2012年-普华永道全球_Millennials_at_work_Reshaping_the_workplace_in_financial_services_20页_467kb

Summary of "Millennials at Work" Report

Core Content

This report explores the impact of millennials on the financial services sector, focusing on their unique characteristics, career expectations, and the challenges they present for employers. It draws on the findings of PwC's 15th Annual Global CEO Survey and the Millennials at Work survey, which included responses from over 4,300 university graduates in 75 countries.

Main Points

• Talent Shortage in Financial Services: Financial services firms face a significant talent shortage, with many CEOs citing limited availability of skilled employees as a threat to growth. This shortage is exacerbated by the sector's complex regulatory and technological environment.

• Millennials' Characteristics:

  • Millennials, born between 1980 and 2000, are entering the workforce in large numbers and are shaping the future of work.
  • They value career progression over monetary rewards, but are more money-oriented than other generations within the financial services sector.
  • They are tech-savvy and expect instant access to information and electronic communication in the workplace.
  • They seek a meaningful purpose in their work and are more likely to leave employers that do not align with their values.

• Work-Life Balance:

  • Work-life balance is a top priority for millennials, with 94% of those in financial services considering it important.
  • However, 28% of them reported that the actual work-life balance was worse than expected.

• Loyalty and Career Mobility:

  • Only 10% of millennials in the financial services sector plan to stay with their current employer long-term.
  • Many are open to new opportunities or actively seeking them, with 42% open to offers and 48% actively looking for new roles.
  • Most expect to have multiple employers during their career, with 52% anticipating between two and five employers.

• Compromises in Employment:

  • Many millennials made compromises when entering the workforce, especially during the financial crisis.
  • Salary was a key factor for some, with 48% of insurance sector millennials compromising on salary and 29% in banking compromising on location.

• Non-Financial Rewards:

  • Millennials value non-financial rewards such as training, development, and flexible working.
  • 73% of them would find a tailored benefits package appealing, but enthusiasm for non-financial rewards is generally lower in the financial services sector compared to other industries.

• Reputation and Social Responsibility:

  • The reputation of the financial services sector has been damaged, with 21% of millennials saying they would rather not work in the sector.
  • In particular, insurance companies in Asia face a negative image, with 26% of millennials in China expressing this sentiment.
  • Millennials seek employers with strong corporate social responsibility (CSR) values and are willing to leave if these values are not met.

• International Assignments:

  • 72% of millennials in the sector want to work overseas, and 71% believe it will benefit their careers.
  • However, they prefer developed economies like the US, UK, Australia, and Canada, with only 8% considering India and 1% mainland China.

• Diversity and Inclusion:

  • Diversity and inclusion are important considerations for millennials, with 76% of those in financial services mentioning it.
  • In Asia, 84% of millennials consider diversity policy when choosing an employer.
  • Despite this, 68% of millennials in the sector feel that opportunities are not equal for all, even if companies promote diversity.

• Management and Development:

  • Millennials expect regular feedback, recognition, and a supportive work environment.
  • They are motivated by personal and professional growth and want to be involved in meaningful projects.
  • Employers should focus on creating a culture that supports their ambitions and values.

Key Information

• Employment Expectations:

  • Millennials are more likely to seek rapid career progression than traditional career paths.
  • They are less loyal to employers and more likely to switch jobs if their needs are not met.

• Employer Strategies:

  • Employers must adapt their recruitment, retention, and development strategies to meet the expectations of millennials.
  • Clear communication of the 'deal' – what is offered and what is expected – is essential.
  • Firms should consider flexible working arrangements, tailored benefits, and meaningful career opportunities.

• Challenges for Employers:

  • Managing the expectations of a generation that values personal development and work-life balance.
  • Addressing the perception of the financial services sector as lacking in social responsibility.
  • Encouraging millennials to work in less developed markets by framing it as a valuable career milestone.

Conclusion

The report emphasizes that financial services organizations must rethink their approach to attract and retain millennials. These employees are not only a significant part of the workforce but also bring new expectations and values that require innovative management practices. Employers who fail to address these needs risk losing valuable talent and falling behind in the competitive landscape of the future.