Millennials, coops and the rise of collaborative economy
Taking a closer look to how generations evolve, one could argue that the youth involvement to cooperative economy has been significantly important with respect to ensuring the long-term viability and relevance of Co-ops within the society they operate. Nevertheless, different generations have exhibited different work and ethic attitudes. In this text, we will elaborate on the relation between Generation Xers, Millennials and Generation Zers with regards to the development of Cooperatives and the characteristics that nurture this relationship.
SocialPolis Coin as a token operating within Social Economy actively supports coops’ operation and development in Greece and Europe. Coops are, at the same time, interested in introducing and accepting decentralized technology to support their financing and capital development, as their central alternative way of transactions within the sector. Speaking with numbers, 60% of the profits will be used to purchase SPL Coins through Coops’ Credit Unions and will be distributed either for B2B transactions or to free services to communities justifying its culturally-beneficial mission.
But why is this all relevant today?
The term “generation” refers to more than simply a span of time. Each generation is shaped by events or circumstances that occur during its lifetime. Cultural revolutions, major historic events, technological changes and economic circumstances create a set of common experiences, if not a common language, for each generation, often shaping their values, ethics and expectations but also their priorities and life goals.
Opposite to what most believe, Generation Xers (born between 1965–1979) deserve more credit for their contribution to the change in the workplace. They managed to bring a culture of work ethic, quality, and reciprocal relationships in it. Working side to side with millennials while acting as mentors, Generation Xers contributed significantly to how millenials now value skills like adaptability, employee motivation, empathy, group dynamics and relationship building. While Boomers were the visionaries of sharing economy and cooperatives, Generation Xers were flexible enough to embrace the collaborative concept, regardless their perception for power allocation and hierarchy. Being pioneering in work ethics re-formulation, Generation X representatives promote and inherent democratic values to the following generations.
Μillennials (born between 1980–2000) are the direct heirs of change. Additionally, for Millennials, a firm’s values and principles are particularly attractive when choosing where to apply for work. Cooperatives have adopted a rather firm position when it comes to sustainability, seeking to practically implement it in their day to day operations and actively promoting the co-operative business model thus, attracting a vast number of individuals of this generation cohort. Social media penetration and the technological savvy of Millennials enables them to be aware of the pathogenies of the existing socioeconomic models and at the same time, less skeptical in joining alternative initiatives and supporting sharing economy, exchanging goods and services ranging from homes to bikes.
Generation Z (born after 2000) is a generation known for the moto “I want it all, and I want it now”. Born in an ‘instant’ world, to Generation Zers knowledge and information are instant too. And by all means, they enjoy sharing it. While Μillennials surfed the initial waves of sharing economy, it is Gen Zers that really gets it. The new economic model they support is based on “access” and not “ownership”. Cooperatives are expected to grow even more given how Gen Zers’ attempt to find themselves beyond the occurring notions we are aware of so far. The same way prior generations have had to fight for civil rights and democracy, Gen Z seeks to shape safe spaces for individuals to be themselves, instead of being part of a system — in other words it appears that Gen Zers’ works towards being the designers of their own world. Consequently, a desire for financial freedom follows. Generation Z values making its own way, and may be the most entrepreneurial ever. Co-creation being the characteristic of the so-called WE Gen which is more than ever community-focused and more concerned about the others around them. Growing up as part of a global network, they are willing to harmonize their work efforts towards a less aggressive world.
Living in a late-capitalism era provides us the chance to witness possibly for the very first time different cohorts of generations collaboratively attempting to construct a more inclusive future for the generations to come. And providing the tools and the spaces to do so is of crucial importance when realizing that they are the economy of the future that we so much like to refer to. The further development of collaborative economy and the growth of cooperatives directly promote social empathy and collaboration. At the same time, SocialPolis and its application areas (web-based platforms for volunteers and freelancers, SPL Marketplace, Solidarity Economy, Social Economy etc.) may act as the connecting link between all the moving parts while providing the safe space for them to interact, discuss, exchange ideas and most importantly, collaborate and figure out together their next steps.
All in all, each generation may exhibit its own characteristics and system of beliefs. However, the vast majority of individuals share the same needs to lead their own lives, make their own choices and exist in world that they can be held accountable for. As cooperatives are a means of expressing collaboration within business environments, it is estimated a phenomenal growth of Coops in coming years since our future workers claim to care more about contributing that actually gaining. SocialPolis Coin, recognizing this transition as an opportunity to better our societies, has bound its vision with the success of coops and sharing and acknowledges amongst its primary pillars.
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