PwC Observes Preferences of Young Professionals
OREANDA-NEWS. February 03, 2012. Generation Y – or the so-called millenials, people born between 1980 and 2000 – will make up fully 50% of the workforce by 2020. For millenials, learning and professional development opportunities, as well as a healthy work/life balance, are bigger priorities than how much money they earn, according to a new international survey by PwC. Titled Millenials at work, reshaping the work place, the survey looks at the views and preferences of over 4,000 young professionals in 75 countries around the world, with 273 respondents in Russia, reported the press-centre of PwC.
Twenty-two percent of those surveyed said that training opportunities and professional development were of the greatest value to them. In second place, at 19%, was a flexible work schedule, while cash bonuses ranked only third with 14%. Ninety-five percent of all surveyed millenials ranked maintaining a healthy work/life balance as important to them. Russian millenials are fully in line with the global trend, with 93% looking for a sustainable work/life balance, and 21% making training and development their priority. Cash bonuses (20%) ranked second as a key incentive among Russian respondents. Among Russia’s GenY, 11% prefer a flexible work schedule. Equally important for young Russian professionals is financial support for buying an apartment (14%).
Ruxandra Stoian, PwC Russia Partner in Human Resources Consulting, commented on the survey results:
“Millenials want more out of life than ‘just a job’ or a steady climb up the corporate ladder. Our research suggests that millenials tend to be uncomfortable with rigid corporate structures. This perception may change as they move through different life stages and gain new professional experience and responsibilities. But this generation, which stands out for its ambition and optimism, tends to look at more than just pay when considering job offers. There are significant implications for employers, as they need to adapt to ensure they remain attractive to this new workforce.”
Compared to the results of a similar survey in 2008, the new survey shows that millenials are ready to compromise in many areas given the current economic downturn affecting most countries around the world.
The results show that 72% of all respondents had to make specific compromises in order to get a job during the downturn. This included compromising on such factors as salary level, job location, benefits package, and preferred industry. This should sound the alarm bell for employers, for as soon as economic recovery takes hold, they are very likely to see increasing employee turnover.
Russian respondents say they are ready to make compromises even now. Thirty-two percent of respondents would take a pay cut (in line with the overall global percentage), while 27% are ready to give up career development opportunities (14% globally), 19% would accept a less generous benefits package (17% globally), and 18% are willing to tolerate working in something less than their dream job for the time being (14% globally). Meanwhile, 22% of respondents are not ready to make compromises (28% globally).
One fourth of all respondents assume that they will change jobs at least six times over their careers, while only 18% plan to stay in their current role for a long time. At the same time ver half of Russian respondents (57%) expect to make anywhere from 2 to 5 job changes over their professional lives. Thirty percent of Russian respondents plan to work in one industry and at one company from the very start of their careers. Twenty-four percent expect to stay in one sector but working for different companies. Fourteen percent would like to try working in diverse fields and at various companies. Meanwhile, 81% of Russians would, one way or the other, consider different options if other employers made them job offers.
As for the ideal employer, 33% of Russians prefer to work in a large business centre in Moscow, while 23% would like to be their own boss.
When choosing an employer, 76% of Russian respondents believe it’s important that the employer’s values are in line with their own. Meanwhile, 55% would quit their jobs if their employers’ behaviour and principles stopped reflecting their own expectations.
Globally, 67% of respondents assume they will have greater financial security than their parents’ generation. In Russia this data point was fully 91%.
Regarding plans for the distant future, it’s quite interesting to see that only Russian (19%) and Turkish (22%) graduates say they will continue working even after reaching retirement age. In contrast, only 5% of millenials on average in Western Europe and North America want to work past retirement age.
Moving up the career ladder is a key priority for millenials. Fifty-two percent of all respondents see such opportunities as the major attraction of potential employers. A competitive salary level ranks second at 44%. Russian millenials tend to have the same priorities: Sixty-five percent cite the importance of career growth, while 59% say that salary is a significant factor.
According to survey data, 71% of all young Russian respondents want to work abroad. Seventy-nine percent say their main objective in moving abroad would be to gain international experience that could help boost their career development. Russian young people do not view immigration barriers and quotas as serious obstacles to leaving Russia. The most popular destination countries among young Russian professionals are: the United States (63%), Germany (49%), and Great Britain (47%). These are closely followed by France (36%) and Switzerland (35%).