Millennials are pushing companies to redefine their goals, mostly in good ways, business leaders say. But the generation’s desire for autonomy is a big risk for the pipeline of future leaders, and especially women, according to Catherine Engelbert, chief executive officer of Deloitte, the accounting and consulting giant.
When “women stay out of formal economy, they become part of an off-balance-sheet economy,” Engelbert said at a breakfast briefing in Davos during the recent gathering of the World Economic Forum. “They miss the opportunity for leadership development skills.”
Deloitte conducted a survey of 7,700 millennials from 29 countries, and found that one in four wants to quit his or her job within a year, and 44 percent in the next two years. By 2020, only 16 percent expect to be at their current company. Women are more likely than men to have jumped shipped by then.
This “remarkable absence of loyalty” among the younger generation is a “serious challenge” for companies, given that in many countries millennials now make up the largest segment of the workforce, the report says. Millennials feel underutilized as leaders and disconnected from goals that focus on profits ahead of values, conduct, and ethics, the survey found.