India has one of the world’s largest and youngest populations. i.e. the proportion of the working age population is likely to rise from around 58 percent in 2001 to over 64 per cent by 2021. According to the Human Development Report (HDR) published by the United Nations Development Programme (UNDP) in absolute numbers, there will be around 63.5 million new entrants to the working age group between 2011 and 2016. The bulk of this increase is likely to take place in the relatively younger age group of 20-35.
This implies that presently and in the near future, corporates and policy makers will begin to face the challenges of addressing the aspirations and concerns of a multigenerational workforce comprising of a mix of Generation X or Baby Boomers and the Generation Y. A ‘one-size-fit-all’ approach cannot be used as a talent management strategy to cater to the varying needs of a different generation of workforce.
The CII-Deloitte Gen Next Workforce Study 2013 focusses on the new age workforce to understand their aspirations from work and the work environment. The study also connects with the major sectors of India Inc. to decode the ‘Gen Y’ DNA for more insight into their engagement and retention factors.
A comparative analysis of Generation Y and the older generations with respect to major organizational factors such as Career Growth, Rewards & Benefits, Work-Life Balance, Culture, Role Design and Policy & Practices is detailed. These findings would serve as a valuable input to the proactive policy maker looking forward to building his/her organization so as to make an effective use of the vast talent pool existing in India.
The study was released at the Gen Next Workforce Summit 2013 organized by CII on 23 August 2013 at New Delhi.