Millennials and Generation Z: Global search for opportunity

The global workforce is changing, as Millienials and Generation Z continue to become the majority of the workforce its characteristics will further embody the globalised age in which they were raised.

Millennials and Generation Y taking over the workplace
The workplace is constantly evolving and will continue to do so in the coming years due to companies’ expanding need for talent and the new mindset of current generations entering the workforce.As companies expand globally, they need employees who offer a diverse set of skills and who are able to work with different cultures and types of people around the world.

Milliennials become bulk of workforce

Millennials also known as Generation Y continue to drive workplace trends. In April 2016, less than a calendar year after dethroning Generation X as the leading share of the domestic workforce, Millennials (born between 1981 and 1997) surpassed baby boomers as the largest living generation in the US (Millennials surpass Gen Xers as the largest generation in U.S. labor force. Richard Fry. Pew Research Center, 2015.)Studies show that Millennials tend to wait longer for marriage, have fewer children, and buy less property – creating a workforce that is more able and willing to move internationally for work, both permanently and temporarily. Additionally, this generation has grown up in a technology revolution with more access to world news and culture than ever before.This global access has created a passion and an interest in diversity and international experience, which can be used to a global company’s advantage.

A world without boundaries – experience over money

Generation Y and Generation Z (Generation Z is loosely defined as the age group born between the mid-1990s and mid-2000s) alike will increasingly view their organisation – and the world –without boundaries.They will happily begin their careers outside of their home countries. The new workforce is independent and empowered; they value transparent data, the opinions of friends, and control over their decisions. Their focus is often on interesting work and opportunity rather than monetary rewards.This presents unique challenges for organisations as attrition rates in many regions around the world increase. Retention is a particular concern in Asia where hiring levels and resignation rates are almost twice that in the West (PwC’s Talent Mobility – 2020 and Beyond. PricewaterhouseCoopers, 2012.)It is no secret that the millennial generation is viewed as being far less loyal to an employer than previous generations. The result is a higher chance of employees of this generation to move on to ‘better’ opportunities.
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According to PwC’s Talent Mobility – 2020 and Beyond, 38 per cent of millennials said they’re on the lookout for new opportunities, while a further 43 per cent said they were not actively looking, but would be open to offers. Only 18 per cent of millennials plan to stay in their currents jobs long term.In addition to a shift in focus from monetary rewards to opportunity and experience, the millennial generation is also looking for distinct attributes in a potential employer.According to Morgan Stanley’s Institute for Sustainable Investing, millennials are almost three times more likely to choose a job because of sustainability considerations. Per Audrey Choi, chief executive officer of the Institute for Sustainable Investing, said, “They want to work in a place they feel is going to have a positive impact on the world.”The concept of a “healthy” workplace is also important for millennials. A 2015 Gallup poll indicated that employees with high-engagement and well-being missed 70 per cent fewer workdays over a year, were 27 per cent more likely to report “excellent” performances on their jobs, and were 59 per cent less likely to look for a job with a different organization within 12 months.For related news and features visit our Human Resources sectionAccess hundreds of global services and suppliers in our Online Directory

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