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1 February 2019

Millennials and Generation Z: loyal to businesses?

This text was based on the Deloitte study: Millennial Survey. In the analysis of the survey it was considered that the Millennials were born between 1983 and 1994, and that Generation Z refers to individuals who were born between 1995 and 1999. In fact, what Millennials and Generation Z expect from companies and what they observe has direct consequences on their loyalty and the time they want to stay in the company. It is observable in the study that Millennials and Generation Z feel a great deal of detachment from the companies, because they do not believe that they see beyond profit and revenue, which discourages them. But what are the factors that influence loyalty? Companies that are seen as only interested in their profits do not create loyalty among their employees - this is not a naive feeling, either generation or another, they realize that profit is necessary, but they believe that there are values ??and strategies that should be considered as revenues. On the other hand, there are factors that contribute to employee loyalty: financial reward, positive work culture, flexibility, continuing learning opportunity, wellness and incentive programs, good ethical behavior, diversity and inclusion, volunteer / make a difference in society. It is noted that Millennials put first the financial reward - it may seem a little hypocritical, but it really has to do with the idea they defend: wealth must be distributed by employees, which consequently leads to a higher quality of life - and then to a positive work culture. On the other hand, generation Z chooses the positive work culture as the most important factor, and the financial reward as the second factor. Curiously, the two generations think that flexibility is the third factor that most influences worker loyalty. The interest in the economy of odd jobs Increasingly, there is an increase in the number of people who leave their jobs full time to engage in shorter contracts, or to be freelancers. In the study it was possible to find out that there was a majority that apart from his full-time job has already done, does or thinks to do freelance work, or even leave his job to devote himself to it. But why? Interestingly, 62% of respondents reported that it is due to a possibility of higher income. On the other hand, flexibility and freedom are factors that weigh heavily when making a decision to leave full-time work to become a freelancer. But will employers be able to offer higher salaries and more flexibility to their employees? If they cannot, they can see a large segment of their teams leaving. Flexibility continues to be very important for both generations The issue of flexibility is a relevant issue, as the desire not to have a tight schedule and only one workplace has been increasing over the years. In fact, 55% of respondents believe there is more flexibility in business than three years ago. For both generations this flexibility demonstrates confidence in the employees, which is highly appreciated by the latter. In the same sense, they believe it increases productivity and profitability, that is, a situation of mutual benefit.
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