Millennials: On the Move

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Most information presented today regarding Millennials indicates that this is a population that has a global mindset and is largely open to adventure and new experiences, especially if they offer professional growth and interesting challenges.  If a company is concerned about retaining Millennial talent, investing in their professional growth is essential and should reap gains for the company as well.  Using strategic international assignments for developmental purposes is key to successful talent management and having a flexible relocation package to support these assignments is a clear competitive advantage for corporations today.

 

According PricewaterhouseCoopers’ report Millennials at Work: Reshaping the Workplace, 70 percent of Millennials want or expect an overseas assignment at some point in their careers. And with 1.8 billion Millennials predicted to make up 50 percent of the global workforce by 2020, employers need to ensure their relocation programs are attractive to this generation.

 

Many companies offer lump sum relocation packages, assuming the employee would rather self-manage their funds.  But a lump sum benefit without guidance in its proper usage, can be quickly spent on services and items that do little to assist the employee, and especially a spouse, in the cultural and professional adaptation to their new location.  Companies cannot assume that millennials know what to expect, or know how to manage a lump sum budget.  And because they are accustomed to being transparent in their social commentary, employers can expect that they will openly discuss and compare their experience with others.

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