Far fewer millennials in the Philippines this year than last year, or only 74 percent from 94 percent, believe the various businesses they work for exert a positive influence on society as a whole, researchers at the Manila unit of the audit, consulting and financial advisory services firm Deloitte Touche Tohmatsu Limited said on Sunday.

This sentiment surfaced in a survey conducted on millenials across 36 countries that included the Philippines and a conclusion that alarmed the UK-based consulting firm given that this demographic space represent the next generation of the country’s business leaders.

Deloitte Philippines was alarmed that after three consecutive years when Filipino millenials expressed a positive view towards local business leaders, their collective sentiment has turned sour instead.

“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. 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,” Eric Landicho, Managing Partner and CEO of Deloitte Philippines, said.

The millennials pertain to those born between January 1983 and December 1994 who have university degrees, full-time professionals working in large, private-sector-led companies seen as the country’s next-generation business leaders.

“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,” said Landicho.

“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.

The business community should not pass on the opportunity to play that role so that we can continue to shape the leaders of tomorrow,” he added quickly.

The survey found that 47 percent of Filipino millenials say businesses should focus on providing employment and that 40 percent of this group believe their employers actually prioritize 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, Deloitte Philippines said.

Where before Deloitte ranked terrorism as the group’s biggest concern, this time the millenials fear for their safety the most at 37 percent followed only by terrorism at 34 percent and corruption within business and politics at 30 percent. Last year, 40 percent of millenials ranked terrorism top of mind.

On the economy, fewer millenials than last have an upbeat view, with 78 percent expecting the overall economic situation to improve this year, Deloitte Philippines said.

This was an 11 point drop from the year ago survey, it said.

“The percentage of Filipino millennials who expect the country’s overall social/political situation to improve in the next 12 months contracted even more: from an impressive 84 percent in 2017 to 68 percent this year,” Deloitte Philippines said.

In summary, Deloitte Philippines said Filipino millenials prove more optimistic than their global counterparts when looking on to their future even as their goodwill towards business and politician may already be waning.

It said: “of Filipino millennials expect to be financially better off (86 percent, to be specific) and happier (80 percent) than their parents, 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.”

Deloitte Philippines began tracking sentiment towards the country’s crop of politicians only last year.

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.