With around one half of the population of India in the age group of twenty five years or below, there is little doubt that this group or GenNext as we have chosen to call them, will have a very significant impact on the business and economy in the near future. This study of over 3100 respondents across different regions from different academic streams provides a comprehensive snapshot of the expectations of GenNext, by focusing on key relevant issues. This study is a follow-up to the two Future workforce expectations studies conducted in 2008 and 2010-11.
In this study, we wanted to see if there are changes to the expectation profiles in the 3 editions of the survey. Not surprisingly, we find that the expectations have changed considerably over the last 4 or so years.
Clearly, it is imperative for organizations to pro-actively track future workforce expectations, so they may design policies that would help them attract talent with the best ‘fit.’
As an example, this year’s findings reinforce the need for companies to invest time and energy in updating their ‘web’ presence. Students across the board have indicated that they browse the web, especially the company websites for information.
Next, Scientific assessments seem to the preferred choice as far as assessment methods go. It is also interesting to note that students across categories and regions prefer the online mode.
This year’s study also clearly establishes the fact that students prefer to receive thorough formal training from companies before they are given professional responsibilities.
The preference of industry segment seems to be changing based on the students ‘perception’ on how the economy is doing. Financial Services seem to have made a comeback across the different academic streams. Further, in this edition of the study, Engineering students have shown a strong preference for ‘Manufacturing’ (53.5%), while Non Engineering-Non Management students seem to prefer ‘Financial Services’ (27.2%) as the first choice. ‘Manufacturing’ (18%) is the preferred choice of students from premier management institutes while ‘Financial Services’ (24.2%) has been identified as the top choice by non-premier management students.
In this year’s study ‘Job’ and ‘company’ related aspects have been given more weightage over others indicating that GenNext is particular about their job description and content, as well as the company’s reputation and values. Next, as one might predict, compensation expectations have gone up when compared to the last two editions of the survey across the board.
In terms of work location, the National Capital region (NCR) retains its tag as the most preferred work location. Bangalore and Pune also retain their second and third positions respectively.
This year’s findings reinforce the fact that that organisations need to continually understand the changing expectation profiles of the future workforce, as also the regional cultural differences and incorporate this in their talent engagement strategies.