Reshaping the future job market – ProMedia Kommunikation GmbH

Younger generations like the millennials or Gen Z are not defined by their job anymore, but by other factors like family, friends and free time (Hill, 2022). For them, it is not about the amount of time put into work, but about the quality. In order to be highly motivated over a longer period of time, a good work-life-balance is needed in their opinion. For the employers this means adapting and changing the working schedules that have been established for decades – if they want to attract a greater number of skilled workers and keep them in their company for years to come. As studies show, millennials are drawn to flexible hours, vacation time and an awareness for personal care (Alonsagay, n.d.). Of course, money is also always a factor, but not the key factor it was in the past.

Gen Z, for example, want to shape the company culture and have a social impact (Johnson, 2022). So, they are not (mainly) in there for themselves and their own personal growth, but for aspects that go far beyond the personal level. They are eager to continue their education while working and to expand their skills in different areas. The studies also indicate that most of the Gen Z understand the need to grow into leadership positions. From that point on they can further improve the industry and community which is widely seen as the purpose of a job. Lacking those opportunities and possibilities of progress can have a bad impact on the working relationship. The same goes for the lack of recognition. Recognizing accomplishments is seen as crucial for younger generations, as it serves as a great motivation for them. (Alonsagay, n.d.)

Therefore, employers would benefit when modifying their structures and conditions in the company. Some companies are already becoming aware of that, offering benefits like home office, flexible or reduced working hours. The employers are also becoming more open to candidates they may not have considered before, for example those who don’t necessarily have the experience in that particular area of work (Subin, 2021). There are different reasons for that: the lack of qualified personnel in some areas, some want to bring in a new perspective or – one of the biggest reasons nowadays – because of the digitalization, which makes it easier to find people from all around the world. Many candidates may not suit the role perfectly, but employers can choose from a wide pool of talent with different skills that can still be more than enough to fill a valuable position in the company.

The digital technology and all the advantages that come with it make it easier for employees to change their jobs. While “job-hopping” has always been viewed as something rather negative, nowadays it is no longer considered a disqualifying criterion. Younger generations place great importance on factors like health and wellbeing, flexible job conditions and opportunities for promotion. If these needs are neglected, they are keen to leave the position and relocate for a better opportunity. Still, there is a common misconception that younger generations are switching jobs more often, but the truth is that they are actually doing it at a lower rate than other generations at the same age as several studies show (Subin, 2021) – they just have more opportunities to do so.

This shows that there are a lot of advantages and disadvantages for both sides. Employers have access to a wider pool of workers with a huge variety of entrepreneurial skills, but they also have to be up to date with today’s needs and perspectives of their employees if they want to bring in younger generations. That may not always be easy depending on the structure of the company and the industry in general. The (young) employees on the other hand have more opportunities, but at the same time this means more competition for jobs. And changing job conditions to today’s new standards has just begun, so finding a job that offers everything that is needed (or demanded) may not be easy to find. All in all, it is obvious that the job market is changing and that in a few decades we will encounter new models and structures. The question that remains is how future generations will view the job market until then.

Author: Nemanja Sever (EICAA core staff), ProMedia Kommunikation Innsbruck

Further Blog posts by ProMedia Kommunikation Innsbruck: The importance of broadening your horizon

References:

Adkins, Amy (n.d.) Millennials: The Job-Hopping Generation: gallup.com. Available at: https://www.gallup.com/workplace/231587/millennials-job-hopping-generation.aspx

Alonsagay, Ana Isabel (n.d.) 3 reasons millennials are looking to change careers: ubskilled.edu.au. Available at: https://www.upskilled.edu.au/skillstalk/reasons-millennials-looking-to-change-careers

Hill, Amelia (2022) Why millennials like Ash Barty are rethinking work: theguardian.com. Available at: https://www.theguardian.com/money/2022/mar/25/why-millennials-like-ashleigh-barty-are-rethinking-work

Jackson, Ashton (2022) The 10 jobs rated most highly by Gen Z workers, according to Glassdoor: cnbc.com. Available at: https://www.cnbc.com/2022/09/06/the-10-highest-rated-jobs-by-gen-z-workers-according-to-glassdoor.html

Johnson, Richard (2022) A Change of Pace For Gen Z Employees Entering the Workforce: glassdoor.com. Available at: https://www.glassdoor.com/research/gen-z-employees-entering-the-workforce/

Marcellus, Sibile (2021) Millennials or Gen Z: Who is doing the most job-hopping: finance.yahoo.com. Available at: https://finance.yahoo.com/news/millennials-or-get-z-who-is-doing-the-most-job-hopping-112733374.html?guccounter=1

Subin, Samantha (2021) Millennials, Gen Z are job-hopping, but contrary to popular belief, maybe not enough: cnbc.com. Available at: https://www.cnbc.com/2021/02/28/millennials-gen-z-are-job-hopping-but-maybe-not-enough.html