By 2025, an overwhelming three fourths of India’s workforce would be millennials and it will eventually go past China in having the largest millennial workforce in the world! The Indian economy is expected to grow to USD 5 trillion by 2025 and the millennials as a workforce will play a huge role in the development and growth of the economy.
Developed nations have a large aging population and will constantly need a younger talent pool to fill the emerging gap. Understanding employee mobility and its impact on the global workforce especially from developing nations like India therefore assumes greater significance.
As per BCG report, the talent trends show that while India will have employability challenges there is going to be an abundance of talent. What does it mean to the global market? People from India will move to the regions of talent shortage. So irrespective of the location that the Indian millennial works in, they will show the same characteristics as the influencing factors as that from the place of origin.
Several stereotypes exist around millennials like their penchant for job hopping, inclination for a hierarchy free work culture and their tendency to feel threatened when freedom to express their individuality is limited. The Indian work culture is deeply rooted in hierarchy and the one you’re reporting to commands respect like what is commanded by one’s parents. With millennials joining the workforce, we are steadily witnessing a shift in this culture. With such strong stereotypes around millennials work habits and attitude, very few organisations look at relocation as an option.
Contrary to the general perception, millennials are highly focused and yearn for a workplace that challenges them to bring forth their best. Organisations that recognize and value their hard work would most likely retain millennials over a longer period.
Learning and development opportunities along with acquiring new age skills tops the priorities of most millennials. They actively look out for growth and development opportunities in their organizations. Employers who communicate and articulate the benefits of relocation as opportunities to learn and grow are more likely to find their millennial workforce receptive to moving.
Flexible work schedules and office in an urban area are primary concerns for a millennial worker considering relocating. Secondly, they want to ensure that the move is right for their entire family and the career of their spouse. Thirdly, they are more likely to demand relocation bonus and spousal assistance.
Organisation culture and retention are significant factors for companies deciding between relocating and hiring new talent. Relocating employees within the company bodes well for continuity in culture and work ethos. Familiarity and continuity also allow for a greater chance of success in a new location. It also allows for retaining top employees by providing them with opportunities in a new environ and setting. By relocating employees within the company, an organisation caters to the constant need of a millennial for a continued upward progression.
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