For Millennials, the Whole World is the Home Office
Millennials may be the most mobile, work-anywhere generation in American history. Technology and globalization are enabling an unprecedented level of opportunities, and today’s crop of young adults are eager to take full advantage of what’s “out there.”
Companies should take heed of this larger trend, according to a new report from the relocation specialists at Graebel.
Graebel’s research finds that more than 80 percent of Millennials surveyed would be willing to take a pay cut if necessary to relocate to a dream destination; 71 percent would be willing to postpone marriage and 72 percent would be willing to postpone having children.
Now, that’s commitment. Other findings include:
- Eighty-four percent are of Millennials willing to relocate for a job, 72 percent domestically and 41 percent internationally.
- Eighty-two percent of Millennials believe eventual relocation will be necessary for career advancement, and 83 percent say they would give preference to a prospective employee who has worked abroad, if they were in charge of hiring.
- When it comes to relocation, Millennials are more motivated by money than by experience. Sixty-five percent would move to a foreign country for higher income, compared to 35 percent who would relocate for the experience.
- In order to live in their dream destination, 72 percent of childless Millennials would delay having kids and 71 percent of single respondents would postpone getting married. However, a large percentage of Millennials would be willing to build a life while working overseas—43 percent would buy a home, 47 percent would buy a car, 41 percent would get a pet and 34 percent would get married and have children.
- Although traditionally, employers not only pay for relocation expenses but also make the arrangements, 78 percent of Millennials would rather make all the travel and housing decisions themselves using a company stipend. This suggests Millennials are more willing to use web-based tools, social media and smartphones to be more independent transferees.
- Domestically, New York tops the list of dream cities for Millennials, followed by (in order) Los Angeles, Miami, Seattle and San Francisco. London is the most desired city outside the U.S., followed by Paris, Sydney, Tokyo and Berlin.
This study portrays a generation of Americans unconstrained by geography, and willing to go to great lengths to make their mark. Employers who structure their offering with those qualities in mind are likely to attract the top talent.
Copyright Today’s Credit Unions