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Only 39% of Millennials in Asia’s travel industry likely to stay with firm for next 3 years: Survey

SINGAPORE — Even though two-thirds of Millennials are satisfied with their work experience in Asia’s travel industry, only 39 per cent are likely to stay with their company for the next three years, according to a new survey.

Travel fair. TODAY file photo

Travel fair. TODAY file photo

SINGAPORE — Even though two-thirds of Millennials are satisfied with their work experience in Asia’s travel industry, only 39 per cent are likely to stay with their company for the next three years, according to a new survey.

Japan ranked the lowest in terms of job satisfaction (44 per cent), while India was most satisfied (75 per cent). Millennials in Singapore ranked job satisfaction at 66 per cent, the survey found.

Commissioned by the Singapore Tourism Board (STB) and conducted by consultancy firm McKinsey & Company, the study covered more than 5,000 Millennial employees — born between 1981 and 1996 — and more than 1,500 managers across Asia. The findings were released at the Asia Travel Leaders Summit today (Oct 29), which is a part of TravelRave, Asia’s premiere travel and tourism week.

“Companies clearly need to understand better the drivers of the Millennial workforce, and revisit how they engage, grow and retain these employees,” said TravelRave in a press release.

The top three factors that influence the Asian Millennial’s decision to work in the travel industry were career progression (49%), strong company reputation (26%) and the opportunity to meet and interact with new people (25 per cent), the survey found.

Salary and financial incentives emerged as the largest driver of employee retention, but the report pointed out that increasing salaries might not necessarily be the most practical solution.

Travel leaders at the summit highlighted strengthening the employee performance process and focusing on merit-based compensation packages, which would address Millennials’ needs for expedited career advancement and recognition, said TravelRave.

Among the managers surveyed, 66 per cent agreed that their company has invested in significant resources to build and maintain a strong reputation in the travel industry, but only 45 per cent believed they were paid a competitive wage and only 54 per cent were satisfied with the career progression prospects in their companies.

“Globally by 2025, 75 per cent of employees will be Millennials, and the ideals of those in Asia are different from their global peers,” added STB’s Assistant Chief Executive Neeta Lachmandas. Compared to 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 per cent) or job prestige (26 per cent) over work-life balance.

Among those surveyed, the study also found five distinct Asian Millennial sub-groups: Idealists (19 per cent), Want-it-alls (13 per cent), Money-seekers (18 per cent). Breadwinners (32 per cent) and Family-focused (18 per cent).

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