In our previous blog post, which you can read here, we discussed the emerging trend in 2016 of sending millennials on international assignment. We mentioned this as being a key investment in the future of a company, of retaining and attracting top talent and shaping the future leaders of a business.
In today’s post we will look more closely into this trend and what exactly it is that millennials have to offer global businesses.
So what exactly is a millennial?
Millennials are members of the population born between the early 1980s and the late 1990s who are now aged between 20-35 years old.
How are millennials different from the rest of the workforce?
Millennials are hyper-connected, socially aware individuals who now make up the largest generation in the workforce. They have had access to the most innovative technology most of their lives and so are more connected to the world than anyone else via social media, videos and images. They have not experienced any geographical barriers and have been instilled with a global mindset from the get go. It is natural for them to want to explore and travel.
Millennials have shaped the way businesses are run, demanding more technology, flexibility, feedback and development from their employers. Part of this development includes international assignment.
Why does this make them an ideal candidate for an international assignment?
Their age means that millennials are now prime candidates for an international assignment. They are the generation of renters, who cannot afford to buy a house and settle down, and so they have the flexibility of being able to up sticks and move. They have no financial commitments and benefit from a lifestyle that allows them to live overseas for a few years. Others in the workforce simply cannot do this so easily as they have the responsibilities of family, children, schooling, and a house.
How does this benefit the business?
Millennials also have a reputation of being chronic job hoppers with a lack of loyalty. They are known to get bored quite quickly and are highly driven to progress and earn more. When someone feels the options open to them are limited and that there is nowhere for them to go, they are likely to take their skills elsewhere.
However, if a business takes steps to actively invest in the millennial’s future and promotes them into leadership roles through international assignment, they will be much more likely to stay on at the company.
Millennials want to feel valued and trusted. A business can show this by giving them opportunities, investing in their future and providing ongoing training. In turn the millennial will develop a sense of loyalty to the company and put their skills to use for the company, rather than moving elsewhere to a competitor.
If you would like to find out more about the services we can provide you to support your relocating millennials, then please do not hesitate to contact us.