According to a new study by Deloitte, most Australian millennials (those born after 1982) workers have one foot out the door with one in four saying that they would quit their employer to join a new organisation next year. This number increases to 44% in two years and by the end of 2020, two out of three Millennials will hope to have moved on from their jobs.

The study also shows that millennial workers will account for three-quarters of the global workforce by 2025. Most Australian businesses could see large numbers of their employees heading for the door unless they change their retention strategies.

“The best leaders value their ideas and energy,” David Hill, Deloitte Australia chief operating officer, said. “Millennials wanted their leaders to listen and consider their views. Those who don’t are likely to find their millennial workers quickly looking elsewhere.”

Deloitte interviewed 300 Australians as part of its global survey of Millennials across 29 countries. Only 19% of Australian Millennials said they expected to stay with their current employer for more than five years (compared with 27% globally). The number dwindles to 16% a decade from now.

The Deloitte survey also found that 69% of the Australian Millennials likely to leave their employer in the next two years were unhappy with how their leadership skills were being developed.

“With the shift from positional power to personal power, the importance of being able to influence and lead others is important for everyone in an organisation,” David Brown, human capital leader for Deloitte, said. “Less than a generation ago, most professionals sought long-term relationships with employers, and the majority would never dream of saying ‘no’ to supervisors. They are re-defining professional success and proactively managing their careers and it would appear their values do not change dramatically as they progress professionally.”

Even Millennials in senior positions express the intention to leave their organisations relatively soon with approximately one in five respondents being either the head of a department or division (12%) or having a position within his/her senior management team or board (7%). However, while they occupy such influential positions and have presumably enjoyed satisfactory career trajectories, a majority (57%) believe they will leave their current businesses before year-end 2020. This represents a gain for new employers, however, it also signifies an investment that is walking out the door.

For the full study, click here.