Fifty percent of the world’s population is now under 30. It seems unbelievable, doesn’t it? And it’s for this reason that 50% of the articles online are blaming millennials for ruining everything including cruises, napkins and golf.
Perhaps instead of complaining that they’re are taking all our trinkets away from us, maybe we should be trying to understand the millennial mindset and using it to recruit and retain top talent? Seems like the smart thing to do doesn’t it.
Thankfully a great deal of businesses are shifting their recruitment strategy towards these ends, a report from the World Economic Forum (WEF) shows.
In its annual Global Shapers Survey, the WEF sought the views of over 30,000 under-30s from over 180 countries around the world. The aim: to help people find out more about this ‘millennial generation’ and what really goes on under their bonnets.
So what tops the lists of millennial concerns? Climate change and war are rather predictably up there, which, somewhat impressively, find themselves alongside inequality. Under 30s believe that inequality in all its forms is as pressing a concern as the melting ice caps; a resolutely positive finding.
The survey also investigated the generation’s feelings and attitudes towards work. Here are the key takeaways:
Millennial Job Considerations
Of the respondents, 49.3% stated that salary was the most important factor to take into account when considering a job. I would imagine this was almost doubly important in London where costs of living are gigantic.
A ‘sense of purpose’ came in second place with 40.6% and a work-life balance in third place with 40%. The important thing to note here, as with the revelation that millennials care about inequality as much as they do about climate change, is that they care for others as well as their own environment. They want to work in a job that offers them the opportunity to learn and grow, and which demonstrates a social conscience.
Only 16 percent of those surveyed stated that they would be willing to sacrifice their salary ‘in order to enjoy life’, a number that I actually felt may be higher.
Millennials Working Abroad
A pretty staggering 81% of respondents claimed that they would be willing to move to another country if it would advance their career, especially countries belonging to the Organisation for Economic Co-operation and Development group.
This is no doubt down to the fact that it’s easier than ever to travel internationally, and with internet connectivity available practically anywhere, communicating back home is inexpensive and instantaneous.
Of those surveyed, 18% stated that America presented the most attractive destination. This was followed by Canada with 12.4% and the UK with 9.6%, which, despite the woes of Brexit, still appeals more than Germany, Australia and Switzerland.
What Millennials Want From Work
Millennials are vision-driven and are more focused on future development than previous generations. This could be closely related to the lessons learnt from climate change, inequity and other social disparities. Listed below are important stats from the research:
– 41% of millennials want to have the opportunity to contribute to vision and strategy in their jobs.
– 34% want a culture that “accepts failure as a learning experience”.
– 34% want a job that offers mentoring and ‘reverse mentoring’.
– 25% want the option to self-manage their work schedules.
So if you’re looking to recruit and retain top millennial talent, these are the things that you should be offering on top of that all-important salary.
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