The Asian Millennial Workforce and the Travel Industry

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1 The Asian Millennial Workforce and the Travel Industry Key findings of a study conducted for the

2 khkjk Why do Millennials matter? Aged 20-35, Millennials will soon come to dominate the workplace 3 out of 4 workers globally will be Millennials by 2025 Up to 80% of the current workforce in some travel companies in Asia Known to be difficult to manage and retain, with only 39% indicate they are likely to stay with their company for the next 3 years

3 The Singapore Tourism Board (STB) commissioned McKinsey & Company to study the Millennials in Asia s travel and tourism industry. Findings from the study were presented at the 5 th Asia Travel Leaders Summit (ATLS) on 28 th October ,975 Millennials 1, Managers and HR Executives Companies - Hotels, Travel agents, Airlines, etc.

4 So you thought you knew the Asian Millennial? Conform to Global Millennial Characteristics Ambitious and eager to rise up corporate ladder Job-hopping is prevalent among Millennials Distinguishing Characteristics of Asian Millennials Service aspects of the job draw Millennials to travel and tourism Job security and company s reputation are key motivators Work-life balance and flexibility are not defining drivers of satisfaction Asian Millennials are NOT Homogenous Distinct differences in job expectations and desires, based on values and phase of life Millennials do not differ significantly between sub-sectors But there are some geographical variances

5 5 distinct Millennial segments Millennial Segment Driven by Willing to compromise on Predominant demographic Idealists 19 % Meaningful work Prestige Salary Young, single, welleducated females who rent or live with parents Want-it-alls 13 % Meaningful work International exposure Flexible working arrangements Prestige Not willing to compromise Young singles without previous industry experience Money seekers 18 % International exposure Salary Flexible working arrangements Breadwinners 32 % Salary Career advancement Flexible working arrangements Older, married males with children Familyfocused workers 18 % Flexible working arrangements Meaningful work Career prospects and international exposure Married females with children Geographical Variances China has a high representation of Idealists (24%) Indonesia has a high representation of Breadwinners (44%) India has a low representation of Family-Focused (11%)

6 How is the industry faring? Millennials are generally satisfied, with two-thirds indicating that they are satisfied with their overall experience Doing well in areas that draw Millennials to the travel and tourism industry: Strong company reputation Opportunities to meet & interact with people But there is room for improvement in some areas: Remuneration Career advancement Training & capability development Level of Satisfaction High Low Opportunity to serve Prestige in working for the company Corporate values match own Company has good diversity record Low Opportunity for international exposure Competitive benefits package Competitive wages and financial incentives Flexible working arrangements Reason for Joining Company has good reputation in industry Opportunity to meet and interact with different people Good opportunity for career progression Good training, development programmes High Exceed expectations Meet expectations Below expectations

7 How can we adapt? Forget One-Size-Fits-All People analytics to better understand your talent Provide more options for working arrangements and remuneration packages Take Advantage of Churn 3 to 5 year deployment timeframes Weed out the bad, groom the good, retain the great Balance Enthusiasm and Experience Role-hopping for greater exposure and individual growth Intrapreneurship to foster Millennials desire to innovate

8 Thank you

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