Yahoo Finance Millennials prefer job security in light of global turmoil: study
It’s easy to find criticism of millennials. Many a headline has been dedicated to labeling them spoiled, narcissistic dreamers who are always ready to jump ship for the next opportunity.
But according to new findings from Deloitte, the so-called entitled generation may actually value job security – not the flash and dash of a new opportunity — more than they have in the past.
The survey found that 31 per cent of millennials expect to stay at their current position beyond five years, 38 per cent said less than two years and just seven per cent said they planned to leave soon.
The findings showed a significant increase in preference for job security from last year when 38 per cent said they planned to stay at their workplace beyond five years, 38 per cent for under two years and 17 per cent hope to be out the door ASAP.
The study — which surveyed nearly 8,000 full-time, college- or university-educated participants born after 1982 from 30 countries, including Canada – linked this uptick in desire for job security – especially in developed economies — to growing global political and economic instability.
“Young professionals now indicate they’re less likely to leave the security of their jobs, more concerned about uncertainty arising from conflict, and — especially in developed countries — not optimistic about their future prospects nor the directions their countries are going,” said the report.
In the past year, the West has been witness to a number of shocking upheavals, including Brexit in the United Kingdom, the election of Donald Trump in the U.S and terrorist attacks in Europe.
The study found only 36 per cent of millenials in developed markets believe they will be better off financially than their parents, and only 31 predict they will be happier.
The U.S. was the only country from the group where young professionals weren’t skeptical of their long-term happiness compared to their parent’s generation.
“This pessimism is a reflection of how millennials’ personal concerns have shifted,” Punit Renjen, CEO of Deloitte Global, said in a press release.
“Four years ago, climate change and resource scarcity were among millennials’ top concerns. This year, crime, corruption, war, and political tensions are weighing on the minds of young professionals, which impacts both their personal and professional outlooks.”
This desire for job security is also apparent in millenials’ concerns about unemployment, despite their desire to work as freelancers or consultants.
Joblessness was the third-most cited worry out 18, with 25 per cent saying, and 70 per cent of participants from developed economies said they preferred full-time employment
Having lived through the “economic meltdown” that began in 2008, and with high levels of youth unemployment continuing to be a feature of many economies, it is natural that millennials will continue to be concerned about the job market,” said the report.
“Millennials appear to want the best of both worlds— freelance flexibility with full-time stability.”
And is that really so much to ask for, especially when flexibility seems to be valued across all generations.
