Deloitte Millennial Survey 2019: For Swiss Millennials, experience is more important than status

• Young people value experience more than status: they want to travel first and then perhaps start a family. Owning a home and a high salary are less important. 
• Swiss millennials' trust in politics and business is relatively low: only 15 percent see politicians and managers as a reliable source of information. 
• 40% cite climate change as one of the three biggest challenges currently facing them. It currently concerns younger people far more than the economy or their identity. 
• Millennials have a difficult relationship with social media: half of them actually want to withdraw from the platforms. Two thirds are concerned about data protection and cyber security. 
• Swiss companies must adapt to retain millennials as customers and employees: Companies are expected to take a leadership role in society that goes beyond mission statements and brand campaigns.

In the face of ongoing technological and social upheaval, many Millennials are disillusioned with traditional institutions: they are skeptical of corporate goals and less optimistic about economic and social progress. 

"From the global financial crisis a decade ago to the fourth industrial revolution, millennials have grown up during a unique time that has greatly impacted social relationships, trust, privacy, social mobility and work," says Reto Savoia, CEO of Deloitte Switzerland. "This uncertainty is reflected in their critical attitude towards politics, business and leadership in general, as well as their longing for positive social change. As leaders, we must continue to address the issues that resonate most with the younger generation."

The millennial generation is now in the middle of life and has different ambitions than previous generations: Similar to other developed countries, Swiss millennials currently value experiences more than a high salary. Traveling the world is at the top of the wish list in Switzerland (61%), followed by starting a family (47%). While 52% of respondents globally are attracted by a high salary and prosperity, only 42% in Switzerland are. This difference is probably due to the considerable prosperity in Switzerland, which is reflected in high average wages and low unemployment figures.

"Since most Swiss millennials want to gain a lot of experience and start a family, companies should enable their employees to learn a lot at work and develop new skills. Companies that want to attract young, highly qualified talent should also create flexible working conditions: they need to help employees align their work with their life goals - this is particularly important in Switzerland, where state support for families is low," says Myriam Denk, Partner and Human Capital Lead at Deloitte Switzerland.

Although Swiss millennials are generally quite satisfied with their lives, they are less optimistic about the economic future than young people in most other countries. Only 14% (previous year: 31%) believe that the economic situation in Switzerland will improve in the next 12 months, compared to 26% of those surveyed worldwide. A similar picture emerges when it comes to the political mood. Only 16% (previous year: 19%) of Swiss millennials expect the social and political situation to improve in the next 12 months, compared to 22% worldwide.

"Switzerland's already high standard of living is probably one of the main reasons for the cautious optimism. As we are already doing very well, progress is no longer obviously noticeable. Nevertheless, we should not rest on our laurels, but continue to make an effort and avoid complacency," explains Reto Savoia. Among the most optimistic of all the countries surveyed are China, India, Indonesia, Nigeria and the Philippines - all less prosperous, but with high growth rates and rapid development in recent years.

Another possible reason for the subdued mood among Swiss millennials is climate change: 40% of respondents see this as the biggest challenge of our time. This is followed by healthcare, which 19 percent selected as one of the most important concerns out of 21 topics: Traditionally important topics such as unemployment (16 percent), immigration (11 percent) or economic growth (7 percent) lag far behind.

Due to their climate concerns, many millennials in Switzerland are demanding that companies become more aware of how they impact the environment and society - whether positively or negatively. Just under half (43%) of respondents have established or expanded a relationship with a company because they believe that the company's products or services have a positive impact on the environment or society. 

"Climate change was already at the top of millennials' agenda during the survey last December and January - and not just since the start of the school strikes and the intensified media coverage. According to our survey, Swiss millennials are much more concerned about the environment than the economy. This could not only permanently change the political landscape, but also the relationship between companies and consumers," says Myriam Denk.

In line with previous surveys, Swiss respondents express little appreciation for political and business leaders. 68% (73% globally) say that political decision-makers do not have a positive influence on the world, while 64% (54% globally) think the same about business decision-makers. In addition, only 16 percent (10 percent worldwide) of Swiss millennials have "a lot of trust" in political decision-makers, while 14 percent (15 percent worldwide) give the same answer when asked about business leaders.

"Decision-makers in business and politics have a bad image among millennials - in Switzerland and worldwide. This is worrying and we need to take it seriously, especially in view of the upcoming vote on a corporate responsibility bill," says Reto Savoia. "Business and political leaders need to communicate better and more with the population. Swiss companies should therefore step up their efforts and systematically provide information about their impact on society, the economy and the environment."

Direct communication appears to be the ideal way to restore trust: After all, many millennials also distrust traditional media and have a contradictory relationship with social media. 48% of respondents say that the press and television have a negative influence on the world. 25 percent say they have "zero trust" in traditional media. These Swiss results largely correspond to the global results.

When asked about their personal use of digital devices and social media, a majority (56%) of Swiss millennials (71% worldwide) say they feel positive about it. However, 61% believe that they would be happier if they spent less time on social media, and 59% believe that they would be physically healthier as a result. A majority of 60 percent also say that social media does more harm than good. 

"In line with other studies, our findings suggest that social media can be addictive. Some technology companies have already recognized this danger and are also aware of the negative effects of their devices and apps. They have taken action and are providing people with technical measures to help them become more aware of their consumption and limit their use. However, millennials themselves also need to learn how to deal with the downsides of digital technology," explains Myriam Denk.

Millennials also shop online or register on websites to obtain information. However, 76 percent of Swiss millennials surveyed are concerned about how companies collect personal information. 58% believe that social media platforms need to make more efforts to protect data and improve online security. However, 43% believe that individuals themselves must also take more responsibility.

"If companies want to continue to sell products and services to millennials, they need to pay more attention to their reputation, because millennials walk the talk. In addition, the younger generation recognizes the contradictions of digital technologies and is looking for companies to help them deal with them and adapt to a new normal. Retraining and training for the challenges of Industry 4.0 must therefore become a priority," adds Reto Savoia.