Millennials are the generation of people born between 1980 or 1994. Also known as Generation Y, they were the first generation that grew up in the digital age - enveloped by technology, experimented upon in a way but also pioneers of change. They are now a significant part of the workforce, comprising entrepreneurs, middle-management and entry-level workers who have certain unique characteristics. 

A whole slew of stereotypes have cropped up to describe millennials. It is alleged that they are, entitled, not focused, impatient, selfish, lazy and not likely to stay in jobs very long.

But these stereotypes themselves are increasingly proving themselves to be lazy in turn, caricaturing a generation while not understanding the meaningful yet subtle differences between Millennials and past generations. 

The Deloitte Millennial Survey 2017 yields some insights into the psyche of millennials around the world. One surprising take-away is that Millennials want to stick it out at their current place of work. They are no less likely at their age to move jobs than the Generation X that came before them at the same age. Of course, an uncertain political climate and, in the developed countries, stagnant financial growth are encouraging millennials to think of security. But this goes against the conventional wisdom that millennials are opportunistic job-hoppers.

The survey states, “Millennials in emerging markets generally expect to be both financially (71%) and emotionally (62%) better off than their parents. This is in stark contrast to mature markets, where only 36% of millennials predict they will be financially better off than their parents and 31% say they’ll be happier.” So there is an marked distinction between millennials in emerging countries like India and developed countries like those in Western Europe.

Another interesting takeaway from the survey is that Millennials have expectations from business. They expect businesses to act in a socially and environmentally responsible manner. They believe that business is good for society to the tune of 76% people surveyed. However, they believe that multinationals should help in alleviating society’s grand challenges.

One thing that holds true for millennials is that they think more about their purpose in society and the state of their society. They are more likely to think about how they can give back in a way that is in line with their passion. They are often also willing to work for less money if the job helps them pursue their passion. Millennials may be more idealistic which leads them to make choices that would be different from and seem impractical to previous generations. However, as time goes by, they are developing a similar work ethic as Generation X with more of a view of contributing to society.