Millennials optimistic about their careers in spite of everything
Despite being the most unequal generation yet in terms of income, millennials, who are expected to make up more than a third of the global workforce by 2020, seem to be surprisingly upbeat about their careers.
A recent study by multinational workforce solutions corporation ManpowerGroup titled Millennial Careers: 2020 Vision revealed that two-thirds of millennials are optimistic about their immediate job prospects while 62 percent are confident that if they lose their main source of income tomorrow, they would find a similar or better option within three months.
“The majority of Millennials globally see a promising future and successful careers ahead,” the report reads. "Overall, Millennials in Mexico, China, Switzerland and Germany are the most positive, while those in Japan, Greece and Italy are the least positive—a reflection of economic, political and cultural factors in these countries.”
And while the majority of surveyed millennials (33 percent) expect to retire at 65 to 69 years of age, a significant percentage (12 percent) said they will likely work until the day they die. In addition to that and contrary to prevalent generational stereotypes, the study revealed Gen Y to be working just as hard, if not even harder than previous generations.
“Millennials expect to work harder and longer than previous generations, so they already anticipate more variety... when they will take their foot off the gas. Eighty-four percent foresee significant breaks along the way, reinforcing that Career Waves are replacing the Career Ladder of earlier generations,” the report explains.
This explains why millennials are well aware of the need to develop their skills continuously in order to maintain employability. Not only did 93 percent of participants express their willingness to spend their time and money on further training, but four out of five also ranked the opportunity to learn new skills as a top factor when considering a new job.
“This Millennial mindset sees individual jobs as stepping stones to self-improvement, rather than a final destination,” the report insightfully states. “Millennials have redefined job security as career security — it’s the journey not the job.”
In order to cater for Gen Y’s ever-evolving workplace dynamics, the report advises employers to fulfill their millennial employees’ appetite for new opportunities, offer frequent face-to-face feedback and adopt greater flexibility among other measures.