Millennials are changing the future of labor market
Millennials are changing the future of labor market With the growing technology market and the rapidly changing habits of the young people depending on it, there is also a big change in the criteria for employment and the whole working environment.
This is the era of the millennials and the millennials are not just a generation that significantly differs from all previous generations empowered by the technological progress. The millennials are a generation of digital natives that have already reshaped the economy and keep on changing the ways we buy and sell, but most of all forcing the companies to examine how they do business in general. In less than a decade that will cause a powerful transformation in the way all organizations operate also as a working environment.
The trend is growing!
Nowadays millennials are facing a struggle when entering the labor market. It is more competitive than ever and both in Europe and USA the rules are rigged to favor those who already have a job. Furthermore, much of millennials’ talent is being squandered and they are at least twice as likely as their elders to be unemployed.
Millennials have actually made it difficult for themselves by having higher and in general different standards for employment, because they are not interested in business that uses them to increase the profit margins of faceless corporations.
However, according to the latest studies announced by Forbes, by 2020 millennials will form 50% of the global workforce and this process could be a fact even earlier.
But what will make milllennials’ impact on the working market so distinct in less than a decade?
The first question to answer is why them? Millennials are a generation that is more aware of their wishes and is using technologies to answer their needs faster than it has ever been possible before. Besides the standard ways used by job seekers, millennials are braver and look for much more creative approaches to connect with the companies they are interested in. They are most likely to view and interact with company’s social media profiles and website and have positive impressions only by those with strong presence and networking activity online.
Millennials are far more likely than older job seekers to search for jobs on mobile devices which make their actions dynamic and unpredictable. The way they present themselves digitally is also one of the most important factors.
From economical point of view millennials are strongly needed as employees. They believe in small business and more than 85% of them think that business has at least as much potential as government to solve society’s problems.
However, their main problem at the current moment on the labor market are their expectations.
Millennials want jobs where they can be themselves at work and seek for more independence. They care about dressing comfortably and having an atmosphere that creatively blends work and life.
Millennials want jobs where their creativity is valued more than anything else. They expect to work hard, but also receive detailed, regular feedback and praise for a job well done.
Along with this, the Generation Y consumes bigger quantity of information for shorter time, which makes their capabilities of managing information much better than the ones their more experienced but elder co-workers have. This is the first generation to enter the workplace with a better grasp of a key business tools than anyone before.
Lаst but not lеast in an increasingly globalised world, international experience is seen by millennials as a vital element to a successful professional live. They have a strong appetite for working abroad, with 71% keen to do so at some stage during their career.
What are the factors that make an organization an attractive employer?
Millennials tend to be uncomfortable with fixed corporate structures and turned off by information silos. Their expectation for an attractive employer is a rapid progression, a varied and interesting career path and constant assessment. In other words, millennials want a management style and corporate culture obviously different from anything that has existed before one that meets their demands.
Millennials will be the generation to be proactive in creating new ways of managing things. From the way they work to the way things work.
How organizations should change their standards to engage and keep their generation Y employees?
It is certain that millennials will turn into the most attractive employee group very soon and companies will have to change their standards in answering this generations’ expectations and not the opposite as it has been so far as practice in employment.
With Generation Y coming into the business, hierarchies literally have to disappear. Almost 90% of millennials admit that they wouldn’t work more than 3 years in the same organization and expect to do it in a community of mutual interest and passion. Consequently, human resource and people management approaches and strategies will have to change dramatically to keep their employees longer.
Because of millennials’ strong appetite for working overseas (70% desire to do an overseas assignment during their career), employers that are looking for global growth will be praised.
What companies can focus on in general is the entire concept of work that has to be reorganized and become more flexible. The skills needed in the workforce are going to be less about IQ and much more about emotional intelligence (EQ). A lot of the IQ knowledge is going to be available at our fingertips through mobile devices and the other smart technologies that we have at our disposal, so personal qualities will take the lead as a touchstone.
As a conclusion the process of hiring millennials will be focused on their personality and needs. Big companies have to accept the challenge by changing their roots and embracing the future of this so talented generation, that calls out to be more a way of living while working and not a way of working for a living.