Gen Y lack faith in govt's ability to tackle unemployment: Deloitte

Says attract and retain talent, business needs to show Millennials it is innovative and in tune with their world view

Youngsters, who are likely to account for majority of global work force in the next decade are losing faith in governments' ability to address challenges of unemployment and income inequality, says a Deloitte survey.

The survey that covered close to 8,000 millennials in 28 countries found that almost half of them feel governments' not doing enough is having a negative impact on areas identified as among the top challenges such as unemployment (47%), resource scarcity (43%), and income inequality (56%).

Generally those in the age group of 18-35 years are referred as millennials or Generation Y (Gen Y).

The findings of the Deloitte Millennial survey are hardly surprising when youth unemployment runs two to four times higher than adults in most countries.

Generation Y are likely to comprise 75% of the global workforce by 2025. People from this category want to work for organisations that foster innovative thinking, develop their skills, and make a positive contribution to society.

"To attract and retain talent, business needs to show Millennials it is innovative and in tune with their world view," Deloitte Touche Tohmatsu Ltd (DTTL) CEO Barry Salzberg said.

Millennials want to work for organisations that support innovation, the survey said, adding that the biggest barriers to innovation are management attitude, operational structures and procedures, and employee skills and attitudes.

Moreover, half of the millennials want to work for a business with ethical practices, the survey said.

"Fostering a culture of innovation will not only help retain high-performing talent but it will also drive growth by creating opportunities for individuals to unlock the next game-changing innovations," Salzberg said.

Most millennials (74%) believe business is having a positive impact on society by generating jobs and increasing prosperity, but they think business can do much more to address society's challenges in the areas of most concern like resource scarcity, climate change and income inequality.

Millennials believe the success of a business should be measured in terms of more than just its financial performance, with a focus on improving society among the most important things.

Around 63% of millennials donate to charities, 43% are willing to actively volunteer and 52% have signed petitions.