Managing tomorrow’s people – global survey reveals what the millennial generation want from work

January 12, 2009 —

Training and development is the benefit the millennials value most highly — particularly coaching and mentoring
Millennials do not expect to reject traditional working practices
Robust corporate responsibility is critical to attracting and keeping the new generation of workers
61% of CEOs say they have difficulty attracting and integrating younger workers

The perception that the new generation of workers, the ‘millennials’, are disloyal and will reject traditional work practices is a myth, according to a new global report published by PricewaterhouseCoopers today.

The ‘Millennials at work’ research is part of PwC’s ongoing ‘Managing tomorrow’s people’ series and is based on survey responses from over 4,200 graduates. Individuals in 44 countries were asked to respond anonymously about their expectations of work and careers.

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. The research therefore suggests that some companies should re-assess their efforts to attract and retain younger workers to ensure they are channelling their investment effectively, particularly in light of current cost pressures.

The importance of this is reinforced by findings from the 12th annual PwC CEO Survey, to be published next year, which show 61% of CEOs say they have challenges recruiting and integrating younger employees.

Michael Rendell, partner and global head of human resource services, PricewaterhouseCoopers, commented:

“With the global economic downturn presenting organisations with serious immediate challenges, businesses need to work even harder to balance short-term pressures with long-term objectives. This means acting now to manage the demographic changes that will impact their ability to compete effectively. Eventually, in many parts of the world, fewer younger people will be working to support a significantly larger older population, making people supply a critical factor for business success and potentially changing the power dynamic between employer and employees.”

Global mobility and working practices

The majority of respondents (80%) were very open to overseas assignments, with graduates from India showing the greatest desire to work abroad (93%), compared to 62% of those from the Netherlands. Some 85% of Russian graduates would like to work overseas, with 25% citing the UK as the country to gain experience in. Australia is the second-most popular country, with 18% of respondents wanting to go there.

William Schofield, partner and HR Advisory leader of PricewaterhouseCoopers Russia, said:

“A large percentage of Russian millenials would like to work abroad and use foreign languages at work. For international companies operating in Russia, this means that international exchange programmes could be a great competitive advantage for them, and they should make better use of them.”

Interestingly, while international travel is high on the agenda, home working and flexible hours are not. Just 3% of respondents expect to work mainly at home and only 18% expect to work mainly outside regular office hours. However, Russian graduates like more freedom: 27% of respondents prefer flexible working hours.

Three-quarters of respondents believe they will have between two and five employers in their lifetime.

Technology and information sharing

The research confirmed that millennials view technology as key to socialising and networking, with 85% as members of a social networking site such as Facebook.

Michael Rendell, partner and global head of human resource services, PricewaterhouseCoopers, commented:

“The millennials’ adeptness with technology brings benefits in terms of knowledge sharing, and savvy companies are already taking advantage of this by replicating Facebook-style sites in-house. But companies need to manage the reputational risks associated with this open and instant style of communication.”

CSR expectations

Despite the fact that corporate social responsibility (CSR) is a relatively new concept for Russian graduates, tomorrow’s workers expect their employers to take a responsible approach to social problems: 83% of respondents from Russia will be looking for an employer whose CSR policy corresponds to their own values. Worldwide, this indicator is 88%.

In addition, 80% of Russian respondents consider it possible to leave a company if its CSR policy no longer tallies with their principles. Recent graduates from Argentina (94%), the US and Brazil (92% for both) are even more principled.

Reward and personal development

Generation Y sees learning and development opportunities as the greatest advantage during the first five years of their careers: one-third of respondents worldwide and 37% of Russian respondents chose this as the most important criterion (excluding salary). Only 17% of Russian graduates are more motivated by cash bonuses. For almost all survey participants (98%), coaching and mentoring are highly important factors of professional development.

William Schofield, partner and HR Advisory leader of PricewaterhouseCoopers in Russia, said:

“In the current economic environment, which is far from favourable, learning and development budgets are cut the most often. However, the survey shows that it is development opportunities that young employees value most. Perhaps companies should think about using funds more efficiently for those groups of employees that value these opportunities most of all and in those spheres that will guarantee the company a good future. Coaching, for instance, can be one of the free development instruments, as it is highly valued by younger employees and can greatly benefit a company.

Almost half of respondents (57% worldwide and 43% in Russia) will rely on their own money (private pension funds) when they retire. Only 5%, both in Russia and worldwide, will rely on the government and 17% on their employers.

Notes to Editor:

For additional information, please contact Vera Totskaya, PR Manager, or Anna Kogosova, PR Assistant Manager.
For further information, materials or to download the full ‘Millennials at work — perspectives of a new generation’ report, please visit www.pwc.com/managingpeople2020

'PricewaterhouseCoopers' refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.