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Global – Millennials prioritise job security and the opportunity for new challenges

25 May 2016

According to a new report from ManpowerGroup, Millennial Careers: 2020 Vision, Millennials prioritise job security and the opportunity for new challenges.

The report, which was based on a worldwide study of 19,000 millennials from 25 countries, shows that, by 2020, Millennials will make up over a third of the global workforce.

Job security is critical for Millennials, but they define it differently with 27% saying that it means a secure job for the long-term and another 27% saying having job skills that match market needs. The report states that Millennials have redefined job security as career security.

Globally, Millennial workplace priorities vary, but the majority state that purpose is a priority. Working with great people is important to 91% in Brazil, yet to only 55% in Japan. Retirement policies matter to 39% of Japanese and half of Australians, in contrast with more than 85% of Indians. Purpose matters too; 8 in 10 Millennials in Mexico, India and Brazil say working for employers who are socially responsible and aligned to their values is important. In Germany, the Netherlands and Norway it’s 6 in 10.

Millennials are surprisingly upbeat about their careers with 62% of respondents confident that if they lost their main source of income tomorrow they could find equally good or better work within three months. Overall, Millennials in Mexico, China, Switzerland and Germany are the most positive, while those in Japan, Greece and Italy are the least positive—a reflection of economic, political and cultural factors in these countries. The majority of Millennials globally see a promising future and successful careers ahead.

Millennials are also preparing to run career ‘ultramarathons’. Over half expect to work past age 65, while 27% expect to work over the age of 70, and 12% say they will likely work until the day they die. In Japan, that figure is at 37%, the highest, while Spain is the lowest at 3%.

Furthermore, Millennials are working longer and harder than previous generations, with 84% of Millennials foreseeing career breaks taking longer than four weeks. Though women are likely to plan breaks to care for others — children, older relatives, etc. — men and women prioritise leisure-related breaks for themselves equally. As far as a typical workweek is concerned, 73% report working more than 40 hours a week, and nearly a quarter work over 50 hours. Indian Millennials claim the longest working week and Australians the shortest – on average 52 and 41 hours a week respectively. Meanwhile, 26% globally are working two or more paid jobs.

The research also shows that Millennials are happy to disrupt and be disrupted by new ways of working. While almost three-quarters of working Millennials are in full-time jobs today, over half say they’re open to new ways of working in the future - freelance, gig work or portfolio careers with multiple jobs and 34% globally are considering self-employment.

Moreover, 93% of Millennials are willing to spend their own time and/or money on further training. The report highlights the positive correlation between people’s career success—being more educated, better prepared for employment and higher paid—and their “learnability,” or ability and desire to learn.

“Employers need to listen up and get creative. They simply cannot afford not to appeal to Millennials,” Mara Swan, Executive Vice President, Global Strategy and Talent, ManpowerGroup and Global Brand Lead for Right Management, said. “Millennials want progression, but that doesn't have to mean promotion. We need new ways to motivate and engage employees, like facilitating on-the-job learning and helping people move around the organisation to gain experience more easily. And what works for Millennials works for the rest of the workforce too.”

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TeamPlayerHR

Jim Lanas01/06/2016 8:29 pm

Excellent information about the millennials. In my point of view, is that a organization needs to consider good cultural fit at the beginning of the hiring selection process. Along with the motivational considerations. The result will increase the probability of retention, engagement and performance.


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