By Sarah Newton
We have long been fed the line that Millennials are disloyal employees who expect to work when they want and how they want, but new research could be knocking these long held myths on their head.
The Price Waterhouse Coopers ‘Millennials at work’ research looks at the opinions and expectations of over 4,200 graduates from 44 countries in relation to the future of work and their attitudes on subjects including corporate responsibility, technology, global working and reward/ incentives.
And its findings are very interesting indeed.
1. Training and development is the benefit the Millennials value most highly – particularly coaching and mentoring
Globally, training and development is the most highly valued benefit for Millennials in the first five years of their career – with one third of respondents electing this as their first choice benefit (aside from salary). Almost all respondents (98%) stated that working with strong coaches and mentors is important to personal development. The three most popular benefits for UK respondents are training and development (46%), cash bonuses (45%) and free private healthcare (29%).
2. Millennials do not expect to reject traditional working practices
The findings show that – while global opportunities and robust corporate responsibility are critical to the Millennials – they expect to be predominantly office-based, work regular office hours and have a small number of future employers. Just 3% of respondents expect to work mainly at home and only 18% expect to work mainly outside regular office hours.
3. Robust corporate responsibility is critical to attracting and keeping the new generation of workers
Additionally, 86% (76% in the UK) would consider leaving an employer who’s CSR values no longer reflected theirs – Argentina (94%), the US and Brazil (both 92%) are home to the most idealistic graduates in that respect. Indian respondents were least likely to leave (66%). An employer’s policy on climate change is seen as important or very important by the majority of graduates globally (58%) and in the UK (55%)
4. They want to travel
Respondents were very open to overseas assignments, with Indian graduates showing the greatest appetite for working overseas (93%) compared with 62% of those from the Netherlands. 80% of all respondents want to work internationally. Of UK respondents, just 3% did not want to work outside of their home country during their career – 84% want to work abroad and the remainder are undecided.
5. They want it personal
40% of respondents are comfortable about giving employers greater access to their personal information in the interests of personal and business security. Additionally, two-thirds of Millennials would embrace the provision of personal services – such as housing, food and regular health appointments – by their employer. Which seems to be in line with recent studies on Gen Y sharing information?
So if we now know what they want why is it so difficult to keep them?
Research from the Commissioned by the Inspirational Development Group (IDG) shows that:
• 49% of HR managers highlighted the difficulty of retaining graduates for long enough, with 22% reporting that on average they lose graduates within two years of their employment.
• 57% felt that there was more they could do to retain these graduates – the ability to identify and retain the right graduates will be a crucial success factor as the economy comes out of recession.
• 75% of HR managers saw most graduates leaving between two and a half and three and a half years after starting their graduate program, or one year after the end of the program.
• 78% of HR managers agreed or agreed strongly that a specific development programme to increase retention of graduates one year after the end of their graduate program would be of benefit.
So what should the golden rules be?
1. Have a robust training and coaching/mentoring program that is clear full and worthwhile.
2. Highlight the opportunities for travel if there are any and show how and what your Millennial needs to do to get there.
3. Be very clear on your corporate responsibility and ensure it filters through your whole business.
4. Think about what benefits you can offer them in terms of health insurance, housing, lunches etc., they really do appreciate the smaller stuff.
