FILIPINO millennials remain more confident than their global peers when it comes to their future prospects but their goodwill toward business and government leaders may be waning.
This is according to Deloitte’s 2018 Millennial Survey, which was released by Deloitte’s representative office in the Philippines Navarro Amper & Co.
In a statement on July 22, the local office of Deloitte Touche Tohmatsu Ltd. said an overwhelming majority of Filipino millennials expect to be financially better off (86 percent, to be specific) and happier (80 percent) than their parents. These figures reveal an improvement from last year’s 80 percent who expected to be financially better off and 76 percent who expected to be happier.
This improved sentiment is mirrored globally, suggesting that even millennials in developed markets have found reasons to feel more optimistic about their future.
When it comes to the economy, however, Filipino millennials are less upbeat, with 78 percent of them expecting the Philippines’ overall economic situation to improve this year—an 11-point drop from last year’s survey. The percentage of Filipino millennials who expect the country’s overall social and political situation to improve in the next 12 months contracted even more: from an impressive 84 percent in 2017 to 68 percent this year.
This result may be related to the similarly waning confidence Filipino millennials have on businesses and the government.
Positive impact
IN 2017, 94 percent of Filipino millennials believed businesses have a positive impact on wider society. That figure is down to 74 percent this year.
More Filipino millennials are also of the mind that businesses are primarily looking out for themselves: 74 percent agreed with the statement, “[Businesses] focus on their own agenda rather than considering the wider society.” The number is up from 52 percent last year, the statement said.
A majority—51 percent—of Filipino millennials also agree with the statement, “[Businesses] have no ambition beyond wanting to make money.” Last year, only 39 percent shared that opinion.
Filipino millennials are even less impressed with politicians: 52 percent believe political leaders currently have a negative impact on society (43 percent believe they are having a positive impact), whereas last year, 91 percent of Filipino millennials felt that the government made a positive impact as far as solving the issues they were most concerned about.
That list of issues has also shifted from 2017.
Biggest concerns
LAST year, the issue that most worried Filipino millennials was terrorism, with 40 percent citing it as one of three issues they are most concerned about. This year, 37 percent said crime/personal safety is their biggest concern, followed by terrorism (34 percent), and corruption within business or politics (30 percent). Corruption did not figure in last year’s top 5 issues of greatest personal concern.
“After three straight years of Filipino millennials expressing very positive sentiment, particularly toward business leaders, this is a concerning development especially as the fraction of millennials who make up the global workforce continues to grow,” Eric Landicho, managing partner and CEO of Deloitte Philippines, was quoted in a statement as saying.
Since 2015, 9 out of 10 Filipino millennials have consistently expressed the belief that businesses have a positive impact on society. Deloitte only began tracking millennials’ sentiments toward political leaders last year.
“I think it’s something that warrants some reflection on the part of business leaders because it is important that your employees believe you are a positive force if you want to keep them engaged in their jobs,” Landicho said. “This is particularly true of millennials, who place such a premium on social impact when they consider where to work, what businesses to patronize, even which places to visit.”
Focus wishlist
THE Deloitte survey offers some insights on the gaps that business leaders may want to bridge: Survey respondents were asked what they thought businesses should try to achieve as well as what the organizations they currently work for actually prioritize.
Forty-seven percent of Filipino millennials say businesses should focus on providing employment, and 40 percent of them believe their employers are actually prioritizing this. When it comes to improving society, however, only 23 percent of Filipino millennials believe their organizations are working on this goal, even as 42 percent of them say businesses should prioritize it. There is also a notable gap when it comes to protecting the environment, with 32 percent of Filipino millennials believing businesses should play an active role in doing so, but only 16 percent saying their employers prioritize it.
“Millennials have made it very clear that they believe businesses should focus on more than just the bottom line. They want the organizations they work for to get involved in the communities where they operate, to be agents for positive change that can be felt beyond their workspaces,” Landicho added. “When it comes to improving society, for example, millennials want their employers to get involved in areas such as education, healthcare, and promoting general wellbeing.”
“In the Philippines, in particular, as millennials’ confidence in government slips, these young people will likely look elsewhere for leadership and for models of best practices,” he said. “The business community should not pass on the opportunity to play that role so that we can continue to shape the leaders of tomorrow.”
Poll background
ACCORDING to Deloitte, its 2018 report is based on the views of 10,455 millennials questioned across 36 countries. In the Philippines, 311 millennials were interviewed.
Millennials included in the study were born between January 1983 and December 1994 and represent a specific group of this generation—those who have college or university degrees, are employed full time, and work predominantly in large, private-sector organizations. Millennials are increasingly taking on senior positions in which they can influence how their organizations address society’s challenges.
Image credits: AP/Bullit Marquez