What will the next generation bring? – written by Janaki van Os
The business world is changing rapidly and becoming incredibly more global. The way workforce is sourced, managed and organized has transformed. The effect of the Millennials Generation will be enormous according to the largest global generational study conducted by PwC, the world’s largest professional services network, the University of Southern California and the London Business School.
Generation Y or Millennials are born between 1980 and 1995. The U.S. Bureau of Labor Statistics predicts that by 2030 this hyper-connected, tech generation will make up 75% of the workforce. The most important findings of the Millennials generations study (PwC, 2013) are that they are unwilling to sacrifice their personal life for their profession. They value a good work/life balance and are unwilling to commit everything to their work. Another finding is that they have a need for flexible work. Millennials believe that work should not be measured by the hours put in but by the outcome of their product or work. And they expect to work for international companies that are not fixed in one location. The NextGen study found that more Millennials (37%) view the opportunity to work overseas as part of their desired career path than their non-Millennial counterparts (28%). Therefore, a new trend is emerging in the globalisation of the professional workplace; Global Mobility.
The effect of the millennials in the globalisation in the future is something that will change the whole society. Therefor it is not a hype, mania or fashion. It is of such an impact that it will change the way the professional world works. For that reason, Global Mobility is a megatrend. Not only the generation of the millennials will experience this trend but it will affect everybody. The meso trend in the trend pyramid of Maslow is that the consumer need with millennials is the need to be able to work flexible. A micro trend following the customers need to have flexibility are flex workspaces such as NHK in Utrecht. This is a space where you can come and work whenever you want with the services you would also find in a regular office. The trend will last for 10 to 30 years, since the millennials are now from 18 to 34 years old. After 30 years, a new generation with new needs will have taken its place and there will probably be a new trend to fit that generation.
Finn and Donovan (2013) did the largest generation studies to the impact of the millennials and they have discovered that assignee levels have increased by 25% over the past decade and they predict a further 50% growth in mobile employees by 2020. With this growth, mobile employees don’t have to relocate at all. Technology will play a key role in the global working arrangements, since they don’t have to physically be there anymore but can simply skype or use other means of communication. Since the global mobilisation is growing in such numbers the trend is still in growing and hence in the beginning fase of its life cycle. In 2030 generation Y will make up 75% of the workforce (BLS, 2012) and the trend will then be at its peak.
Besides Global Mobility, what other changes do you think Generation Y will bring in the work field?
BLS. (2012). Projections of the labor force to 2050: a visual essay. Retrieved on the 8th of December from http://www.bls.gov/opub/mlr/2012/10/art1full.pdf
Finn, D., & Donovan, A. (2013). PwC’s NextGen: A global generational study (Evolving talent strategy to match the new workforce reality). Retrieved on the 8th of December from http://www.pwc.com/gx/en/hr-management-services/publications/assets/pwc-nextgen.pdf
Fry, R. (2015). Millennials surpass Gen Xers as the largest generation in U.S. labor force. Retrieved on the 8th of December from http://www.pewresearch.org/fact-tank/2015/05/11/millennials-surpass-gen-xers-as-the-largest-generation-in-u-s-labor-force/
Mitchel, A. (2013). The rise of the millennial workforce. Retrieved on the 8th of December from https://www.wired.com/insights/2013/08/the-rise-of-the-millennial-workforce/
PwC. (2012). Talent mobility (2020 and beyond). Retrieved on the 8th of December from http://www.pwc.com/gx/en/managing-tomorrows-people/future-of-work/pdf/pwc-talent-mobility-2020.pdf