CapRelo Blog

Relocation is a Key Factor in Making Millennial Employees Happy

Posted by Amy Mergler on Thu, Dec 17, 2015

Millennials' Rising Expectations

staff-resized-600.jpgMillennial workers, defined as those born after 1980, are graduating from college and ready to take on the world – literally. According to a Pew Research study, millennials are expected to comprise 37 percent of the workforce in the U.S., which will grow as Boomers retire. Because they have grown up with digital media, the world of the millennials is wider than that of their parents. Consequently, they have developed a global mindset that is reflected in their choice of career paths as well as the need for balance in work and personal life.

Learn more about developing relocation policies in our free guide.

Unlike their grandparents or even parents, most millennials see career travel as a given, seldom staying in one job for more than two or three years, especially if few opportunities exist for relocation and career growth. On the other hand, millennials also value personal growth, balance and meaningful work in addition to career advancement. To successfully manage workers of this generation requires an understanding of what millennials need and want.

Millennials Often Delay Marriage While Establishing Careers

Millennials are more likely than their parents or older siblings to delay marriage and family to establish themselves in a career first, one which preferably includes travel and all of its career-supporting, culturally enriching benefits. Lack of family and other external "baggage" often gives them the freedom to pick and choose plum assignments without worries about spousal employment, quality school availability or other concerns and restrictions often experienced by employees with families. Once millennials do marry and settle down, however, they insist on a work environment that allows a balance of work and family.

Until recently, relocation was usually considered an "earned right" reserved for higher-ranking executives. Millennials believe that organizations intent on keeping their loyalty should offer them the chance to experience other locations and cultures as part of their employment experience.

What Do Millennials Want at Work?

A characteristic of millennials is authenticity in their work as well as personal lives, reports a Bentley University study, with most refusing to compromise values. This includes a willingness to leave companies whose work demands restrict their ability to live an authentic life aligned with their values, including a healthier balance of work and leisure than that experienced by their parents. Pew Research Center studies confirm that many millennials preferred fulfilling careers, where they are valued and enjoy what they do, to high salaries. (Benefits, however, did rank highest in millennials' corporate "wish lists.")

Far from rejecting the corporate world, over 72 percent of millennials surveyed in the Bentley study would enjoy working with a large company; 48 percent of responders also reported that they want to be loyal and would prefer to work for no more than two companies over the course of their careers. The good news is that companies offering great benefits, including travel as well as flexibility, balance and purposeful work should find it easier to keep their millennial workers productive and happy.

Talent Management: Engagement Article

 

 

Topics: talent retention, employee engagement, talent management, millennials

Worldwide ERC Global Workforce Symposium wrap-up

Posted by Amy Mergler on Tue, Oct 13, 2015

Last week, members of our CapRelo team attended the Worldwide ERC Global Workforce Symposium in Boston, MA. Throughout the event, we tweeted pictures, observations and tidbits of information learned during the sessions we attended.

 

Multigenerational Workforce and Millennials

Several of the sessions we attended discussed millennials. Did you know that EVERY 8 seconds a millennial joins the workforce and every 8.5 seconds a baby boomer leaves the workforce? Here's a brief summary of some of the things we learned.

Five things to keep in mind about Millennials as transferees:

  1. They move less stuff
  2. They don't mind frequent moves
  3. They require less "kid" services
  4. They are quicker to leave
  5. They want an "experience"

Millennials at a glance:

  • Strong appetite for working abroad
  • See an international experience as an opportunity for progression
  • Committed to training and development
  • Seeking a simulating atmosphere that creatively blends work and life

But most of all:

Relocation Service requests for Proposals

We also learned a little bit about what corporations consider before going out to RFP for relocation services and the process they follow to identify the right provider. We found out what some experts say about the "why" of the RFP. The most important factors for issuing an RFP?

  • Innovation
  • Service enhancements
  • Cost savings
  • Time since the last market investigation
  • Perceived opportunity based on market knowledge
  • Current supplier not performing
  • Awareness of what the end state needs to look like (big picture) and the ability to communicate that
  • Buy in from leadership

Tips for a Global Work Environment

  1. Create teams, share ideas
  2. Recognize cultural differences, overcome barriers
  3. Encourage transnational innovations
  4. Legitimize diversity, manage complexity
  5. Encourage people to build bonds and personal relationships

 

We learned a lot, but we also made time for some fun!

 

 

 

 

Topics: workforce mobility, WorldwideERC, global mobility, millennials

What You Need to Know About Relocating Millennials

Posted by Shirien Elamawy on Tue, May 12, 2015

Millenials Moving

Millennials—those born between 1980 and 2000—are far more interested in relocating for their careers than Generation X and Baby Boomer workers. In fact, Mary Lorenz, in her The Hiring Site article “Five Things You Might Not Know About Millennial Candidates,” cites a CareerBuilder and Inavero survey that showed that 83 percent of Millennials are willing to relocate for the right job that provides them with a higher salary or better advancement opportunities. Moreover, other sources show that 40 percent are even willing to move to a different country or continent!

Learn about developing relocation policies to attract top talent with our free guide. 

In addition to this willingness to relocate, it’s important to note that Millennials in general switch jobs more often than their predecessors. Jeanne Meister writes in her Forbes article titled “Job Hopping Is the ‘New Normal’ for Millennials: Three Ways to Prevent a Human Resource Nightmare” that while the average duration of a professional engagement is 4.4 years, 91 percent of Millennials expect to move on to another position in less than 3 years.

When you combine these statistics, it becomes clear that Millennials are a highly mobile segment of the workforce. And with this generation rapidly becoming the largest group of workers, it’s clear that employers will increasingly encounter situations in which they need to relocate Millennial employees.

A Global Mindset and a Desire for Independence

It’s essential to understand that Millennials are far more independent than older generations. Social media has allowed them to develop a global mindset, enabling them to stay in touch with family and friends, no matter where they are in the world.

Additionally, having grown up in an era where information and services are readily available on the Internet, they’re accustomed to solving problems on their own. And this attitude generally applies to corporate relocation, too. Many Millennials believe they can coordinate their local, national or even international moves themselves. Yet however capable they are in many areas, it doesn’t mean they’re prepared to handle such an impactful life change without assistance. The employer, in the meantime, needs to ensure a good relocation experience in order to keep the employee happy, engaged and productive.

Striking the Right Balance

As Julie Cook Ramirez points out in her Human Resource Executive Online article titled “Generation Why Not,” employers need to strike the right balance between overseeing the move and allowing the transferee the flexibility to handle certain aspects him or herself. And this is where the role of a corporate relocation company like CapRelo is pivotal.

The relocation company needs to offer the necessary support and coaching in a manner that appeals to Millennials. Keep the following points in mind:

  • Be open to including the transferee in the decision making process.
  • Schedule an informational meeting up front in which expectations can be stated.
  • Utilizing technology, provide one central hub from which the transferee can instantly navigate to the specific aspects of the relocation process in his or her own time.

Investing in Relationships

Successful relocations enhance retention, helping companies keep top talent within their ranks. Additionally, Millennials will advance into senior decision-making positions, and the relationships they build now will likely be the ones they rely on later. So though adapting the relocation process to cater to Millennials will likely require some capital and effort, the investment promises to pay off both in the short and long-term.

New Call-to-action

 

Topics: employee retention, relocating employees, employee relocation concerns, talent management, millennials

New Call-to-action

Subscribe to Email Updates

Posts by Topic

see all