EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
How EY can help
-
Our Organization and Workforce Transformation solution can help build workforce capabilities needed to realize organizational strategy. Read more.
Read more
Understanding how technology shapes the worldview of today’s youth is crucial for business leaders planning tomorrow’s future. It will inform how organizations evolve their product and services strategies to appeal to both global tastes and local preferences.
2. Past milestones are irrelevant in an era of rapid change
In 1935, when the Social Security Act was passed in the US, the official retirement age was 65, and the average life expectancy in the US was 60.7. Today it is around 80.1 The Social Security Act was literally designed to support a group of people who were largely expected to die before needing it. Meanwhile, in China, life expectancy has soared from 33 in 1960, to 79 today.2 The timelines of the past – how long we live, when we should stop working, and how we should approach retirement –have shifted from decades past, along with the extended length of our lifetimes.
Similarly, we are seeing a profound shift in how young adults approach life’s traditional milestones. They are the “Pragmatic Generation,” approaching life milestones not with rebellion but with reasoned scepticism and a global perspective. For example, rather than joining a company with the goal of sticking with it for life, our research shows that 59% of young adults globally believe they should work for two to five organizations throughout their lives, while 19% believe they should work at six or more. In many countries, job hopping is no longer viewed as a negative, but an essential step to open doors and advance opportunities.