For years, employers have been led to believe that millennial workers are habitual job-hoppers with one eye always on the door.
That perception—if it was ever accurate in the first place—might be increasingly off the mark.
Consider the 2017 Millennial Survey conducted by Deloitte. In a poll of roughly 8,000 millennial-age workers from 30 countries, 38 percent of respondents said they would leave their jobs within two years if given the opportunity. That number stood at 44 percent when Deloitte carried out the same survey last year. Additionally, 31 percent anticipate staying in their present roles beyond five years, compared to the 27 percent who said as much in 2016.
Some of the circumstances driving Generation Y to seek more stability in the workplace, it turns out, have little to do with work. For example, the survey sees the effects of terror attacks in Europe, the United Kingdom’s withdrawal from the European Union and—no surprise—a brutally contentious political climate in the United States leading millennials to cling more closely to the security of their current jobs.
Such matters are the main source of anxiety among millennials in mature markets such as France, Germany and the U.S. Meanwhile, a majority of Gen Y workers (58 percent) in emerging markets like Argentina, Brazil and India see crime and corruption as an even bigger threat, with 50 percent saying the same about hunger/healthcare/inequality.
“Millennials, especially those in mature European economies, have serious concerns about the directions in which their countries are going,” according to an executive summary of the findings. “They are particularly concerned about uncertainty arising from conflict, as well as other issues that include crime, corruption and unemployment.”
Indeed, the specter of unemployment lingers from past surveys, according to Deloitte, as this year’s poll finds 25 percent of millennials fearing the prospect of being out of work.
“Having lived through the ‘economic meltdown’ that began in 2008, and with high levels of youth unemployment continuing to be a feature of many economies, it is natural that millennials will continue to be concerned about the job market,” according to Deloitte.
Taken together, these factors are conspiring to create a real sense of fear among millennials, many of whom fret for their futures. In mature markets, for instance, just 36 percent of millennials predict they will be financially better off than their parents. Only 31 percent feel they’ll ultimately be happier.
“This pessimism is a reflection of how millennials’ personal concerns have shifted,” says Punit Renjen, Deloitte’s global CEO, in a statement. “Four years ago, climate change and resource scarcity were among millennials’ top concerns. This year, crime, corruption, war and political tensions are weighing on the minds of young professionals, which impacts both their personal and professional outlooks.”
Still, while many millennial workers question their ability to affect significant societal change on their own, these same employees feel they can make a difference with their employer’s help. The good news is that the corporate world is helping them do just that, with more than half of the millennials polled saying they are able to contribute to charities and worthwhile causes in their workplaces.
Of course, the organization also wins when employees get involved in such efforts.
“The survey’s findings suggest those given such opportunities show a greater level of loyalty to their employers, which is consistent with the connection we saw last year between loyalty and a company’s sense of purpose,” according to Jim Moffatt, Deloitte global consulting CEO.
“But, we are also seeing that purpose has benefits beyond retention. Those who have a chance to contribute are less pessimistic about their countries’ general social [and] political situations, and have a more positive opinion of business behavior.”