To understand millennials is to understand the future of work and innovation. Universum joined forces with the INSEAD Emerging Markets Institute and the HEAD Foundation to conduct the largest independent Millennial study to shed light on the Millennials’ expectations of their career trajectories.
According to the 2014 PwC Annual Global CEO survey, 63 percent of executives say they worry about finding the right talent to ensure their organizations remain competitive. Across most of the world, Millennials make up at least a quarter of the total workforce. (In India that number is significantly higher at over 50 percent.) Deloitte estimates Millennials will make up 75 percent or more of the global workforce in little more than 10 years. Employers are not in a position to choose whether or not they should study and understand the preferences of the best-educated and arguably most ambitious generation ever – it’s simply an imperative.
To begin, let’s understand the conventional wisdom most often applied to Millennials. Looking across dozens of studies, we found a generally accepted set of themes or attributes commonly associated with Millennials.
- Millennials are interested in leadership positions and expect to advance rapidly in their careers.
- Millennials resist hard work.
- Millennials care more about personal development and work-life balance than traditional trappings of success, such as money and status.
- Arriving to the workforce during harder economic conditions, Millennials expect to retire later than their predecessors.
- Millennials believe government has significance and influence in today’s society.
- Millennials rely on friends and family for input on career issues. Are these statements indicative of reality?
What holds true? Follow our Twitter page @INSEAD_EMI to join the conversation.