Gig economy intriguing millennials: Deloitte

Latest research from Deloitte shows 43% of millennials envisage leaving their job within two years.

The accounting firm's 2018 survey into millennials and Gen Z shows the two generations do not hold much loyalty to their employer, and are intrigued by the gig economy.

According to the report, 28% of millennials seek to stay with their current employer beyond five years. Deloitte's research found that for employers to stand a reasonable chance of holding onto younger employees, they will need to be offered the realistic prospect their lives will be materially better off for not leaving. The firm revealed millennials also desire faster development from employers if they wish for them to stay.

Additionally, 62% of millennials who declared they would leave their current employer in the next two years also said they regarded the gig economy as a viable alternative to full-time employment. Interestingly, seven out of 10 millennials who hold a senior management position or serve as a board member would consider short-term contracts or freelance work as an alternative to full-time employment.

When asked what motivated their interest in gig-based work, millennials cited earning more and flexible working arrangements as primary reasons, with 62% of millennials highlighting increased income as a reason to join or consider joining the gig economy.

The research follows concerns raised by AIST chief Eva Scheerlinck earlier this year that Australia's superannuation system was struggling to keep pace with the changing nature of work.

Research released this year by VisionSuper and the John Curtin Research Centre highlighted contract work and the gig economy as weakening the superannuation system; given that it was originally designed for full-time employment.

Read more: DeloitteJohn Curtin Research CentreAustraliaEva ScheerlinckVisionSuper
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