Work Values Influencing Career Choice in Non-Life Insurance PSUs: A Study of Indian Millennials

Abstract

This study is focused on the Indian Millennials who form a major portion of the workforce. Several studies have noted the challenges that organizations face in recruiting and retaining the Millennials. It is more challenging for the public sector organizations as majority of these organizations still carry a legacy system. Although there are ample opportunities available for young Millennials in public as well as private sector equally, it is interesting to identify the work values and other factors that influence the career choices of Millennials for working with the public sector organizations. For the purpose of this study, qualitative research method was adopted and structured in-depth interviews were conducted with 31 Millennial employees working with public sector non-life insurance
organizations in India. NVivo 12 Plus was used for analysis of the interview data. The results indicate that intrinsic, extrinsic, and prestige/power work values are very important in determining career choices of the Indian Millennials. The results also indicate that Millennials have a preference for public sector jobs as these are perceived to offer job security and a healthy work-life balance.