those that will be most successful in retaining millennial employees.

Katherine Cupidore, human capital, consulting for Deloitte Ltd, said: “It has been our observation that, increasingly, candidates for new positions in our market are asking about the culture and values of organisations, not just about the services and benefits they offer. In large part, prospective employees do their research on a company’s priorities, and the organisations that will appeal most to millennials will be those who do a good job of articulating their values and their purpose.”

Contrary to perception, the survey found that millennials aren’t particularly influenced by the “buzz” around particular businesses or employers. Survey respondents also indicate little desire to be famous, have a high profile on social media, or accumulate great wealth. Instead, in broad terms, millennials’ personal goals are rather traditional. They want to own their own homes, they desire a partner for life, and they seek financial security that allows them to save enough money for a comfortable retirement. The ambition to make positive contributions to their organisations’ success and/or to the world in general also rate highly.

When asked to state the level of influence different factors have on their decision-making at work, “my personal values /morals” ranked first. Most millennials have no problem standing their ground when asked to do something that conflicts with their personal values. This includes more-senior millennials, whose emphasis on personal values continues into the boardroom — suggesting future leaders will base their decisions as much on personal values as on the achievement of specific organisational targets or goals.

Additional findings from the survey include:

• High correlation between satisfaction and purpose. Forty per cent of millennials reporting high job satisfaction, and 40 per cent who plan to remain in their jobs with their current employer beyond 2020, say their employers have a strong sense of purpose beyond financial success. The figures among those reporting low satisfaction, and those who plan to leave within two years, was just 22 per cent and 26 per cent, respectively.

• More than economic factors driving millennials to leave. The desire to leave their current job during the next five years is greater among millennials in emerging markets (69 per cent) than in developed economies (61 per cent). However, outliers — including the UK, where the rate is 71 per cent — suggest the desire to move on is not merely a function of the economic climate.

• Business as a force for good. Millennials continue to hold business in high regard; three-quarters (73 per cent) maintain that it has a positive impact on wider society. This figure is unchanged since 2014 and shows that, despite a downturn in certain local and regional economies, millennials remain upbeat about business’s potential to do good.

• Unhappy with leadership development. Almost two-thirds (63 per cent) of millennials feel their leadership skills are not being fully developed, and 71 per cent of those expecting to leave their employer in the next two years are unhappy with how their leadership skills are being developed — a full 17 points higher than among those intending to stay beyond 2020.

• Focused on productivity, personal growth. Millennials want to spend more time discussing new ways of working, developing their skills, and being mentored.

• Seeking flexibility. Three-quarters of millennials would prefer to work from home or other locations where they feel they could be most productive. However, only 43 per cent currently are allowed to do this.

• Feeling in control. Three-quarters (77 per cent) of millennials feel in control of their career paths.

Deloitte Global 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 to 23, 2016.

The research findings are based on a study conducted by Deloitte Global of nearly 7,700 millennials representing 29 countries around the globe. Screening questions at the recruitment stage ensured that all respondents were millennials — were born after 1982, have obtained a college or university degree, are employed full-time, and predominantly work in large (100-plus employees), private-sector organisations.

For more information about Human Capital Services at Deloitte, contact Jessica Mello, Director in Consulting at Deloitte, on 292-1500 or at jessica.mello@deloitte.com, or Katherine Cupidore, Human Capital – Consulting at Deloitte on 292 1500 or at katherine.cupidore@deloitte.com.