World Economy

Money Not Biggest Motivator for Millennials

Money Not Biggest Motivator for Millennials
Money Not Biggest Motivator for Millennials

Challenging projects and advancement opportunities are the most important considerations in searching for employment for Millennials, with salary/compensation following closely behind in terms of importance, according to a new study.

The survey by Rigzone, a leading global online resource for the oil and gas industry, was aimed at finding shifts in workplace preferences between the Millennial and the Baby Boomer generations,TradeArabiya reported.   

The survey found that nearly half of respondents rank trustworthiness and honesty as the most important qualities in a manager.

Some 25% of those surveyed indicated that experience and industry knowledge are the most important qualities in a manager, which is significant because there is a wealth of industry expertise that will have to be transferred to Millennials as older employees retire.

“Millennials are critical to the health of the oil and gas industry, and the Rigzone team is excited to bring this research to light in order to help industry recruiters better engage with this sought after group of professionals,” said Bob Melk, president, Rigzone.

“Fostering and maintaining engagement with this generation will be critical to solving anticipated challenges related to the industry’s impending crew change, when more than 50% of industry professionals will reach retirement age within the next five years.”

When searching for a career in the oil and gas industry, Rigzone found that Millennials are utilizing technology and the Internet more than traditional career fairs and internal references. The survey reports that 77% of Millennials use industry-specific job boards, while nearly 60% use generalist job sites and 52% use social media.

In addition to employment preferences, Millennials were also asked what they believe to be the greatest challenges affecting the industry currently. Approximately 70% of respondents said they saw the fluctuation in the price of oil as the greatest challenge.

Despite the various challenges in the oil and gas industry, Millennials believe innovation and technology/digital knowledge are the greatest assets they can bring to the workforce and emphasized the importance of developing science, technology, engineering and mathematics in students from an early age.