What is Gen Y really like, and why are they so different from other demographics?
Defined as those born after 1980, Gen Y and Millenials will make up 75% of the global workforce by 2025. As the first generation to have grown up in the digital age and accustomed to mass connectivity, Gen Y expects to use technology in their professional life in much the same way as they do in their personal lives. This has brought about the rapid digitization of industries such as travel and retail, and in turn the consumerization of business services. As a result Gen Y employees expect to utilize many of the features of the consumer web, such as social networks, customer reviews and price comparison, to book services related to their professional lives.
Unlike the Baby Boomers and Gen X before them, Gen Y has grown up expecting to live and work abroad, and for multiple companies. Gen Y currently comprises entry to mid-level staff at most companies, but is a growing share of the labour force. In a world where international travel is the norm, they crave exciting experiences beyond financial gain and stability and are competing against their peers for coveted senior roles in global businesses. As a result, they will not expect the same lavish expatriate packages that their parents may have received, but rather seek experience, career development and cross-cultural opportunities and frequently seek out international opportunities to grow their careers. They often relocate with permanent transfer, lump sum or ‘expat light’ relocation policies and are willing to make financial tradeoffs in order to gain valuable international experience in order to be competitive in a globalized workplace.
Unlike previous generations, Gen Y does not view organizations as paternalistic supporters. They are empowered to make their own decisions and keep in touch with friends and family though technology, making the concept of an international move far less daunting than it used to be. They are a new generation who view services from a consumer perspective. They want interesting content, easy access, a clean and user-friendly web experience. Our research shows that 74% of people want to book services online themselves versus just 2.7% of people who want an external party to do it for them, highlighting the need for new mobility solutions to cater to this independent generation.
Accustomed to booking personal services online, more and more employees expect access to transparent information and customer reviews when making purchase decisions in their professional lives too. Our research shows that more than 91% of people prefer to research and book services online, compared to just 2.5% of people who prefer to do it by phone. More than 99% say that they value transparency (defined as price comparison, multiple options, clear pricing and open data) when booking services online.
These employees crave autonomy, transparency and choice, and the ability to make decisions about their allocation of spend and who delivers their services on their own time and on their own terms. As this generation becomes the majority of the workforce, we will see new global mobility technologies and policies emerge to service this unique pool of employees.
MOVE Guides recognizes the ever-changing needs of the globally mobile employee and has created a solution tailored to these independent movers. Our platform combines the transparency, choice and autonomy that employees crave, whilst providing them with expert content and full service support via email, online chat and phone, making it easier than ever to communicate in the way that suits each mover best. Mobility teams can feel safe in the knowledge that their employees are in good hands, while expats can retain control over their move and budget, offering the best of both worlds.
Get in touch today to find out how we can help you to provide your Gen Y employees with the services they crave!