To compete for the best young talent, the Market Research industry has to increase its attractiveness as an industry. To understand the perception young graduates have of our industry, Fringe Factory has set up a quantitative study with the support of InSites Consulting, SSI and ESOMAR Next. Together, we surveyed over 1,800 graduates across 9 countries to understand and assess how attractive Market Research is as a profession. This report highlights 5 eye-catching insights and recommendations to make a change as an industry. The time is now!
Text of Is Market Research really a Career?
IS MARKET RESEARCH REALLY A CAREER? What are young graduates looking for in an industry and what is their perception of Market Research?
ON A QUEST FOR TALENT What is the image of the Market Research (MR) industry amongst young graduates (grads)? What makes them tick? Is our industry considered a successful career path? To compete for the best young talent, the Market Research industry has to increase its attractiveness as an industry. To understand the perception young graduates have of our industry, Fringe Factory has set up a quantitative study with the support of InSites Consulting, SSI and ESOMAR Next. Together, we surveyed over 1,800 graduates across 9 countries to understand and assess how attractive Market Research is as a profession. Screenshot of the visual survey: the industry awards This report highlights 5 eye-catching insights and recommendations to make a change as an industry. The time is now! Thomas Troch & Lizet van de Kamp, Board members of Fringe Factory Countries: US, Brazil, UK, Belgium, the Netherlands, Germany, Russia, India, China
FRINGE WHO? Fringe Factory was set up in 2011 by a small group of young researchers who work passionately within the Market Research industry across the world. And no, we are not a subsidiary, research agency, political party or recruitment agency, but we are working closely together with ESOMAR. Sarah Cunliffe MESH, UK SKIM, UK Will Goodhand David Gailey TNS, UK BrainJuicer, US Lizet van de Kamp Thomas Troch KAO, Germany We work in partnerships with universities where we regularly speak at career events, we arrange competitions to attend ESOMAR for graduates, and casual and fun events where graduates can meet industry experts (yearly during ESOMAR Congress). Chris Wallbridge InSites Consulting, Belgium Kyle Nel Tanmay Dhall Lowes Home Improvement, US TNS, South-Africa Get in touch with Fringe Factory! We appreciate your interest and would like to get in touch with you! http://www.wearefringefactory.com http://www.facebook.com/pages/We-Are-Fringe-Factory/172254402827939 http://twitter.com/fringe_factory
1 Young graduates are inseparable from their smartphones and cannot imagine a life without social media. They are digital natives. But how are these skills relevant to Market Research?
TECHNOLOGY THUNDER Pew Research Center researched the reasons spontaneously given for what makes individuals from different generations feel distinctive. Notice the evolution from stating work ethic as a prominent identity claim to the technology use, confirmed by the social media thunder on the right. Generation Y Generation X Boomer Silent 1 Technology use (24%) Technology use (12%) Work ethic (17%) WWII/Depression (14%) 2 Music culture (11%) Work ethic (11%) Respectful (14%) Smarter (13%) 3 Liberal/tolerant (7%) Conservative (7%) Values/moral (8%) Honest (12%) 4 Smarter (6%) Smarter (6%) Baby boom (6%) Work ethic (10%) Clothes (5%) Respectful (5%) Smarter (5%) Values/Morals (10%) 5 Pew Research Center, Jan 2010. 189 million Facebook users are mobile only 1 in 5 couples meet online every second Young graduates, aged between 20 and 30 years old are part of Generation Y, a generation with a distinct identity. But what makes them different from previous generations? 2 new members join LinkedIn every minute 72 hours of video is uploaded to YouTube Social Media has overtaken porn as the #1 activity on the Web Sources: Jeffbullas.com & SocialMediavieo 2013
FROM THUNDER TO BLUNDER Market Research isnt even featured in the top ten of industries to be considered! Marketing, Management Consultancy and Advertising are leaving market research behind: only 13% of graduates with higher education would consider it. Q: Imagine the sky being the limit and anything being possible. Which industries would you consider working in? n = 1877 | f= None Speaking to personal interests, Travel and Entertainment & Media, Publishing and Broadcasting are popular industries. As digital natives, its no surprise graduates are attracted to Computer & ICT. But they are however also very interested in the security provided by governmental jobs. The attractiveness of the Government does vary from country to country. travel & entertainment 27% the government 26% media, publishing & broadcasting 26% computer & ICT (soft-hardware) 21% fashion 20% marketing 19% financial services, banks & insurances 17% food & beverages 17% management consultancy 16% The industries that speak most to the imagination of grads are very different. But what is driving their ambitions? What is guiding their choice? 30% advertising
