Millennial Loyalty – Millennial Concerns
Traditional problems in a new age world
In a strange twist of events, millennials are now more loyal than ever when considering their place of employment. A segment of the working world that has, until recently, been seen as dis-loyal when considering employment, the recent changes in economy and society have pushed this group into worry – now more concerned with keeping their current jobs than finding something better and brighter.
A recent survey by Deloitte revealed that millennials are much more loyal to their employers compared to a year ago. With job insecurity rife and an uncertain economic future across the board, the 2017 survey shows that this group has much heightened concerns and anxiety about what these global events mean for their own future prospects. Seeking stability rather than excitement, this shift has been seen much more regularly within developed countries and less so within developing countries – although this has been attributed to the amount of job opportunities as well as the social stability, many opting to be optimistic about what else is out there compared to the pessimistic attitude of developed countries. We have seen that those is developing countries have more of a “get up and go” attitude, willing to work freelance or as an entrepreneur in order to make their dreams a reality. Developed countries find that millennials no longer consider freelance work or starting their own business as a viable route to their goals.
With a shift in loyalty, based in concerns, it has been found that only one third of millennials will look for employment elsewhere or leave their jobs over the course of the year. This seems like a lot until we compare it to the previous survey which stated that nearly 66% of this group would quit their jobs in the year to seek brighter prospects, willing to risk uncertainty for a better future. Unemployment and the current job climate remain the biggest concerns within this group of working adults.
While this is dealing in general global standards, here at home the statistics seem to be a little different. South African millennials are found to be much more open to the prospects of freelance opportunities. While only 31% of the global millennial population are willing to consider freelance work, it is a much higher 43% in South Africa, showing that this group is much more willing to work for their own goals rather than consider job security as a decisive factor. Although this has been linked to the lack of job availability for the most part, pushing young adults to find their own road to success on the back of their own hard work.
Although more willing to work for themselves, unemployment is still a main worry within the South Africa job market. The Deloitte survey also found that only 43% of millennials are wary of leaving their jobs in the next two years, compared to the 54% found in the previous survey – showing that even in South Africa, this group would rather hold onto a stable job than seek out brighter prospects.
An interesting find to say the least, this not only highlights the plights of the modern job market, but also shows the willingness of our youth to learn and adapt to the ever changing world. Dealing with traditional problems in a modern world, this shift has seen from personal gain to brand loyalty.
Millennials in emerging markets generally expect to be better off than their parents, both materially and emotionally, said the report. South Africans are generally more optimistic – Millenialls feel their financial and emotional wellbeing is far better than that of their parents.