Millennialsand their unique position in today’s economy
Millennialsare the highest beneficiaries of the current state of the economy inAmerica according to research carried out by Udemy. It, therefore,implies that boomers are left behind at the expense of themillennials. Eighty percent of millennials are certain of a salaryincrease in this year while only fifty-eight percent of boomers aresure of this (Naya & Michael n.p). Despite boomers being moreexperienced at work, they are not in a position to prosper in theeconomic upswing. As such the millennials get the best chance tothrive due to many reasons as below:
Millennials compel workplaces to accommodate their preferences
Sincethey are the biggest generation in the workforce, companies arestriving to meet their needs. Millennials pursue work environmentswith mentorship and continuous feedback. Even a recent poll steeredby MTV revealed 80% of millennials want consistent feedback fromtheir managers while 75% desired to be mentored. Also, millennialswant to work for an organization that makes an impact. They areconcerned about being socially responsible by considering theenvironment, poverty and hunger, education, and human rights. Sincethey grew up with technology, they have a lot to offer theiremployers as proclaimed by the majority of the non-millennials. Theyconsider them to be full of insights and valuable skills to offer.These new entrants to the labor force learn a lot from the oldgenerations. Hence, they will benefit greatly from the ever growingeconomy since the companies adjust to having their needs met.
Millennials dominate the sharing economy
Theeconomy has given Millennials great opportunities to be creative withthe way they make money. As per Udemy’s survey half of therespondents alleged that the sharing economy is worth regardingincome. Seventy-six percent of people saying they earned moneythrough the sharing economy were millennials (ASEAN-U.S n.p).Additionally, 69% of millennials claim the nation would be better offif more self-employment is considered. Freelance labor force makes34% of the workforce, and the number is expected to increase by 50%in the coming five years. Consequently, the Millennials will benefitfrom this rise since they aim to opt for careers which are moreflexible.
Millennials ensure work-life balance
Companieshave been compelled to amend their policies to make the workenvironment conducive for the young workers. Many managers areputting in place results-only workplaces and paid vacation plans.Here, employees are rated by their results and not the quantity oftime spent in offices. Without work-life balance absenteeism anddisengagement will be on the rise. Contrary to older generationthinking of work-life balance being nice to have, millennials view itas a must have. Due to this, the millennials are more productive andhappy at work because they take advantage of company policiesencouraging work-life balance (CNBC n.p). Among four millennialsthree of them claim work-life balance drives their career choices.Due to this, millennials can utilize their current environmentthoroughly and, in turn, develop their careers. As the workplaceadapt to meet their needs, the millennials willingly take advantageof opportunities separate from the traditional 9-to-5 work.Consequently, they gain from the booming economy and they lookforward to advancing their careers.
Inconclusion, the millennials have a significant impact on the currenteconomy, and they should strive to remain relevant. They should keepfit and maintain a work-life balance, upgrade their use of technologylike phones, tablets, and laptops. What gives them their uniqueposition in the economy is their ability to compel the workplaces toconsider their preferences, their dominance in the economy andparticipating actively, and their capability to ensure work-lifebalance.
"MillennialsHit 30: It`s The Economy, Not Us." CNBC.N.p., 2014. Web. 9 Mar. 2016.
Naya,Seiji F., and Michael G. Plummer. "A Quantitative Survey Of TheEconomics Of ASEAN– U.S. Free Trade Agreements". AseanEconomic Bulletin 23.2(2012): 230-252. Web.