Gen Y value their independence and 'self-service.' Learn why they nearly always want a cash lump sum rather than a full managed package.
There has never been a generation quite like Gen Y. The individuals born since 1980 have now grown up and are entering the work force in mass. It is estimated that by 2020 over 75% of the global workforce is going to be a member of Gen Y. Their unique expectations, desires and abilities are changing the way we work, including in the space of global mobility. It is clear that what used to work in the past will no longer work in the future. Nowhere is this more apparent than in Gen Y’s preference for lump sum policies.
Gen Y is a unique generation formed by the pressures of an increasingly fast world, globalization, and incredible advances in the sciences. They are the most optimistic generation alive and by far the best educated in history. Significant research has been carried out into the values of Gen Y individuals and the results are hardly surprising.
A typical Gen Y individual has grown up with the infinite choices that the Internet and our globalised world provides. As such, making decisions as to what service to use or how to organise an activity come as second nature to them. When not given flexibility and choice Gen Y feel constrained. The days of fixed relocation packages are finished. Tomorrow’s employees will demand the ability to determine the components of their own relocation package. Naturally a company can’t provide a blank cheque either and so a lump sum relocation package is the natural choice.
Furthermore, Gen Y expects instant results for any of their actions. They live in a state of constantly seeking instant gratification: ‘likes’ for a picture just shared on Facebook, shipping quotes provided immediately, and city information on demand. There are no delays in getting access to results. Again traditional relocation packages don’t have the ability to provide information at the speed that Gen Y expects, and especially when it needs to be done flexibly according to the movers demanding requirements.
Lastly, a typical Gen Y individual prefers to interact with technology, such as smartphones or websites, than to deal with a person when organising an activity. The reasons for this are numerous but the most important is a deep desire for efficiency and for being involved in the process and making decisions along the way. This again lends itself perfectly to a cash lump sum as opposed to the traditional fully managed relocation process.
To learn more about Gen Y, mobility and the workplace visit our Gen-Y Zone.