IS TECHNOLOGY THE DRIVER? Ask young graduates whats important for them in an industry and income is mentioned the most when asked unprompted. But is it really that important? What if they had to select the most defining criteria? It is striking to see how demanding they are! As a Market Research industry we know consumers are more demanding than ever, we notice the same evolution in the job expectations of graduates. Important to very important criteria influencing the preference of an industry to work in. n = min 1798 | f = Excluded Not applicable match with your personal interests 79% career opportunities 79% work-life balance 77% salary 76% job security 73% lifelong learning 71% More intrinsic motivators like personal interests, career path and worklife balance outperform the importance of money. Although salary remains an important decision factor, the real needs of grads go beyond the transactional. It is crucial to anticipate the changing needs of graduates. Understanding the pull factors will help us to understand what they are looking for. 80% match with your field of study 69% fun culture 68% social responsibility 67% innovation level 57% external visibility & client contact 57% opportunity to work and live abroad 56% travel opportunities 50% contemporary image
GENERATION PC Overall the Government and ICT sectors are considered to be the best places to work, both awarded 12% of the votes. This can be interpreted from a generational perspective, we can actually talk about Generation PC. Short for Personal Computer and Perpetual Crisis. Personal Computer because they grew up with technology and recognize the technological advancements and opportunities in this field. The computer & ICT (soft-hardware) scores consistently highly (top 3) on important criteria like match your personal interests, career opportunities and work-life balance. Perpetual Crisis because young graduates are concerned about finding a job in a period of ongoing recession. This atmosphere can lead to rather conservative choices, like the ambition to work for the government. Computers and technology is something that's constantly changing and evolving. If you start in that field and are computer savvy, there's no limit to what you can do in the field of technology. Two words. Job security. In a struggling economy, government jobs can offer their employees a bit more stability. Oh sure, you'll never get rich, you'll be comfortable. In China, working in the government is fantastic as it provides you job security, facilities, authority, social respect, work satisfaction as you can be able to serve many people.
2 How to convince graduates who are considering a career in Market Research? Its in the mix! They expect a healthy work-life balance, competitive salary and bright career opportunities.
TO MIX OR NOT TO MIX? Lets now focus on potential MR talent. We know what drives the general population of young graduates, but how are grads who consider a career in Market Research different? They are ambitious, but dont live to work. Important to very important criteria influencing the preference of an industry to work in. n = 123 | f = Considers working in, or likes to work in Market Research; excluded Not applicable 85% work-life balance 85% salary 83% career opportunities 81% match with your personal interests 75% match with your field of study 74% job security 73% lifelong learning 72% innovation level 71% fun culture 64% opportunity to work and live abroad 4. Take responsibility for your own life 64% social responsibility 5. Live life to the full and be passionate 60% travel opportunities 6. Keep your promises 58% contemporary image 54% external visibility & client contact This is an important characteristic of Generation Y, and is confirmed by the Ten Commandments of Youth, featured in How Cool Brands Stay Hot (Van den Bergh & Behrer, 2011); 1. Have faith in yourself 2. Respect your parents 3. Be honest 7. Work hard to succeed but not to the detriment of others 8. Be tolerant of others differences 9. Be happy and optimistic, even in adversity 10. Create, dont destroy (yourself, others, the earth, values)
WORKING NINE TO FIVE A healthy work-life balance is a key job selection criterion to decide which industry to work in. The Government is seen as the best industry to provide this and even industries matching personal interest like Travel & Entertainment and Computer & ICT score highly. Q: The Industry Award for Best