Reset business to attract millennials

Businesses, particularly in developed markets, will need to make significant changes to attract and retain the future workforce, finds Deloitte's fourth annual millennial survey on effective leadership. According to the survey, conducted in 29 countries, 75 per cent millennials believe businesses are focused on their own agendas rather than helping to improve the society. Among millennials who are relatively high users of social networking tools, there appears to be even greater focus on business purpose; 77 per cent of this group report their company's purpose was part of the reason they chose to work there.

Only 28 per cent of millennials feel their current organisation is making full use of their skills. More than half (53 per cent) aspire to become the leader or most senior executive within their current organisation, with a clear ambition gap between millennials in emerging markets and developed markets - 65 per cent of those in emerging markets said they would like to achieve this goal, compared to only 38 per cent in developed markets. This figure was also higher among men.

Additionally, the survey found large global businesses have less appeal for millennials in developed markets (35 per cent) compared to emerging markets (51 per cent). Millennials in developed markets are also less inclined than millennials in emerging markets (22 per cent) to start their own business.