We think so. As Millennials’ faith in the economy increases, their views about career paths are also shifting. While being an entrepreneur was the most appealing career path for 2012, respondents to our third annual CultureQ survey on cultural sentiment in the US and the UK were more likely to find being a corporate executive the better career option for 2014.
Corporate executive is the top career choice
Millennials, both those both in the workforce and those trying to join it, are more likely to say that working in a corporation and becoming a corporate executive is a more appealing career choice than being an entrepreneur, government employee/civil servant or working at a non-profit or NGO. And, except for Boomers in the UK who continue to cite an entrepreneur as the most appealing career for 2014, Gen Xers and Boomers agree.
The appeal of entrepreneurialism is waning
The appeal of becoming an entrepreneur has dropped across all groups most especially among Millennials in the UK (43% to 31%). Simultaneously, versus 2012, there has been a small increase in the number of Millennials in the US and the UK who believe working at a non-profit is the most appealing career, surpassing civil servant as a suitable career even among younger Americans.
So why is this significant?
As people begin to feel better about the economy, our respondents indicate that they anticipate increasing improvement in the private sector job market. Effectively, they see less of a need to become an entrepreneur in order to earn a decent living. And, with this optimism for the private sector comes an increased faith in the ability of the private companies to once again provide opportunities to individuals.
We predict that as sentiment continues to grow more optimistic, people, and most especially Millennials, will demand more of their employers. Being strongly tribal - travelling in groups and focused on community - it’s likely benefits and perks soon won’t be enough to woo this generation - corporate culture end social engagement in the workplace will matter more. Opportunities to develop personally as well as professionally will also be key because, while most people feel optimistic about the near future, they remember the sting of the downturn and the importance of continuing to build personal sustainability, whether that be through developing transferrable skills, saving money or managing it better, or taking care of one’s health.
In preparation for an upcoming presentation of our Top Trends for brands in 2014 to a leading multinational company, we are fielding some questions about what people want from their ideal employer including culture, perks and management styles. Stay tuned for highlights of that data.