Graduating Workforce Sets New Career Goals
96% of new graduates don’t consider money the most important thing.
Over 4300 so-called ΓÇÿMillennialsΓÇÖ (the generation born 1980 – 2000) in 75 different countries reveal that, despite the state of the economy, it isnΓÇÖt necessarily money that makes their world go round…
Benefits in the Workplace
It appears that coming of age in an economic recession has encouraged the majority of young people to limit their expectations of the world.
An estimated 72% of the graduating workforce has already sacrificed something (location, wages, industry or job title, etc.) for the sake of landing a job in a tough working world.
But once theyΓÇÖve got that job, despite the rising cost of living, itΓÇÖs not money that appears to inspire the Millennial mind.
Training and development has been voted the most valued benefit of office life, followed by flexible options to help maintain a healthy work/life balance.
In fact just 4% of respondents said theyΓÇÖd take more money in place of similar benefits and, while 44% were attracted to offers of a big pay-packet, wages arenΓÇÖt considered the most important factor in choosing a job.
Long Term Career Prospects
Over half of the Millennial Generation are reported to be most attracted to long term career progression in new employers, although a quarter of those surveyed expect to change jobs often enough to have six or more employers in the course of a lifetime.
ΓÇ£Millennials want more than ΓÇÿjust a jobΓÇÖ,ΓÇ¥ explains Jon Andrews, Partner at PwC. ΓÇ£They expect rapid progression, a varied and interesting career and constant feedback.
ΓÇ£Employers need to work harder to understand this generation and appeal to their needs to make sure they keep them when market conditions improve. However, employers may also need to accept that a rate of ΓÇÿMillennial churnΓÇÖ is inevitable.ΓÇ¥
So how can employers keep graduates interested for longer? Well, accepting the role social media and the internet plays in the average Millennia lifestyle is certainly a start, as 40% gripe that their need for technology is not understood.
Three quarters feel that access to the technology they like makes them more efficient and 41% of survey respondents actually prefer electronic communication to face-to-face or phone conversations, which will almost certainly impact the future of the working world in some way.
What Does the Future Hold?
These latest statistics from PwC join the influx of related research into a generation that is currently flooding the struggling workplace.
As the first generation to grow up with technology, Millennials entering the workplace appear to be making demands that would have been unheard of by their Baby Boomer parents.
Crucially, however, the numbers have shifted in their favour. Not only will Millennials make up 50% of the global workforce by the year 2020, but they will outnumber their parentsΓÇÖ generation by an estimated 7 million.
Are we watching an inevitable shift towards flexible working contracts and social media allowance? Or are Millennials going to inherit a working world that doesnΓÇÖt allow for technological reliance?