Millennials are notoriously unlike their parents in that they don’t tend to stay long in the one job.
However, flexible working — including choosing when to start and finish work each day — looks like being the key to gaining their loyalty in Australia.
Almost 60% of millennials in Australia plan to leave their jobs in the next two years, according to the latest Deloitte annual global survey.
Those who intend to stay the longest shared their organisation’s values and resonated with their organisation’s purpose, says David Brown, human capital leader for Deloitte.
“This year’s survey also showed how critical flexible working practices are to retaining millennials,” he says.
In Australia, 80% of millennials say flexible working practices improve their productivity while 77% say it improves their engagement with work.
In highly flexible working environments, the difference between those who see themselves leaving within two years (35%) is just two points above those anticipating to stay beyond five years (33%).
But in least-flexible companies, there is an 18 point gap with 45% seeing themselves leaving in two years versus 27% staying beyond five years.
“This difference is significant and highlights the need for Australian employers to prioritise flexible working as a key retention tool,” says Brown.
Overall, Australian millennials are significantly more pessimistic about their financial and emotional well-being than their global counterparts.
In mature markets (such as Europe and the US) 36% predicted they will be financially better off than their parents and 31% said they would be happier.
In Australia just 8% of millennials believe they will better off than their parents and only 4% believe they will be happier.
Only 28% expect the overall economic situation in Australia to improve in the next year compared to a global average of 45%.
“For millennials, it seems Australia no longer looks like the lucky country,” says David Hill, Deloitte Australia’s chief operating officer.
“I suspect booming house prices in the major cities of Sydney and Melbourne are partly to blame for this pessimism, with many young Australians believing the dream of owning their own home is increasingly out of reach,” he says.
“It’s another indicator for state and federal governments of the need to find answers to the question of housing affordability.”
The Deloitte study surveyed 7900 millennials, those born after 1982, across 30 countries, including 300 in Australia.
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