Aussie Gen Ys set to reshape retirement in career ultra-marathon

THEY work less than their counterparts worldwide, but Aussie Gen Ys will work longer and harder than their parents.

THEY’RE bemoaned for being lazy and flighty in their jobs and berated by their elders for whining how hard life is for them, but a new study shows Australian Gen Ys are set to work harder and longer over a lifetime than their parents.

They’ll also reshape retirement — working to an older age, but taking career ‘mini-breaks’ along the way to increase their career longevity.

But they’re better off when it comes to working hours than their overseas counterparts, working the least hours of the Gen Ys surveyed — an average 41 hours a week compared to a global average of 45.1.

The Millennial Careers: 2020 Vision study conducted by ManpowerGroup surveyed 19,000 Gen Ys in 25 countries to gauge the attitudes and aspirations of the group that by 2020 will make up one third of the global workforce — matching the gen X workforce presence.

It seems Gen Ys have learned the bitter lessons given to some of their parents about job security, but are upbeat about their careers — 70 per cent believe they would find a position paying the same wage or more within three months if they lost their job.

And they’re braced to work longer than previous generations with two-thirds expecting to work past the age of 65, 36 per cent past 70, and 11 per cent until they die.

ManpowerGroup Australia and New Zealand managing director Richard Fischer says the results challenge the view that Gen Ys are ambivalent in their attitudes to work.

“This generation, more so than any before them, is keen to expand their skill sets and areas of expertise to align to future business need and fulfil their aspirations. Millennials want progression, but that doesn’t have to mean promotion,” he said.

The businessman's photo in blue suit. The man offers a hand. iStock "more money please"

The research reveals a more methodical approach to career from Gen Ys — which recognises they need more career scope in a lifetime than their parents.

Many have seen their parents work the same job for years until they were let go, and know they must tailor their skills to changing demands of the workforce.

The study found Gen Ys place a high value on ongoing learning to extend their skills and prospects.

And they’ll put their money where their mouth is to do it: 69 per cent are willing to spend their own resources to further training; 78 per cent said ongoing skills development was critical to their future career, and 17 per cent intend taking an extended break to study.

Salary (92 per cent), job security (88 per cent) and holidays and time off (87 per cent) are the most important factors for Australian Gen Ys looking for a job.

They also want opportunity — three-quarters of Aussie Gen Ys said learning new skills was a top factor when considering a new job, while 60 per cent said they’d stay with their employer for more than three years as long as they had new opportunities.

In place of traditional retirement, the study found 88 per cent of Gen Ys envisage taking career breaks of more than a month during their working lives — a trend the study describes as a focus on career ‘waves’ rather than a career ladder.

Mr Fischer likened it to a career ultra-marathon, which changes paths and pace, with regular breaks.

Originally published as Aussie Gen Ys set to reshape retirement in career ultra-marathon