Workmonitor Q3: 83% millennials considering a career change

Workmonitor Q3: 83% millennials considering a career change
Hong Kong’s Millennials are on the move, with four in five (83 per cent) already looking for a complete career switch despite only recently entering the workforce, according to the Randstad Q3 2015 Workmonitor released today.

Born between 1980 and 2000, Hong Kong’s millennials are less interested in committing long-term to organisations compared to their more senior counterparts, as they look to try a variety of roles.

Part of this stems from having confidence in their job prospects, with 83 per cent assuming they would find comparable work at a different employer within 6 months.

Despite the fragility of labour markets worldwide brought about by China’s economic downturn, this generation is highly mobile, with 33 per cent of 18-24 year olds already looking for another job, followed by 26 per cent of workers aged 25-34. Indicative of this trend is a lack of job satisfaction, with less than half (46 per cent) of millennials fulfilled by their current roles.

Director of Randstad Hong Kong, Mr Peter Yu, said that it is concerning that so many Millennials are already considering a career change.

“These workers will form half of the global workforce by 2020, and attracting and retaining these younger workers for the long term will be one of the biggest HR challenges facing companies in Hong Kong.

“Each year, Hong Kong has around 70,000 school-leavers looking for job opportunities, and it is imperative that business leaders adapt to the needs of this emerging workforce and introduce programmes that will keep them engaged,  and motivated and offer continued career progression..

“This generation has vastly different attitudes and expectations compared to their older peers, so employers need to build a strong company culture and management style that appeals takes into account their demographic characteristics to them,” said Mr Yu.

Suchattributes prove to be key considerations for these workers.Millennials rank the highest amongst all age groups in researching a company’s reputation (93 per cent) and culture (94 per cent) before taking on a new role.

“Business leaders need to foster a culture of continuous learning, professional growth, and provide clear career pathways in order to attract this upwardly mobile generation – who are also the most ambitious, with 76 per cent currently focused on getting a promotion,” said Mr Yu.

“At the same time, a company’s reputation is not just about being a good employer.  This generation, more than any other before them, places greater importance on how companies perform in terms of corporate social responsibility, ethical behaviour and their effect on the environment.

“The finest of these workers are in high demand across every industry.  By appealing to their career expectations and interest in social issues,companies can inspire them to stay long-term and develop these workers into the next generation of leaders,” concluded Mr Yu.

The Randstad Workmonitor

The Randstad Workmonitor was launched in the Netherlands in 2003 and now covers 32 countries around the world, encompassing Asia Pacific, Europe and the Americas. The Randstad Workmonitor is published four times a year, making both local and global trends in mobility regularly visible over time.
 
The Workmonitor Mobility Index, which tracks employee confidence and captures expectations surrounding the likelihood of changing employers within a six month time frame, provides a comprehensive understanding of job market sentiments and employee trends. In addition to measuring mobility, it provides insights into employee satisfaction and personal motivation, as well as explores sentiments around key trends shaping the world of work for employees each quarter. 

The quantitative study is conducted via an online questionnaire among a population aged 18-65, working a minimum of 24 hours a week in a paid job (not self-employed). The minimal sample size is 400 interviews per country, using Survey Sampling International. Randstad’s Q3Workmonitor survey was conducted between July 20 and August 4, 2015 and sampled over 400 respondents in Hong Kong.
Posted: Thursday, 8 October 2015 - 5:00 PM