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Labor market and recruitment >> Update >> News

06/04/10

Generation Y affecting the global labor market


Rotterdam, 6 April 2010 – Labor markets are globalizing. Not only is this affected by the economic state of a country. It is also affected by the presence of Generation Y. This is one of the results from the Global Talent Mobility Research, the world’s largest candidate behavior study, completed in the summer of 2009.
The Western economies particularly have aging workforces, due to the presence of the baby-boom generation. In the near future these baby-boomers will retire, resulting in a decreased average age of the workforce. It is interesting to know what this decreased average age means for local labor markets.

Willingness to be mobile decreases with age

Research has shown that there is a negative relationship between age and willingness to work abroad. In other words, younger people are on average more willing to work overseas compared to older people. Apparently, younger candidates are more interested in an international career. For firms  recruiting internationally, this means that attracting younger candidates is easier than attracting the older and (often) more experienced candidates.

Figure 1 Relationship between age and willingness to work abroad

Generation Y affecting the global labor market

Source: Global Talent Mobility Research, July-August 2009

There are different explanations as to why younger people have such positive attitudes towards international labor market mobility. One key reason is that the have been used to international travel,  they experienced other cultures and feel confident and comfortable being real globetrotters.

The research also shows that the closer to retirement, around the age of 62, the willingness to work abroad again increases. One key reasons is the fact that at that age the children became completely independent. One thing is certain, the motivations to consider working overseas is very different for younger people than for older people. The youngsters are driven by career opportunities and the possibility to broaden experience, the older worker is interested in for instance the fact that a relative might live overseas or because they would like to work in and absorb different culture or simply enjoy a better climate.

Due to retirement of the baby-boom generation and the presence of Gen Y, attitudes on local labor markets towards international mobility will change. Within a couple of years local labor markets will experience higher levels of international mobility and a bigger percentage of people will be willing to move abroad.

Do you want to know more?

The impact of Gen Y on the global labor market is just one out of three major trends that will affect labor markets in upcoming years. These trends, and how to respond to these challenges to be successful when recruiting internationally, are discussed in the paper ‘Get ready for the international recruitment rally’.
If you want to understand more about these trends or you want to remain competitive then go to  www.intelligence-group.nl/InternationalRecruitmentRally and download the white paper.

More information:

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