The Singapore Tourism Board (STB) today released the findings of its commissioned research on “The Asian Millennial Workforce and the Travel Industry”, which found that only 39 per cent of Millennials1 are likely to stay with their company for the next three years.
The study covered over 5,000 Millennial employees and over 1,500 managers across Asia with the aim of at uncovering insights on the Asian Millennials working in the travel industry. The study was released at the Asia Travel Leaders Summit, which is a part of TravelRave, Asia’s premiere travel and tourism week.
“Globally by 2025, 75 per cent of employees will be Millennials, and the ideals of those in Asia are different from their global peers,” said Neeta Lachmandas, Assistant Chief Executive, Singapore Tourism Board. “In fact, as we dive into the findings, we are reminded that Millennials in Asia are not a homogeneous group, and there are differentiating characteristics among them.”
The top three factors that influence the Asian Millennial’s decision to work in the travel industry were found to be career progression (49%), strong company reputation (26%) and the opportunity to meet and interact with new people (25%).
While 66 per cent of managers agreed that their company has invested in significant resources to build and maintain a strong reputation in the travel industry, only 45 per cent believed that they are paid a competitive wage as compared to contemporaries in competitor companies, and only 54 per cent of them were satisfied with the career progression prospects in their own companies.
Asian Millennials are not a homogeneous group
Unlike Global Millennials who view work-life balance as the most important driver of retention, more than two-thirds of the Asian Millennials surveyed chose career advancement (49%) or job prestige (26%) over work-life balance.
The study also revealed five distinct Asian Millennial sub-groups with varied expectations and desires. This was largely dependent on the life stage and priorities of the Millennial individual.