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Stressed millennials less likely to job-hop

Millennials are worried about the future — and less likely to want to job-hop as a result, a new survey revealed.

The survey, by professional-services firm Deloitte, said the millennial generation, those born after 1982, were “stressed” by world events last year like terrorist attacks in Europe, the UK's decision to quit the EU and the US election of Donald Trump as president.

And Deloitte said yesterday the results of the worldwide survey reflected the concerns of young Bermudians as well.

The report said that millennials were less likely to leave the security of their jobs, more concerned about uncertainty arising from conflict and not optimistic about the directions their countries are going.

Katherine Cupidore, director of human capital at Deloitte Bermuda, said: “In general, there are many trends and perceptions of our local millennials that reflect issues we see elsewhere.

“For example, their focus on the challenges in the political landscape and Brexit and the uncertainty about how it may impact their personal and professional lives.”

Punit Renjen, Deloitte Global CEO, warned that big business had to do more to reflect the coming generation's concern about society and wider social issues.

He said: “This pessimism is a reflection of how millennials' personal concerns have shifted. Four years ago, climate change and resource scarcity were among millennials' top concerns.

“This year, crime, corruption, war and the political tensions were weighing on the minds of young professionals, which impacts both their personal and professional outlooks.”

The survey, which involved 8,000 millennials in 30 countries, found that the “loyalty gap” last year between those who saw themselves leaving their companies within two years and those who anticipated staying beyond five years had narrowed from 17 percentage points to seven.

Mr Renjen said: “Millennials' anxiety may be partially responsible for more young professionals wanting to remain in their jobs.”

Millennials in firms that offer flexible working appeared to be more loyal to employers and were two-and-a-half times more likely to believe that flexibility improved financial performance as well as the wellbeing of staff.

Ms Cupidore said: “An innovative option for local businesses would be flexible work hours, mobility, pro bono projects — essentially to weave purpose into their mission and values in addition to corporate social responsibility.”

But she added: “This should be available not only for the millennials, but to every generation. My belief is that we are all seeking purpose and value and this transcends generations — however, the differences that could potentially arise in articulating these desires may be challenging to some.”

The report also showed a gap in views between millennials in emerging markets and those in more mature markets.

A total of 71 per cent of young people in emerging areas expected to be better off financially than their parents, while 62 per cent thought they would also be better off emotionally than the previous generation.

In mature markets, however, only 36 per cent of millennials predicted they would be more prosperous than their parents and just 31 per cent thought they would be happier.

And in only 11 of the 30 countries in the survey showed a majority of young people who expected to be happier than their parents.

The US was the only established market where a majority of young professionals thought they would be richer than their parents.

The report said that millennials felt accountable and welcomed opportunities to become involved with “good causes” at the local level.

The chance to do good as part of employers' policy was said to give millennials “a greater sense of influence”.

Deloitte Bermuda's Katherine Cupidore

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Published February 15, 2017 at 8:00 am (Updated February 16, 2017 at 11:48 pm)

Stressed millennials less likely to job-hop

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