Millennials are Changing the Way we do Business

The labor force is ever evolving. As younger people begin to take management positions, the face of how we do business also changes. According to the Pew Research Center, there are currently 53.5 million millennials – or those between the ages of 18-34 – in the workforce, outnumbering any other generation. For the first time ever, millennials outpace both Generation X and Baby Boomers and with this shift in the bulk of the workforce also comes an evolution in how we work and how hiring managers look for new talent.

Millennials differ from prior generations in a number of ways. For one, millennials are more likely to change jobs according to a study done by Odesk. Out of 1,039 millennials interviewed, a stunning 58% plan on leaving their jobs.in the next 3 years. Contrast that with prior generations, who aimed for health benefits and pension plans and you have two people with very different end goals.

A part of why millennials feel the need to change jobs and move on to other companies is the desire to improve.  In general, millennials have an innate desire to move up or increase their status in their careers and social lives. Unfortunately, this can sometimes lead to problems with working in groups as millennials are also seen as solo workers. This can translate to a hiring manager or coworkers seeing someone as narcissistic.

A larger reason for this shift is the high level of technological adaptability in the generation. With the birth of the internet came a growing awareness for new technological trends, and with this came a higher level of adaptability not only to new technology, but in business processes. This generates a high level of competition in a highly skilled workforce. Hiring managers now look for more skilled-based workers, opposed to traditional reasons like personality.

As millennials make up a larger portion of the workforce and require businesses to adapt to new technology, we will see a different working environment. One that is dedicated to moving forward and staying on the edge of new trends and technology, and can embrace change within the organization. Gone is the old way of stagnating in a career and becoming unproductive and now is the time for innovation and new ideas.