A key element in the talent strategy of any professional firm is understanding the motivations of your key employees to build up their loyalty to your firm.
However, this proving more and more difficult according to Deloitte’s fifth annual Millennial Survey of 7,700 millennials in 29 countries.
The survey which can be downloaded here, highlights that 66% expect to leave their organization by the end of 2020 and 63% believe their leadership skills are not being fully developed. In general, it concludes that millennials express little loyalty to their current employers and many are planning near-term exits.
The authors comment that “This remarkable absence of allegiance represents a serious challenge to any business employing a large number of Millennials, especially those in markets—like the UK—where Millennials now represent the largest segment of the workforce. However, because most young professionals choose organizations that share their personal values, it’s not too late for employers to overcome this “loyalty challenge.”
“Law firms seeking to recruit high quality lawyers will need to work harder to retain key talent,” comments Tarnjeet Purewal, RedLaw Director “We are certainly seeing firms respond to this with more holistic packages being offered to their staff, but also a cultural change to their recruitment and talent management strategy to embrace the millennials.”