They’re set to make up a third of the global workforce by 2020 and are expecting to work well into old age, so businesses need to know what millennials look for in a job.
To help companies gain an insight into what motivates their younger employees, the Millennial Careers: 2020 Vision report from Manpower has identified five things that this generation prioritizes when job hunting. And while holidays, working with great people and flexible hours are important factors, money and job security are top of the list.
These priorities vary, however, from country to country. In Brazil, for example, more than 90% of millennials said the most important thing for them was the chance to work with great people. But only half of Japanese young people said this mattered to them.
As well as enjoying their time at work, millennials want to feel their job has a purpose. This is especially important for young people in Mexico, India and Brazil, who want to work for employers whose values align with their own.
Having grown up during a global recession, millennials are concerned for their future and place a lot of emphasis on job security – which they define differently to previous generations.
With the decline of “jobs for life”, millennials expect to change roles and potentially companies throughout their careers, and they understand that this means there will be a need for continuous skills development.
Over a quarter of young people believe that job security means having a skill set to match the demands of the market.
The vast majority (90%) see lifelong learning as part of their career, and are willing to spend their own time and money on training. The draw of learning new skills is a key factor when considering a new job for four out of five millennials.
For millennials, unlike other generations, job security means being prepared for their career journeys.
As part of the 2016 Deloitte Millennial Survey, Deloitte set out to discover how loyal millennials are to their employers, and what makes them want to stay or leave.
The consulting firm also asked what millennials prioritize in a job when looking at things other than salary or financial benefits.
A good work-life balance was seen as the most important factor in a job, followed by the opportunity for career progression and the ability to work flexibly.
Similar to the findings in the Manpower report, a sense of meaning and purpose were important to many millennials, as well as the potential to develop new skills.