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Millennials Count Millennials Count Millennials Count MILLENNIALS COUNT MILLENNIALS COUNT MILLENNIALS COUNT Authors Jelisaveta Đurković Dušan Jovanović Sara Kovačević Jovana Lučanin Maja Manojlović Anđelković Tijana Mihaljica Marina Petruševski Jasmina Stefanović Miloš Tucaković Translated by Katarina Žunić Published by Stanton Chase International d.o.o., Belgrade Printing New Assist, Belgrade Volume and format 50, B5 ISBN 978-86-920451-1-0 Millennials Count They said about the Millennials... “I believe that for Millennials the possibility for professional development, versatility, creativity, positive working environment, social responsible companies is the most important. As they become more experienced their priorities will change due to increased responsibilities in private and business life.” Nataša Sekulić Country Leader for Serbia, Macedonia, Montenegro and Albania, IBM “In their value system Millennial generation appreciate highly the freedom of decision making, successful work and life balance and possibilities for improvement. A half of employees in Coca-Cola HBC belong to Millennial generation so we’ve adapted our culture to these needs. Due to the flexible working hours and possibility to work outside the company’s office, employees are able to manage their professional duties in a responsible manner, successfully aligning them with personal needs. Following the needs for continuous improvement, the company also provides a numerous educational programs, designed to support fast-track career development of young and talented people. Millennial generations is committed to environmental improvement, which are also Coca-Cola Hellenic values – to create values for everybody it cooperates with, including local communities. Every generation brings changes. At first sight the changes brought by the Millennium generation may seem more significant or with bigger influence on business, but they are just more clearly articulated. As a matter of fact, to companies like Coca-Cola Hellenic, that are striving for successful future, this allows to prepare themselves timely for the new era and new business leaders.” Aleksandar Ružević General Manager, Coca-Cola HBC Serbia and Montenegro “If it is possible to generalise, Millenials (generation Y) want and look for dynamism at work and in private life. It is the main motivation for them and in certain situations it has the priority over material things or stability. While dynamism at work is necessary because of significant technological development, dynamism in personal plans can be challenging and raises the question of long- term goals of this generation.” Boris Milošević Partner, KPMG “Millennial’s role in the modern society is very significant, not only because of their age but because of their knowledge and competency. We can hear more often that they are “the children of digital age” and their interests and knowledge are shaped by fast technological and technical development. Considering big importance of modern technology in business and society it is clear that these young people are future leaders. If I should describe this generation in just a few words it would be: interests and improvement in new technologies, permanent presence at social networks, mobile phones dependence, capability of global connecting, great expectations of the future and desire for permanent learning and going forward.” Zoran Petrović Chairman of the Managing Board, Raiffeisen bank and President of Board of Directors at American Chamber of Commerce in Serbia (AmCham) “Millennials are the first generation who grew up with modern technology. They are very self-confident and want everything, here and now. They are aware that the market is changing and invest a lot in education to keep up with the changes. For them the way and quality of communication are very important. They prefer team work because they consider they can give much better results in a team and bring more values to the company. It is important to keep them motivated and to give them new challenges constantly, so they can enlarge their capabilities. They are looking for continuous feedback about performances and will appreciate benefits like flexible working hours or work from home. For organisations it is important to keep up with the times and to define how to retain employees who belong to this generation. It will help them in saving the most important resource for the achievement of long-term corporate objectives.” Milan Bukumirović CFO, Swarovski and President of CFO Association in Serbia CONTENT: 1. Introduction ......................................... 9 2. General overview of the research results . .11 2.1. Demographic characteristics of the sample . .11 2.2. Education . .12 2.3. Current status......................................15 2.4. Job characteristics and required skills . .17 2.5. Development . .24 2.6. Ambition .........................................26 2.7. Communication . .29 2.8. Role Models . 30 2.9. View into the future.................................31 3. Relations . 33 3.1. Relation – Acquired level of education and professional work . 33 3.2. Relation – Professional work and view on the applicability of knowledge gained through formal education ........ 34 3.3. Relation – View on the best ways to develop knowledge and on the applicability of knowledge gained through formal education...................................36 3.4. Relation – Preferred choice – domestic or multinational company and required skills .........................38 3.5. Relation – Preferred choice – leader’s or innovator’s role and required skills . .39 4. Comparison . 41 4.1. Socio demographic characteristics by groups . 41 4.1.1. Students ...................................... 41 4.1.2. Employed students.............................42 4.1.3. Employed.....................................44 4.1.4. Unemployed . 46 4.2. Comparative review by groups....................... 47 6 5. Millennials’ profiles................................. 61 6. Conclusion . 65 7. About Stanton Chase................................69 8. About Career Development Center Belgrade’s University . .71 9. Literature . 77 10. Appendix: Questionnaire . 81 7 8 1. INTRODUCTION The search for talent, for the best in the market, inspired us to think about the generation that is coming and that soon will become the majority of the workforce – the Generation of the Millennials, also known as Generation Y. How do they think? What do they expect from employers? How do they want to develop? These are just some of the questions we were interested in. The answers to those questions could influence the creation of a strategy when the Millennials become our target. Our goal is to help companies in our market, giving them ideas on how to attract, retain and develop the Millennials. The key role of the Career Development and Consulting Center for students of Belgrade University is to help students develop their knowledge and gain practical skills that will enable them to enter the business world. The Career Development and Consulting Center was a logical choice to begin this research endeavor, as it houses a database of thousands of students and alumni, as well as collaborates with other universities in Serbia. A part of this sample includes individuals who are currently employed. With the help of our database and the support of companies who currently employ Millenials, we contacted these individuals. The response was overwhelming and made us realize the importance and relevance of this topic. The entire labor market is interested in learning about the changes that this new generation brings. The research was conducted between February and June 2016, with approximately 1,000 respondents, representatives of the Millennial generation. For the purposes of this research we defined Millennial as a person born between 1986 and 1992. Through an online survey, respondents answered 26 questions related to their attitudes and expectations about their present and future career. The following section presents the results of the research and its interpretation, as well as the review of some of the international researches on the same topic. 9 ● Results section is divided into the following chapters: ● Demographic characteristics of the sample ● General overview of the research results ● Relations ● Results review by groups of respondents ● Millennials’ profile ● Conclusion We hope that reading our survey will be useful and inspirational, offering you valuable insight on how to position yourself with regard to the generation that is coming. 10 2. GENERAL OVERVIEW OF THE RESEARCH RESULTS 2.1. Demographic characteristics of the sample Gender: 26.7% Men Women 73.3% The research includes students from several universities in Serbia, employed and unemployed representatives of the Millennial generation. The study participants included 73.3% women and 26.7% men. It is notable that we did not aim for an equal gender balance; women represent a larger percentage of Serbia’s population, and they are also more open an accessible for questioning (Republički zavod za statistiku, Struktura stanovništva po polu i starosti, 2014:11). Year of birth: 1987 1988 12.2% 1986 15.1% 11.7% 1989 1992 1991 1990 14.6% 14.9% 16.4% 15.1% As it is shown in the table, respondents of all ages were equally involved. 11 2.2. Education Acquired level of education: 0.7% Secondary school education – 8.5% grammar school 13.2% Secondary school education – 33.4% vocational school 2.9% College education – Professional degree University education – Bachelor degree 41.2% University education –
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