As more Millennials assume leadership positions around
the world, organizations are becoming increasingly concerned with how to ensure
their success. However, most existing research on those born between the early
‘80s and late ‘90s is skewed toward understanding what a narrow, typically
Western, population wants. Conclusions based on such a limited sample could
lead to bad decisions (and missed opportunities) around attracting, retaining,
and developing millennial leaders in a global business environment.
To broaden our understanding of what Millennials want at
work, INSEAD’s Emerging Markets Institute, Universum, and the HEAD Foundation
conducted the first of what will become an annual survey of Millennials — and
the largest study of its kind. We surveyed 16,637 people between 18 and 30
years old, in 43 countries across Asia, Africa, Europe, Latin America, the
Middle East, and North America. The data was collected from May to August 2014,
and the results are presented in “Millennials:
Understanding a Misunderstood Generation.”
While the data have limitations (for example, random
sampling could not be used and some regions/countries had more responses than
others), the size of the sample and its global reach allowed for clear patterns
to emerge. When asked about the desire to become leaders, the importance of
work-life balance, and the expectations around retirement, we found that some
common assumptions rang true, while others did not. But perhaps most
importantly, we found that almost all views varied considerably by culture.
Millennials are interested in becoming leaders — for
different reasons. On average, 40% of respondents claimed that becoming a
manager/leader was “very important.” This ranged from 8% in Japan to 63% in
India. And the reasons (money, opportunities to coach, building career
foundations, etc.) also varied across cultures.
High future earnings stood out as the most dominant theme
globally, yet the range was quite wide. Half of respondents from
Central/Eastern Europe chose high future earnings as a reason to pursue
leadership, while only 17% of Africans did. African Millennials seemed to care
most about gaining opportunities to coach and mentor others (46%), a response
that didn’t resonate as much in other regions — less than a quarter chose it in
Asia-Pacific (APAC) countries, Central/Eastern Europe, and the Middle East. We
also found that the opportunity to influence an organization was chosen by
nearly half of those in Central/Eastern Europe and North America, but by only
about a quarter of those in APAC countries and the Middle East. Companies
should consider these findings when structuring incentives and leadership
development programs.
What Millennials wanted to see in a leader varied even
more. For example, in North America, Western Europe, and Africa, at least 40%
of respondents said they wanted managers who “empower their employees.” Yet
only about 12% of Millennials in Central/Eastern Europe and the Middle East
chose that quality. We can only speculate about the reasons, but the diverging
preferences may be associated with a lingering imprint of the autocratic
governance structures that were very much the norm in Central/Eastern Europe
until not long ago, and are still in place in many parts of the Middle East.
Instead, 58% of respondents from Central/Eastern Europe
believed that technical or functional expertise in a manager was important (in
other regions, only a third or fewer respondents agreed). In the APAC countries
and the Middle East, however, no single response drew more than one third of
respondents.
Work-life balance doesn’t mean the same thing to
all. Millennials strive for work-life balance, but this tends to mean
work-me balance, not work-family balance. They want time for themselves and
space for their own self-expression. Overall, the dominant definition was “enough
leisure time for my private life” (57%), followed by “flexible work hours”
(45%) and “recognition and respect for employees” (45%).
Which responses or regions were outliers? In both
Central/Eastern and Western Europe, “overtime compensation” scored relatively
highly (52% and 45% respectively), indicating greater interest in regulated
labor issues. In North America, 59% chose “flexible work hours,” perhaps
indicating a stronger preference for autonomy. On the other hand, North
American millennials do not seem averse to working long hours if it speeds up
career progress — 42% found this proposition interesting. It was the same in
Latin America, and it was 51% in Africa. However, nearly half of respondents in
every region said they would give up a well-paid and prestigious job
to gain better work-life balance. Central/Eastern Europe was the exception, as
42% said they would not.
Most Asian millennials defined work-life balance as
having enough time set aside for their private lives, but this average hides
differing country-by-country attitudes. In Singapore, 76% defined work-life
balance as having leisure time to spend privately, while in Thailand, only 29%
did. In India, 42% defined it as “flexible working conditions,” while in
Vietnam, 76% saw it as “offering external activities (e.g. sports, cultural
events).” Many Asian Millennials also seem to stress the importance of
social ties more than their Western counterparts. For example, they rely more
on support from friends and family.
That said, some attitudes were similar across the world.
For example, spending time with family ranked among the highest of priorities in
every region we surveyed. And perhaps surprisingly, we found that working for
the betterment of society was not a priority for a majority of Millennials
anywhere.
The “fear of not being able to retire” isn’t as
widespread as it’s made out to be. The data show that this notion,
often written about in the West, is not generally supported. Notably, in the
Asia-Pacific, 58% of Millennials expected to retire by age 60 (in China, it was
higher). And Central/Eastern European Millennials predicted the oldest retirement
ages, with more than 27% expecting to retire at or after the age of 70.
We must be careful not to imply more than the data tells
us. For example, it would not be fair to assume Millennials in regions with
higher than average expected retirement ages (Europe and North America) are
less confident about their financial future. Those findings could simply show a
higher degree of confidence about future health. What we probably can
assume is that Millennials in regions with lower projected retirement ages
(APAC) feel more confident about their financial ability to do so. We also
found that Millennials in Central/Eastern Europe, Africa, Asia, and Latin
America most widely believed that they’d enjoy a higher living standard than
their parents.
Generally, Asian Millennials are positive about their
prospects for a secure financial future – with the possible exception of
Australia. This outlook seems to correlate with the economic growth the region
has experienced in their lifetimes. But while they do not necessarily fear
retirement, they do they fear getting stuck in a job that they do not like and
that is not challenging.
When we asked about work-related fears, we found that the
top three were getting stuck with no development opportunities, not being able
to realize their career goals, and not finding a job that matches their
personality. Certain regions had “outlier fears,” or responses that were
significantly different from those in other parts of the world. For example, in
Africa, more Millennials (22%) worried that they wouldn’t get the chances they
deserved because of their ethnic background. This differed from the average
across other regions (12% in North America, 2% in Latin America, and 1% in
Central/Eastern Europe). These regions noted other big fears. In North America,
it was: “I will work too much.” While in Latin America, it was: “I will
underperform;” and in Central/Eastern Europe, it was: “I won’t be valuable to
the organization.”
To attract, retain, and develop Millennial leaders,
companies and managers need to take these regional differences into
consideration. What matters to a Brazilian Millennial might differ from what
matters to a Singaporean Millennial, which differs from what matters to an
American Millennial. But while it’s important to understand what’s valued in a
particular culture, it’s also necessary to remember that people vary greatly
within cultures. If there is one thing we know about Millennials globally, it
is that they want to be seen as individuals.
Source: Harvard
Business Review
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