Millennials are driven by more than just money

Forget about the money. Millennials want other things out of their careers.

Professional development, opportunity and personal satisfaction pull full steam ahead of financial gain for millennials.

The largest independent study of Millennials (formerly known as Gen Y) has found 73 per cent are more likely to be drawn to a job because of its opportunities for work-life balance than by its money or status. And 42 per cent would choose unemployment over staying in a job they hate.

The project by the INSEAD Emerging Markets Institute, Universum and Singapore’s HEAD Foundation last year surveyed more than 16,000 Millennials, aged 18 to 30, from 42 countries.

It found having a good work-life balance was the top priority. The next most important goal was to grow and learn new things (45%). But becoming a leader or manager was also a key focus, with 41 per cent of respondents saying it was very important for reasons of money (35%), influence (31%) and the opportunity to have a strategic role (31%).

The study identified regional differences, too. Job titles were considered important in Africa, the Asia-Pacific, the Middle East and Latin America, but unimportant in Central and Eastern Europe, and irrelevant in North America and Western Europe.

A Millennial’s idea of a “perfect manager” also changed across regions. In North America, Western Europe and Africa, they liked managers who empowered staff to make decisions.

Fairness and expertise were valued in Central and Eastern Europe. In the Middle East they preferred managers who had all the answers. In Latin America, Millennials wanted managers who were role models and happy to give advice.

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This article is from the February 2015 issue of INTHEBLACK.

February 2015
February 2015

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