So much has been written about Generation Y – also referred to as Millennials; one might think their presence in the labor market is at a peak. However, this is not the case.
Currently, Generation Y only comprises 15% of the labor market. This surprising fact confirms that we need to deepen our understanding of the changes that will occur over the coming decades due to Millennials saturating the labor market.
Let’s talk facts. According to the World Employment Social Outlook, in 2025 Generation Y will constitute 75% of the labor market; and we already can’t wait to find out what the future holds for us.
Meanwhile, we prepare ourselves for this imminent reality by asking some important questions:
Who are these Millennials?
Millennials is the designation given to those born between the years 1977-1994. They not only grew up with access to advanced technology, media and communication tools, but were also born into a growing global energy crisis. For these reasons, Generation Y is characterized by a sense of belonging to the global community, social activism, high self-confidence and strong moral values.
How are they different from those currently dominating the labor market?
To illustrate this point, a 2015 survey published in TheMarker found that the most important factors for Millennials when purchasing a vehicle are “environmentally friendly vehicles with low fuel consumption.” In addition, it can be seen that Generation Y finds it of paramount importance to volunteer as well as contribute to preserving the universe and the environment.
Working in a positive working environment is a high priority for Millennials. However, we always must bear in mind that with just a few clicks they know their exact worth in the labor market; and of course, their demands will be in accordance.
Attaining knowledge and education is very important to Millennials. They will never sacrifice their personal development, even at the expense of enjoying life – big time! That’s because they know exactly what is waiting for them on the “outside.”
So what does this mean for local and global companies that strive to attract the most promising and ambitious Millennial candidates? And what will happen in seven years when Generation Y will dictate most of the labor market norms?
What do they seek?
Generation Y is looking for challenges and a nurturing work environment that encourages creativity. They seek to realize their dreams through their career while simultaneously acquiring innovative skills and knowledge.
A sense of belonging is very important to them and therefore they will not remain in a place that does not meet their requirements. They expect to create change!
Another (not less important) fact is that Millennials like to have complete freedom of working hours. As they are well acquainted with technology, it allows them to be flexible and work from everywhere; and so they do. They believe that they should be evaluated on the quality of their work rather than their work hours or location.
Although Generation Y places many new challenges and demands on the labor market, we cannot ignore the tremendous advantages and benefits they bring to the table. Millennials are highly motivated, very collaborative, and adept at multitasking.
These attributes were granted to this unique generation from experiencing the full power of the internet early in their lives and being always “connected” from infancy. The innovative atmosphere to which they were born will definitely manifest itself in incredible future achievement with repercussions beyond their own generation.
How can we positively exploit their unique talents for the greater good?
In order to express our appreciation to this talented, individualistic and ebullient generation, we prepared a special ‘recipe’ of “How to maximize and fulfill the Millennial’s potential“. Enjoy 🙂
- Invest time and effort to learn your employees’ personality and personal goals. Try to integrate their uniqueness into their work.
- Treat them respectfully. Millennials need to feel valued.
- Build an interesting work environment through social activities, competitions or anything that will motivate them through a sense of excitement.
- Invest in their education. Teach them and help them be successful. Send them to non-work related courses as a bonus, or help them acquire new skills by occasionally commissioning internal workshops.
- Simply be good. Emphasize the positive values and ideologies of your organization. If you do not have any, find some. Find exciting ways to contribute to the community through volunteering or special pro bono projects.