Millennials are redefining the employment landscape and how domestic and global mobility factor into their lives and careers. A new survey of Millennials by Wakefield Research for Graebel, a leading provider of corporate relocation services for Global 100 and Fortune 500 firms, found 84 percent of Millennials are willing to relocate for a job, and 82 percent believe they will be required to relocate if they want to advance their careers.
Moreover, the survey revealed that Millennials are willing to make significant sacrifices in order to live and work in their “dream” cities in the U.S. and abroad. More than 80 percent would be willing to take a pay cut if necessary to relocate to a dream destination; 71 percent would be willing to postpone marriage and 72 percent would be willing to postpone having children.
“Twenty years ago, a much smaller percentage of the workforce—typically C-suite executives—expected to need to relocate for career advancement,” said Bill Graebel, president and CEO of Graebel. “Now we’re seeing a significant shift toward younger employees relocating, sometimes internationally, and it’s changing how companies think about talent acquisition and retention, and how employees map their lives and careers. Millennials embrace the notion of relocating as a catalyst for achieving career goals.”
Survey findings include:
– Millennials on the Move: Millennials have a global mindset when it comes to their careers. Eighty-four percent are willing to relocate for a job, 72 percent domestically and 41 percent internationally.
– Career Building through Mobility: Eighty-two percent of Millennials believe eventual relocation will be necessary for career advancement, and 83 percent say they would give preference to a prospective employee who has worked abroad, if they were in charge of hiring.
– Motivated by Money: When it comes to relocation, Millennials are more motivated by money than by experience. Sixty-five percent would move to a foreign country for higher income, compared to 35 percent who would relocate for the experience.
– Life Milestones at Home and Abroad: In order to live in their dream destination, 72 percent of childless Millennials would delay having kids and 71 percent of single respondents would postpone getting married. However, a large percentage of Millennials would be willing to build a life while working overseas—43 percent would buy a home, 47 percent would buy a car, 41 percent would get a pet and 34 percent would get married and have children.
– Independent-Minded: Although traditionally, employers not only pay for relocation expenses but also make the arrangements, 78 percent of Millennials would rather make all the travel and housing decisions themselves using a company stipend. This suggests Millennials are more willing to use web-based tools, social media and smartphones to be more independent transferees.
– Dream Cities: Domestically, New York tops the list of dream cities for Millennials, followed by (in order) Los Angeles, Miami, Seattle and San Francisco. London is the most desired city outside the U.S., followed by Paris, Sydney, Tokyo and Berlin.