What Gen Y wants from business

LIAM HYSLOP
Last updated 14:19 22/01/2014

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Businesses need to be more innovative and do more for society if they are to attract the leaders of tomorrow, a survey shows.

A survey of almost 8000 young people by global business consultancy Deloitte showed that more than 60 per cent of Generation Yers felt businesses could do more in the areas of resource scarcity, climate change and income equality.

The "millennials study" of those born between 1983 and 2000 is in its third year, and a common theme from last year, innovation, was again to the fore.

It found Gen Yers want to work for organisations that foster innovative thinking, develop their skills and make a positive contribution to society.

Deloitte New Zealand consulting partner Hamish Wilson said businesses should develop a culture of innovation.

"Developing a culture of innovation in an effort to meet the increasing expectations of millennials will not only help retain talented individuals, but will also better position businesses looking to promote innovative thinking as a form of differentiation," he said.

"It is clear that businesses will continue to look to innovation as a means of stimulating growth, and millennials will be key players within these initiatives."

Almost half of the millennials believed governments had a negative impact on areas such as unemployment, resource scarcity and income inequality.

They want to be nurtured, with three-quarters believing organisations could do more to develop leaders.

The survey was important as most of the work force would soon be made up of Gen Yers, Wilson said.

"As millennials will make up an estimated 75 per cent of the global work force by 2025, business must work to foster innovative thinking, nurture emerging leaders and endeavour to have an increased positive impact on society other than simply generating jobs," he said.

"These steps will attract and retain individuals who may otherwise choose to operate independently, and allow agile businesses to capitalise on new innovative perspectives."

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- Fairfax Media

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