Graduates vote flexible working in top two of perks

Flexible working hours is one of the two top perks that graduates now expect from work, according to a survey for Pwc.

The survey of more than 4,000 graduates and an accompanying report reveals the priorities of the population that will form 50% of the workforce by 2020 are far and away training and development and flexible working hours. Some 22% opted for training and development and 19% for flexible working compared to 14% for cash bonuses which came third. Only 4% said they would prefer no benefits and higher wages.

It also shows 72% of the graduates, born between 1980 and 2000, have made some sort of compromise to get into work. Over 40% prefer electronic communication over face to face or verbal communication. The majority haven’t thought about how to fund their retirement, but only 4% expect to work beyond retirement age.

The findings are taken from the report ‘Millennials at work, reshaping the workplace,’ which is based on analysis of the attitudes of over 4,000 graduates across 75 countries. The report aims to provide insight into the minds of new graduates from around the world entering the workforce for the first time.

Jon Andrews, a partner at PwC, said: “Millennials want more than ‘just a job’. They expect rapid progression, a varied and interesting career, and constant feedback. What they want might shift as they move through different stages of life and their commitments change, but this group is characterised by their ambition and optimism as they look at more than money when there’s an offer on the table. There are significant implications for employers as they need to adapt to ensure they remain attractive to this new workforce.”

However, the report suggests that graduates are adapting as a result of the current economic downturn in many parts of the world, when compared to a similar report in 2008.

Graduates are practical about the tough economic conditions, the report shows. 72% said they had made some sort of compromise (for example, salary, location, benefits, choice of industry) to get into work – which should herald a warning for employers that voluntary turnover is almost certain to increase once economic conditions improve.

A quarter of respondents also expect to have six or more employers in their working life, with only 18% said they planned to stay in their current role long term.

Fifty-two per cent say that the main attraction to an employer is career progression. This comes ahead of competitive salaries at 44%.

Jon Andrews said: “Employers need to work harder to understand this generation and appeal to their needs to make sure they keep them when market conditions improve. However, employers may also need to accept though that a rate of ‘millenial churn’ is inevitable and build this into planning.”

PwC’s report suggests that technology dominates every aspect of graduates' lives, and 41% say they prefer to communicate electronically at work than face to face or over the telephone.

The use of their own technology is routine at work and three-quarters say that access to technology they like to use makes them more effective at work.

The report shows graduates in the UK are less optimistic than their global peers about how they’ll fare financially compared to their parents' generation. Globally, 67% expect to be better off than their parents’ generation while in the UK, 51% expect to be better off financially.

Some 55% of UK respondents said they hadn’t thought about how they would fund their retirement, but only 4% think they will continue work beyond retirement age.

Graduates are comfortable working with older generations and value mentors, according to the report, but 38% say that older senior management do not relate to younger workers and 34% say their personal drive was intimidating to older generations.