Companies looking to hire the most promising Millennial talent in emerging markets will want to provide prospective hires with a guarantee of work-life balance and a work environment that appeals to the most entrepreneurial among them, according to a new report from global research and advisory firm Universum.
Universum defines an emerging market as "a country exhibiting a rate of GDP growth higher than the global average, but whose markets are not as mature as those in countries with developed economies such as the U.S., U.K., Western Europe, China, and Japan."
The report cites data from market research firm Euromonitor International that projects growth in emerging market economies at three times that of developed markets. By the year 2020, emerging market economies will account for 65% of economic growth around the world.
Euromonitor also reports that the median age in developing economies is 28.4, 12.5 years younger than in developed economies, emphasizing a message to employers in established economies that a youthful, engaged workforce waits beyond their borders.
Work-life balance is highly-coveted among Millennials in the majority of emerging markets surveyed for the report but was highest in Argentina, Brazil, Chile, Costa Rica, and Malaysia.
But finding that balance is less important to one group of Millennials--those in North African countries, including Algeria, Ghana, Kenya, and Nigeria. Young people in those countries are far more focused on mastery of their own professional destiny, with "the career goal of being entrepreneurial or creative/innovative at work" winning out over other considerations.
In fact, work-life balance is least important to Millennials in Ghana, where around a third of business students and a quarter of engineering students consider it a "top-three" career aspiration. Universum attributes this to the country's recent emphasis on youth entrepreneurship through programs like Youth Enterprise Support, which is tasked with funding "“young Ghanaians with creative and innovative business ideas and plans to achieve their full potential.”
But the desire for work-life balance may be less about time off or the length of the workweek than it is about flexibility and the desire for a creative, dynamic working environment.
“We see this as an indication that members of this generation, no matter where they are in the world, are really taking a different approach to work,” said Petter Nylander, Global CEO of Universum. “Work and life are merging – students today don’t see as much of a separation between the two as they have in the past, and they know what a large role their work will play in their lives. For this reason, they want to work in an environment that resonates – and employers need to rise to the challenge and make investing in the work environment a priority.”
The report recommends that companies looking to secure the best and brightest in emerging economies, companies will need to provide opportunities for entrepreneurship, creativity, and innovation--or employees may choose to pursue self-employment.
"The strongest advantage employers have over the perceived desirability of self-employment is professional training and development," states the report. "Graduates in emerging markets vote it as one of the most attractive characteristics of a potential employer."
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