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Deloitte: Millennial survey – innovation as important as profit
January 24, 2013
By Rob Starr, Content Manager, Big4.com
According to a global Deloitte survey of Millennial population , 78% of the world’s future business leaders believe innovation is essential for business growth and one of the top three ‘purposes’ of business.
Conditions the global Millennial population believe are required to foster innovation also differed markedly from the reality and include:
- leadership encouraging idea sharing regardless of seniority (42%) with only 26% saying their current organisation operates in this way
- a clear vision for the future (41%)
- encouraging and rewarding idea generation and creativity (39%)with only 20% saying their current organisation operates in this way
- commitment to successfully advancing innovative ideas (39%) with only 25% saying their current organization operates this way.
Innovation is seen as an important component of talent recruitment and retention for the Millennial population . Two-thirds of the Millennials surveyed say innovation is a key factor in making an organisation an employer of choice. This is particularly relevant to many companies, attracting the ever-growing number of this Millennial group, who are forecasted to make up 75% of the world’s workforce by 2025.
“A generational shift is taking place in business as Baby Boomers begin to step down from their leadership roles to retire,” said Deloitte Australia’s Chief Strategy Officer Gerhard Vorster. “Real opportunity exists for organisations to step up and create the conditions and commitment needed to encourage and foster innovation in their work environments. And there’s a tremendous upside if we get this right: we can better retain talent, remain more competitive into the future, and more positively impact society.”
Respondents in the BRIC countries consider themselves and their companies to be innovative, while respondents from Japan place their companies at the bottom in nearly every aspect of innovation. For example, 70% of respondents in this Millennial population within the BRIC countries rate their employers as innovative, while only 25% of respondents in Japan did so.