Much of Gen Y moves frequently and associates with a global community. Learn how this will change your relocation policies and why the MOVE Guides team are experts in this demographic.
For most millenials, technology is the great enabler. It is the means for Gen Y to become who they aspire to be, and a great part of this aspiration is global mobility. The internet has opened the door to a new world of global awareness and as a result, tolerance, curiosity and desire to connect with new countries and cultures is fast becoming the norm. Whilst many gen Y members are displaying a growing sense of national pride, the desire to expand their network and connect with others has no regard for national borders. With the power of social connection that is enabled by the internet, this is really not surprising. Over three quarters of millennials believe that the internet has a beneficial effect on building and maintaining relationships and a further 73% welcome foreigners to build lives in their respective home country. The fear of the foreign that has plagued previous generations has become a thing of the past.
With 73 % of millenials claiming that the internet changes the way they think about the world, what does this mean for relocation policies? It is important to understand that a glomad lifestyle has become a prominent ambition for most millennials. 71% of gen Y want and expect an overseas assignment at some point in their career and this will soon lead to a new culture of regional leaders and specialists who move so frequently, the no longer have a ‘home’ country.
Mobility is becoming integral to talent management. It is important to make the promise of short term, overseas assignments a way to target and engage new talent, and to make these assignments available as early as possible, before family ties take effect later in life. Many companies now deploy 20% of talent across global assignments lasting for less than one year, as opposed to just 10% back in 2002.
Mobility programmes must also encompass flexibility. If assignees have the freedom to choose from a range of benefits to suit themselves and their families, the investment of the employer will be maximised. The freedom to choose will increase the chances of the millennial accepting and enjoying their assignment.
Sharing and connectivity are the defining factors for Gen Y, and with global mobility being increasingly enabled by technology, millennials have come to expect it from all aspects of their lives. If asked, a millennial might say, ‘Technology doesn’t define who I am, it lets me be who I am’, and in an increasingly connected world, mobility is a big part of the individual that gen Y aspires to be.
MOVE Guides offers a unique platform for relocation services to help companies support employees moving with lump sum payments — and is working with the companies leading the way!
To learn more about Gen Y, mobility and the workplace visit our Gen-Y Zone.