As millennials are now the majority of the workforce, more than half are already ascending into leadership roles and transforming the way companies transact business. That change is not always going to be smooth. ‘Millennials want purpose in their work,’ said Stephanie Turner, manager at Deloitte’s Survey Research and Analytics Center. ‘This not in sacrifice of profits, but they are saying that profits will follow purpose.’ According to ‘The Millennial Majority is Transforming Your Culture’, a new white paper by Deloitte and the Billie Jean King Leadership Initiative (BJKLI), millennials are forging their own career paths and leaving behind the so-called ‘way we’ve always done it’. Nearly two-thirds of millennials saying they chose their organization because it seemed purpose-driven, according to the report. And of those who perceive their organizations as lacking a sense of purpose, only 20% report being satisfied. Meanwhile, there is a declining percentage of millennials who believe ‘businesses should work primarily to generate profit’. As evidenced by the survey, in 2013, 35% agreed with that statement, but by 2015 that number had dropped to 27%. “The research we’re doing with Deloitte highlights important generational differences in the business landscape,’ said King, tennis legend and founder of the BJKLI. ‘Organizations that are able to see-and reevaluate-their cultures through the eyes of this new generation of workers will be able to retain millennial talent, remain competitive, and foster innovation.’ Millennials also demand the latest technology, and are impatient for innovation. Eight in 10 agree that developments in technology will make their working lives ‘more fulfilling’, according to the research. However, they’re impatient with the pace of innovation with one-quarter citing ‘the attitude of senior management’ as a barrier to innovation. As for their work/life balance, millennials believe that work needs to fit in life, not life into work. Millennials identified ‘flexible working conditions and work/life integration’ as the top way organizations would have to change if they wish to improve retention. Finally, millennials are not as committed to the career ladder as other generations. Although 41% of millennials in our survey had already accumulated at least four direct reports, only 38% of millennials in developed markets aspire to the most senior position in their organization. In fact, the survey said that half would like to ‘get to a senior position, but not number one.’
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