A new study shows how to turn millennial hires into team players
While the median age of Singapore’s labour force has risen steadily over the last decade, it is estimated that by 2020, over a third of the global workforce will be comprised of millennials. As Singapore continues to open its borders to foreign tech startups – a top industry among this demographic – the next few years will see many opportunities for HR professionals to court this new generation of workers.
Far from the lazy stereotype attached to them, millennials – those born between 1980 and 1996 – are perhaps the hardest working generation. According to a study conducted in 2016 by the Manpower Group, 73% of millennials report working more than 40 hours a week, and nearly a quarter work over 50 hours.
But more than work ethic, firms should pay attention to how mobile millennials are, and what that means.
According to a new study conducted by LinkedIn, millennials are much more mobile than previous generations. Based on US job switching activity in 2016, these workers were 50% more likely to relocate and 16% more likely to switch industries for a new job than their older counterparts.
This mobility means millennials are the generation most ready to take advantage of opportunities to work abroad. For local recruiters looking to hire foreign talent, millennials may be the best target demographic. However, the other side of the coin is that these millennials are more likely to jump ship if they feel dissatisfied with their career.
So how do you keep them onboard? Taking a look at their industry of choice – tech – yields interesting points.
Overwhelmingly, tech and software development are the most sought after industries for millennials. While this could be attributed to the digital natives being natural fits for the field, it’s the job and income growth, impressive perks, and deeper sense of purpose often found in tech firms that pull them in.
Money and job security are the top priorities of millennials, according to the Manpower Group study. But these workers also highly value opportunities to work flexibly and develop new skills – incentives that firms looking to hire millennials should not miss out on.
The field of tech is generally seen as a dynamic, high growth industry, appealing to millennials’ desire for a strong career path and employee development opportunities. For recruiters outside the tech industry, emphasizing the firm’s opportunities for professional growth, skill development, and career advancement are surefire ways to not only attract these workers, but keep them.