Hello, My Name is Millennial
Posted by: Alzone Ang, Director, Client Services, Singapore
“Can I get an iced, large, double shot, skinny latte with one pump of caramel syrup please?”
In something as simple as a coffee order, we see a generation so specific with their preferences that it has sprouted endless memes (another favourite of Millennials) online. And like their coffee order, relocation is viewed with that same customizable lens for Millennials, causing a shift in the way our clients, and companies like Cartus, view our services and our delivery. Generally, across the relocations that we manage, Gen X moves still form at least 40% of the relocating population, but Millennials have caught up with them fast and in some tech companies, this group surpasses the other generations by as much as 30%.
According to Pew Research, Millennials have become the largest living generation, with 75.4 million in the U.S. alone, and in their Millennial Survey, Deloitte indicated that they are projected to form 75% of the global workforce by 2025.
Relocating Millennials – What You Should Know
With statistics like these, it is safe to say we are moving, and will continue to move, more Millennials than ever before. Based on our extensive experience thus far, here are three key trends to remember when it comes to relocating this future workforce:
- Flexibility in policy design is important. Flexibility and choice are core elements of a Millennial’s DNA. This focus on flexibility and choice is reflected in the increasing buzz around point-based policies, menu approaches and lump sum. Being able to allocate funds and support in accordance with their unique priorities is something that is important to this population.
- Speed and clarity of communication is key. Millennials demand transparency and speed. Being the first generation who grew up with a constant connection to the worldwide information superhighway, Millennials are used to reviewing a great deal of information as part of their decision making process. When moving Millennials, there is a greater need to clarify the intent behind relocation guidance, provide the context and background of any recommendations, as well as expand on the rationale behind exception decisions. Also, with the explosion of messaging in the past two decades, from the initial Internet Relay Chats to Facebook Messenger to WhatsApp, Millennials have come to expect faster access to help when they need it, instant dialogue, information on demand, as well as real-time feedback.
- Seamless use of technology. With our mobile phones prompting an app or system update at least twice a week, Millennials are not only comfortable with technology, but they expect to use it as a key part of their relocation. Whether for an expense submission or retrieving a document sent several months ago, access to information at their fingertips is a basic expectation. Not only should the data be available, the information should also flow from one platform to another as easily as the “Share” button on Facebook.
We have many more important Millennial observations to share with you, and over the next few months we’ll be posting a series of blog posts written by Cartus Millennials in our global offices. We expect that Millennials and non-Millennials alike will debate the merits of those observations with us. To facilitate this, we look forward to hearing from you! Tell us about your experience of relocating the future workforce generation in the comments below. You never know, you might see us blogging about them next!