The impact of the MILLENNIALS generation on mobility programs
Millennials, the digital generation, the hyperconnected, a population with high social and ethical values, at least that is the definition for young people (and not so young anymore) who were born since the 80s. This generation is different from past generations, they are right where a manual era ended and at the beginning of the technological era.
For this reason, they are the people who are most comfortable in a digital work environment, even during the hiring process.
Currently, millennials are the most powerful generation for companies around the world and represent the largest working population in the United States with 35%.
66% of millennials are employed full-time.
35% of the U.S. workforce are millennials.
Millennials will represent 75% of the global workforce by 2025.
Only 57% of millennials are satisfied with their salary.
Only 29% of millennials are engaged at work.
The counterpart to all these positives is the challenges:
The millennial population (according to the survey conducted by Mercer’s) has difficulty meeting their expectations in terms of the pace of change. Their turnover is much higher, although companies are acting on the issue by offering soft skills training career counseling, and mentoring.
Beyond their global mindset, lack of experience is sometimes the counterargument to assigning them to another location.
Mobility polices and specific expectations of millennials
The world’s most mobile generation has four main motivations or reasons:
- Career development and opportunities.
- Discovery of new countries and cultures.
- Learning and studies,
It is not that millennials are not interested in earning more, but that when it comes to choosing a new job, the balance is more inclined to other aspects that are not economic.
For this reason, companies talk about “flexibilization”, in all senses. On the one hand, they plan adjustments to their mobility policy that benefit different demographic groups.
Based on the new trends emerging between the generations, companies need to balance business requirements and the expectations of the generations. Ultimately, in the future millennials will become the bulk of the world’s workforce.
Mobility programs bring a career to future leaders; however, millennials know the balance between a generous financial package and the idea of moving somewhere else that does not appeal to them, with the latter carrying the most weight. Long-term assignments with poor management are boring for this generation.
Emotional connection is key when hiring, because the stronger the bond that is generated between an employer and an employee, in terms of work, the greater the value that a millennial brings, thus reducing dependence on hiring aspects. Mobility policies should not necessarily be only in monetary terms. Millennials have even opened their eyes to other generations by demonstrating that work and lifestyle are perfectly complementary.