Job security top priority for Indian millennials: ManpowerGroup survey

As many as 94% of those born between 1980 and 1995 prioritise job security when looking for work, a research report has said in findings that are quite contrary to popular perception about what was once dubbed the ‘Me Me Me Generation’ by Time magazine. 

As per the India findings of Millennial Careers-20:20 Vision, published by US-headquartered human resource consulting firm ManpowerGroup, 39% of the respondents expect to work beyond the age of 65 and 25% are ready to work even after they turn 70. The report also reaffirms some of the well-known facets about the millennials such as that they are happy to disrupt and be disrupted by new ways of working and are always looking for new challenges and opportunities.

“For millennials to commit to the vision of the company, they need to feel empowered. It is critical to let millennials experiment and discover their own way. While they desire accountability and guidance from a superior, they prefer getting the job done on their own,” said AG Rao, group managing director of ManpowerGroup India. 

Rao said independent employees are great self-motivators. Millennials like being independent because this allows them to showcase their creativity and problem-solving ability. With new opportunities to apply their skills and gain new experiences, they grow personally and bring a culture of selfimprovement and adaptability to the organisation, he said.

“Employers need to check with millennials regularly about their career path and development. Rather than annual reviews, focus on near-term objectives. Frequent conversations will enhance their career prospects and long-term employability,” Rao said.

ManpowerGroup commissioned thought leadership consultancy Reputation Leaders to conduct a quantitative global study of 19,000 working millennials and 1,500 hiring managers across 25 countries to understand what Generation Y wants now and in the future, and help individuals and organisations succeed in this new world of work. The fieldwork took place between February and April this year. Some of its key India findings are:

IN FOR THE LONG HAUL

Millennials are preparing to run career ultramarathons. Nearly four in 10 millennials expect to work past age 65. India ranks 16 out of 18 countries surveyed on this criteria. A quarter of those surveyed said they expect to keep working beyond the age of 70 while 14% said they are likely to work until the day they die.

As per the report, millennials are working longer and harder than the previous generations, with 89% of Indian respondents saying they foresee taking breaks longer than four weeks along the way, mostly for personal reasons.

While the report reveals a global bias towards women taking time off to care for others, India appears more balanced in this regard, with both men and women sharing this responsibility. Regardless of gender, 41% of millennials are planning to take significant breaks for relaxation, travel or vacations. Indian millennials claimed the longest working week in the survey, with 82% saying they work more than 40 hours a week while 45% said they work more than 50 hours. Half of those surveyed said they held two or more paid jobs.

OPEN TO LEARNING, EXPERIMENTATION

While 74% of working Indian millennials surveyed were in full-time jobs, 5% said they were open to new ways of working in the future – freelance, gig work or portfolio careers with multiple jobs. Among the Indian millennials surveyed, 34% said they were considering self-employment.

The report shows that 78% of millennials are willing to spend their own time and/or money on further training while 83% see ongoing skills development as an important part of their future careers. Only 7% of those surveyed said they had no interest in training.

SETTING THEIR PRIORITIES STRAIGHT

Millennials prioritise three things when choosing where and how they work – job security, opportunity to learn new skills and money. They also rank holidays and time off, the opportunity for promotion and a flexible working environment as priorities.

Eight in 10 millennials in India said working for employers who are socially responsible and aligned to their values is important while 93% said the opportunity to learn new skills is a top factor when considering a new job. As per the report, 27% intend to take an extended break from work to gain new skills and qualifications.

Millennials want new opportunities with their current employer, according to the report, with 39% saying they intend to stay with their current employer for the next few years or longer. When asked what the “right” amount of time is to stay in a single role before being promoted or moving to another, about 85% said less than two years and 41% said less than 12 months. A third said they would consider leaving their current job due to lack of appreciation and once they start to look elsewhere other issues such as pay, benefits and lack of opportunities become significant too.

POSITIVE VIBES

Nearly six in 10 respondents said they were optimistic about their immediate job prospects. But as many as 87% said they were confident that if they lost their source of income tomorrow they could find equally good or better work within three months. 

Source | http://www.carttrends.com/

Regards

Pralhad Jadhav

Senior Manager @ Library

Khaitan & Co

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