Four years ago, PwC began a study into the future of people management with their report, ‘Managing tomorrow’s people – the future of work 2020’, which explained how globalism, technology, and socio-political and demographic changes would influence the way businesses operate in the future.
Follow up report on millennial generation
The follow-up report, ‘Millennials at work: Perspectives of a new generation’, was published in 2008 and highlighted the characteristics of the newest generation of workers.
This latest report aims to provide some insight into the minds of new graduates from around the world entering the workforce for the first time. CEOs are becoming increasingly concerned that they will soon be unable to find the talent that they will need to succeed, with a shortage of suitably skilled workers their single biggest worry. Businesses are competing fiercely for the best available workers and for the talent that will replace the retiring Boomer generation in the coming few years. Every year, more and more of that talent will be recruited from the ranks of millennials.
Millennial generation characteristics
As they begin their working lives, what are the hopes and expectations of this generation? And most importantly, do business leaders and HR teams need to revise their current strategies accordingly?
PwC commissioned Opinium Research to carry out an online survey of 4,364 graduates across 75 countries between 31 August and 7 October 2011. 1,706 of these respondents were PwC graduate recruits or responded through PwC’s website. Overall, 1,470 PwC employees and 2,894 other graduates responded to the survey. All were aged 31 or under and had graduated between 2008 and 2011. 75% are currently employed or are about to start a new job. 8% were unemployed at the time they filled in the questionnaire. The rest were self employed or returning to full-time education. 76% of those with a job said it was a graduate role, while 12% had a job which did not require a degree.
Quotes from the millennials who participated are included throughout this report.
What do you think of PwC's conclusions about milliennials? What changes might be needed in your workplace to adapt to this new generation? Share you thoughts in the comments section below!
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