Young Workers Feel Unprepared for Changing Nature of Work
Australian millennials remain uneasy about the future: worried about terrorism, robots taking their jobs, and unemployment generally, and they have little confidence in the ability of business or politicians to help them. Among the top concerns were climate change, unemployment and income inequality.
The Australian cut of the 2018 survey revealed three key themes:
1) Perceptions of business are declining
- Millennials' opinion of business’ motivation and ethics is at its lowest level in four years
- Less than half (45%) of millennials believe business has a positive impact on society, down from 72% in 2017
- Two thirds (63%) believe political leaders are having a negative impact on society
- Over a third (39%) of millennials believe they will be better off than their parents (compared to 51% globally) and only 35% believe they will be happier (compared to 43% globally).
2) Flexibility and a positive work culture are key to millennial loyalty
- Australian millennials believe culture is more important than money: 67% rate a positive work environment as the most important consideration when choosing a new employer (compared to 52% globally)
- In Australia financial rewards/benefits are ranked second (63% in Australia and globally). Flexibility is ranked as third most important (by 55% in Australia and 50% globally)
- Gen Z loyalty to employers is lower than millennials, with 59% saying they would expect to stay with their current employer for less than two years.
3) Young workers feel unprepared for the changing nature of work
- The growth of Industry 4.0 technologies—from robotics and the internet of things to artificial intelligence and cognitive—has altered the nature of work, and millennials have mixed feelings about this
- In Australia, 45% of millennials believed that Industry 4.0 would augment their job, allowing them to focus on more creative, human and value-adding work
- Gen Z were more pessimistic, with less than a third (32%) thinking technology would augment their job and a quarter (24%) saying it would replace part or all of their job’s responsibilities (18% of millennials believe this).
To read more about what our 24-35 year olds think, you can view the: