Four out of five (79%) 16-24 year-olds, value long-term career enjoyment above earning a large sum.
A survey from the Institute of Management at the University of St Gallen found that Millennials would prefer to be in a job that makes a difference (57%) and has good opportunities for personal development (55%) over having a senior position (30%).
Whilst responses between men and women were mostly aligned, flexible working arrangements were more important to women (51%) than men (40%).
Omid Aschari, lead author of the study and Professor of Global Leadership and Strategic Management at the Institute of Management, University of St Gallen, commented on the findings: “Despite popular opinion accusing young people today being narcissistic, with an undue sense of entitlement, our study finds that these early career starters look for a higher sense of purpose and meaning in their jobs, explaining in part why they make such frequent career moves.
“An astonishing 75% of respondents said they would either attend or volunteer at a charitable organisation they believe in. This highlights that unlike their parents who were content with work just being work, young people are on the lookout for jobs that reflect their values and have a certain level of social merit.”
The millennials surveyed also preferred to job hop, with two in five (44%) saying they could not imagine staying longer than a maximum of three years with their current or future employer.
The figure decreased over time with only one in four (25%) stating that they would commit to four years or more in a particular job.
Aschari adds: “These figures present a clear challenge for companies to retain staff. The interesting question is whether employers can get fired up by the more caring and collaborative mind-set of younger generations to create workplace conditions and values that inspire a greater sense of company loyalty.”
If there is one thing business leaders can be certain of it’s uncertainty. The world is continuously changing and businesses are constantly having to adapt to new ways of working. With the influx of Millennial talent and the rise of technology in the workplace, the rate of change may seem unmanageable.
But it is the magic of HR that will enable businesses to achieve the impossible. In such a fast-moving world, HR needs to empower leaders, anticipate the future and inspire entire workforces in order to allow for successful transformations.
On 16th March 2017, HR Grapevine will gather a unique line-up of Board Executives and HR Directors to speak about "The Magic of HR" and how the key to achieving is to get people believing. Some of our key speakers include People Director at Byron Burger, Mike Williams and the Director of Talent, Learning & Resourcing at Santander, Jim Richardson.
HR Grapevine are currently running a Black Friday sale until tomorrow, Friday 25th November. Corporate HR Delegates can now purchase two delegate tickets for the price of one. For more information you can check our conference site, here.