Last updated: 29.05.14

Career planning more important than ever to Gen Y

Clear and steady career progression appears more important than ever for today's young workforce, with workplace stability less of an issue. 

In fact, new research from Deloitte and the London Business School suggests that young Millennials - so-called Generation Y - tend to expect to stay with their current employer for less than five years, while over a third (37 per cent) will move on within 24 months.

Interestingly, nearly half (40 per cent) already start planning their next career move when undertaking a new role, although it is not just about career advancement - in fact, the survey suggests that work/life balance and organisational culture are more important for most.

The survey of millennials from 33 countries indicated that a staggering 90 per cent have no intention of staying with their current employer for longer than five years. While this may seem like bad news for employers, it does actually open up the possibility of a competitive edge for those companies that are able to adapt best to the needs and desires of Generation Y.

According to London Business School's director of learning solutions Adam Kingl, one approach for companies is to ensure that they are offering a value proposition for staff based on the idea of quicker returns.

He said: "This might include: assigning a senior mentor to offer executive perspective unusually early, assigning Gen Ys to quick win 12-18 month team projects and an acknowledgement that while we may not work together for many years in one go, we may reunite when the Gen Y is a seasoned manager, reaping the benefits of growth without all the costs of nurturing it."

And for Generation Ys looking to assess their options within a given sector? A targeted career Vocational Open Online Course (VOOC) from Virtual College will allow young people entering the world of work to gain insight into key job roles and skills requirements, as well as different routes for potential career progression.

In this way, they can ensure that they are always working towards clear career goals from the outset and have a clear sense of what opportunities are available to them.