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Education
Monday, March 16, 2015 - 02:16
Frustrating levels

With SA desperate to create jobs and boost the economy, Deloitte Global’s fourth annual Millennial Survey paints a disconcerting picture of rising frustration levels among graduates. These future leaders of tomorrow increasingly feel their skills are not being adequately utilised or valued and the results of the survey indicate more is needed from organisations and educational institutions to nurture emerging leaders.

The Deloitte Global survey showed that 20% of SA respondents felt there was a difference between their strongest attributes as graduates and what was valued by business, compared with 12% in other emerging markets and 15% globally. The research findings are based on a study conducted by Deloitte in conjunction with Millward Brown, a UK limited company, of more than 7,800 Millennials representing 29 countries around the globe.
“This may indicate a gap between what universities are teaching and what business needs. Skills valued by business that were not in the graduates’ competency-set, were leadership, sales and entrepreneurial skills,” says Associate Director Human Capital at Deloitte Consulting, Colin Smith.
Millennials are those who were born after 1982, employed full-time, predominantly work in large (100+ employees) private-sector organisations and have obtained a college or university degree. The survey canvassed 29 countries on effective leadership, how business operates and impacts society. And according to the global results, the respondents overwhelmingly believed (75%) businesses were focused on their own agenda rather than helping to improve society.
CEO of Deloitte Global, Barry Salzberg, said the findings were a “wake-up call” to the business community, particularly in developed markets, that they need to change the way they engage Millennial talent or “risk being left behind”.
Smith said the theme of development of people was strong for SA “probably given our history and our lack of confidence as a society in our education system. There is a view that leaders are too focused on their own personal rewards and income and on meeting short-term financial goals.”
Notably, 21% of SA’s future leaders would be keen to start up their own businesses, compared with only 11% in developed markets.  Fewer “Millennials” believe they graduated with strong leadership skills – in SA 23% believe leadership is among their strongest attributes, while the global average is 24% and in emerging markets the average is 28%.
The survey found that the most desirable sector for South Africans to work in is professional services at 54% against the global figure of 39%.
Other notable findings from the survey include:
• Millennials in SA are far more interested in getting to senior roles in their organisations (65% vs 54%) – and men are more eager to become the head of their organisation (69% for men, 64% for women);
• The overall image of business is more positive in emerging markets (82%) – Globally it is 73% and in Developed countries 62%. In SA it is 80% which is an increase on previous years’;
• Emerging Markets see the main purpose of business as generation of profit (35%). In SA this is up to 41% followed by job creation at 38%. Developed Markets see the main purpose as job creation (41%);
• Large, global businesses as employers have more appeal for Millennials in emerging markets (51%) than in developed markets (35%) due to business ethics and societal impact;
• Significantly more Millennials in the BRICS countries make use of social media and tools for business than their counterparts in W. Europe and the USA;
• SA business leaders are seen as showing stronger leadership than government on important social issues;
• 78% of SA Millennials agree that their organisations have a strong sense of purpose (global % is 80%);
• Millennials want to work for organisations with purpose. For six in 10 Millennials, a “sense of purpose,” is part of the reason they chose to work for their current employers.

To download the full report please visit: www.deloitte.com/millennialsurvey

Copyright © Insurance Times and Investments® Vol:28.3 1st March, 2015
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