What will the workforce of the future look for in its employer?
31/January/2012
A new report by PricewaterhouseCoopers (PwC) reveals what will drive the priorities and demands of tomorrow's workforce.
The survey, of more than 4,000 graduates, found that remuneration will be superseded by less quantifiable benefits, like training and teleworking.
PwC's report looks at the rise of the 'millenials', the group of graduates born between 1980 and 2000, a group that will form 50 per cent of the workforce by 2020.
The report aims to provide insight into the minds of new graduates from around the world entering the workforce for the first time.
Some 22 per cent of survey respondents said that training and development was the benefit they valued most from an employer, followed by 19 per cent rating flexible working.
Cash bonuses ranked in third place (14 per cent) and only four per cent said they would prefer no benefits and higher wages.
PwC surveyed more than 4,000 graduates across 75 countries for the study.
"Millennials want more than 'just a job'," said Jon Andrews, partner at PwC.
"They expect rapid progression, a varied and interesting career, and constant feedback."
Changing loyalty
PwC's report found the current economic conditions have a part to play in where graduates choose to work – something that will change once these economic conditions improve.
For example, 72 per cent of respondents said they had made some sort of compromise to get into work – such as salary, location, benefits or choice of industry.
This is likely to mean that voluntary churn is almost certain to increase once economic conditions improve, PwC said.
A quarter of those polled said they expected to have six or more employers in their working life.
Only 18 per cent said they planned to stay in their current role over the long term.
Over half – 52 per cent – said career progression is what attracts them most to an employer. Perhaps surprisingly, this is ahead of competitive salaries at 44 per cent.
Mr Andrews said: "Employers need to work harder to understand this generation and appeal to their needs to make sure they keep them when market conditions improve.
"However, employers may also need to accept though that a rate of 'millenial churn' is inevitable and build this into planning."
Techno-generation
The survey finds a generation of millenials super-connected to technology. 41 per said they prefer to communicate electronically at work – via email and chat systems – than face-to -face or over the telephone.
'Bring your own' – employees using their own personal devices for work purposes is routine at work and three-quarters say that access to technology they like to use makes them more effective at work.
Mr Andrews explained: "Employers are already changing their IT policies to appeal to millennials, for example, making smartphones available as an employee benefit or encouraging business-focused used of social media.
"It may be difficult to accept but this generation may teach employers more about technology and its use that any formal learning programmes. For organisations, capturing this technology insight may be critical to their future success in the market place."
