Millennials Value Training over Money

It might seem dreary out there in the job market, but a recent study of CEOs show two-thirds believe they’re facing a skilled talent shortage. Nearly 1200 CEOs were interviewed around the world by PricewaterhouseCoopers in its 2011 Global CEO Survey. Click on the map below and you will see charts and data that apply to specific regions of the world. Surprisingly, the U.S. ranked about equal with Asia and the Middle East for expected job growth.

managing talent especially with millenials

The CEOs want to be the “employer of choice” and more than 80% of them are revising their hiring strategies to take into account what motivates the various generations of workers. BNET reports:

The expectations of the Millennial generation (started working in 2000) [aka, Gen Y] differ from those of its predecessors…. This generation has grown up with technology and social media as part of their everyday life. They have also grown up knowing that their relationship with a company is unlikely to be a life-long one. They are seeking more to life than “just a job”: more money and climbing the ladder are not what drives them.

In a separate study of Millennials by PricewaterhouseCoopers, they were very clear on what they want from their employers (including a chance to work overseas)

For Millennials training and development is the most highly valued employee benefit. The number choosing training and development as their first choice of benefit is three times higher than those who chose cash bonuses. 98 percent believe working with strong coaches and mentors is an important part of their development.

Another interesting fact. Nearly 86% of the Millennials would consider leaving an employer “whose social responsibility values no longer reflected their own.” When you consider the PWC study of Millennials was taken in 2008, at the nadir of the Great Recession, that’s a bold, refreshing take.

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