How Millennials Are Changing the Job Market

With the Millennial generation dictating the terms, the job market of modern society has greatly changed. The Greatest Generation’s age of jobs for life and guaranteed pensions is left behind in favor of more opportunities for personal development and growth. The modern job market is more exciting, vibrant, diverse and personal, welcoming Millennials and their talents.

Short-term jobs

While “job hopping” was considered undesirable during the period after the World War II, Millennials have made it an expected feature of today’s job market. They no longer commit to a single job for the rest of their lives, but are always looking for something better, more exciting and promising. With the emergence of online jobs, more and more Millennials are turning to freelancing and short-term projects rather than traditional employment. Not only does this provide them with more job opportunities, but it also gives them more flexibility both in terms of job responsibilities and working hours.

Value and purpose before money

Compensation is no longer the top priority of job seekers. The Millennial generation is now looking for value and purpose, opportunities for personal development and career growth. Of course, that doesn’t mean that salary is completely insignificant in job hunting, but only that there are other factors that might seal the deal. Millennials are well aware of their personal worth and do expect to be paid accordingly, but they don’t mind putting other perks of a job, such as opportunities for job advancement, personal growth and fun working environment, before compensation.

Organizations with personalities

Millennials don’t want to work for a company where they would be just another face in the crowd, which is why they are looking for positions in organizations with personalities. Not only are these organizations more appealing and fun to work in, but they also seem more trustworthy and caring towards their employees and clients. Faceless corporations are becoming a thing of the past, as more and more of them are taking a more personal approach in doing business.

Personalized recruitment

Job interviews no longer resemble an interrogation during which candidates are supposed to sit and answer a series of questions. Nowadays, job recruitment is more personal and feels like an informal, relaxed conversation. It’s an opportunity for both interviewers and candidates to get to know each other and see whether they are a good fit because it’s no longer just the recruiter who makes the decision. Millennials have a say too and they won’t accept just any job. They don’t hesitate to ask the question “what’s in it for me” because they value their time and talent. Furthermore, companies often need to appeal to and target specific Millennial candidates by showing fun recruitment videos or photos of their comfortable workplace.

Dynamic workplace

Millennials don’t want to work in cubicles isolated from the rest of their colleagues. Instead, they are looking for a fun and informal workplace where their creativity will be valued and encouraged. Co-working spaces with open, airy and positive layouts have become one of the most popular office designs. Not only is this type of office more enjoyable and fun, but it also provides Millennials with an opportunity to branch out, meet new people and gather new and exciting ideas.

Financial independence

With frequent job-hopping and short-term projects, Millennials often don’t have financial perks, such as retirement funds, provided by their employers. Instead, they take care of their own finances, allocating certain amounts every month to their emergency and retirement funds. Early retirement is also an option for Millennials because they are the ones who take care of their retirement funds and dictate the terms rather than the state or employer.. Those who want to follow in their footsteps can take age pension income tests and evaluate their retirement superannuation based on their income in order to ensure their financial stability once they retire. Not only can this provide individuals with a better insight into their finances, but it can also enable them to take matters into their own hands and become more financially independent.

The best of both generations

Since a great number of Millennials have started working during the transition from the traditional workplace of Baby Boomers to the technologically revolutionized environment, they have the best of both worlds. They use technology in the workplace efficiently, while still recognizing the importance of traditional work ethics that was valued before technological innovations. Combining the best of both worlds, they contribute to the efficiency of the modern workplace.

Real-time feedback

Instead of traditional annual reviews, Millennials value more meaningful, ongoing feedback. Regular meetings and open communication with employers contribute to the general engagement of Millennial workers. The better the relationship with their employers is, the more engaged Millennials are.

The Millennial generation has certainly revolutionized the job market, seeking jobs that will provide them with opportunities for personal growth and career advancement.