The Impact of Millennials on the Global Mobility Industry

According to Price Waterhouse Coopers’ (PWC) Millennials at Work research, millennials will represent 70% of the global workforce in less than five years. Two-thirds of them would be happy to get an overseas assignment during their career, 32% more if compared to the older generation X.
 

Millennials, also called Generation Y or Generation Next, are born between the early 1980’s to early 2000s, but there are no precise dates for when this cohort starts or ends. They are generally children of the Baby Boomers and they are different from the previous generations because of their increased use and familiarity with communications, media, and digital technologies.
 

With an increase in companies expanding across the globe and people being relocated to different cities and countries, the global mobility industry is growing bigger and quicker by the day. It is estimated that in the next decade 50% more workers are going to take on global assignments, as companies look to expand on the global scene.  This is the reason why it is essential for Global Mobility specialists to look at how the Millennials are impacting the Global Mobility industry and how this will continue in the future.

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Being born in-between 1980-2000 meant that as they were introduced into the world, technology was rapidly expanding. Because of this, many millennials are driven and innovative. As their knowledge of the digital world is extensive this is likely to help businesses with their online organisations on a global level.
 

Digital presence around the world is more important than ever, and so is the integration of technology into businesses throughout all industries. Because of this, millennials have altered business culture forever. Data has now been optimized for a range of devices, making communication instant, easy and effective. Millennials are likely to be highly useful when it comes to implementing technology in business environments around the world. They could be a good resource to train colleagues on the use of such technology and continue to produce innovative and creative ways to further push the business forward in a digital age.
 

Deloitte‘s 2017 Millennials Survey states that after a turbulent 2016—punctuated by terror attacks in Europe, Brexit, and a controversial US presidential election—millennials are increasingly concerned about security and stability. While the previous year many millennials were planning to change their jobs, now they are much more likely to stay secure in their job without the contemplation of leaving. The alternative way for young people to develop their career without job hopping, is to consider relocation opportunities that will offer higher wages and promotions.
 

Compared to those from older generations, millennials are more knowledgeable about global movements, and in many cases, are looking for the opportunity of global mobility to progress personally and professionally. When considering career choices, millennials have a strong desire to work across the world as opposed to the same country, and so are more likely to feel happy at a company that offers these opportunities. Millennials are motivated by the ability to be flexible and feel secure within their job. But, on top of that, personal growth is a huge factor, and many believe that this is done best through the opportunity of travel.

 

One of the major issues that many global mobility programmes within companies are facing is budget cuts. This is where millennials can help to ensure that expatriate packages are cost effective. Millennials will be looking forward to an international assignment as an opportunity for personal and professional development. Many older generations will have families, accommodation, security and more in mind when it comes to negotiating a package for their international assignment, whereas millennials are likely to come with a lot less commitments, allowing you to have an employee on international assignment within your budget.
 

To learn more about how millennials can change the industry of global mobility, get in touch via our contact page.