The Changing Workforce Driven by Millennials and Gen Z
Millennials,those born between 1981 and 1996, and Gen Z, the generation following Millennials, are changing the way the workforce operates and interacts. Among the largest segment of the labor force, Millennials are expected to make up 75% of the workforce by 2030. How will the workplace and corporate culture change? We'll identify how Millennials and Gen Z employees are driving the current change in the work environment, and how companies are pivoting to accommodate the future workplace.
Regardless of industry, Millennials and Gen Zers have certain expectations in the workplace. Flexibility is a major priority for these groups. Their expectation for flexible hours, work spaces, and ideas is well documented among these generations. Employees within these groups are likely to seek employment with a remote workplace option or identify new technology options to accomplish tasks.
In fact, SHRM notes that Millennials may not even consider a job opportunity if it does not include a remote working option.Having work flexibility and the option to work from the comfort of one's home is practically a requirement for the next generations of the workforce and organizations are taking note.
Agile Talent Strategy
Those categorized as Millennial and Gen Z are more likely than other previous generations to develop agile talent strategies. This might include working with(or becoming) freelancers in order to effectively satisfy professional and personal commitments, or investing in new technology platforms that support on-demand talent and remote staff.
This generation of workers is not afraid to change jobs. Gone are the days of an employee staying with one company for her entire career. Millennials and Gen Zers want their work to have purpose and they also want perks and benefits that improve their quality of life.They have confidence in their skills sets to make more career moves than previous generations.
Collaboration and New Tech Are Key
Teamwork and sharing ideas are critical factors in how Millennials and Gen Zers operate in the workplace. Their strong collaborative nature is recognized and nurtured through workplace technology such as instant messaging platforms and social media. Millennials are fluent in social media and experts at using programs like Slack, Skype, and Lync to collaborate and share innovative ideas.
Collaboration has never been easier with the development and adoption of new workplace technologies. Meetings conducted in-person are becoming the exception, as Millennials and Gen Z personnel have embraced the use of video technology.Additionally, traditional cubicles are being replaced with open-concept,engaging work spaces.
Pioneeringthe Vendor Management System
In response to the ways Millennials and Gen Z are revolutionizing the way companies operate, the Vendor Management System (VMS) is gaining steam as a way to optimize contingent workforce management. Known to create efficiencies and increase productivity, a VMS can streamline processes related to sourcing, timemanagement, scheduling, expense management, and workforce payment.
Companies that use a VMS are able to effectively adapt to the changes brought about by Millennials and Gen Zers by balancing the talent of contingent workers with shifting budgets. Hiring high-quality contingent employees on a per-project basis over a short period of time is proving beneficial for small and large companies alike.
As it does with every generation, the workforce is changing to adjust to new methods and priorities. As Millennials begin to assume leadership and decision-making roles, the workplace will continue to shift to accommodate the new management style. An organization that recognizes the need to adjust its ideology to satisfy the next generation will have a happy, productive workforce.