Millennial workers are doing things a bit differently than the Baby boomers and Generation Xers before them
Anyone born between 1981 and 1996 is considered part of the millennial generation. More millennials are alive than members of any other generation in the United States and people in this age group dominate the workforce, too. Millennials aren’t merely an American phenomenon either, as this is a global generation that is becoming the dominant age group worldwide.
When it comes to employment, millennials are earning 20% less than their parents did, leading them to seek new ways to make money.
One millennial trend is the gig economy, which continues to grow. The gig economy is one method of earning extra money and it’s an alternate way to make a full-time income without committing to a single employer.
Here is a look at some trends in millennial work habits that are helping drive the BPO industry and creating opportunities for small and medium-sized businesses to utilize their talent.
The millennial generation is massive.
There are fewer work opportunities for millennials.
Millennials are looking for alternate forms of employment.
BPO companies have access to high-end talent as a result.
1. Demand for flexible work
A significant trend in the millennial workforce is the desire for flexible work. While the goal for Baby boomers and Generation X was to find permanent nine-to-five employment, millennials are more likely to seek jobs that allow wiggle room in their schedules.
This generation is more likely to want to set their own hours and work from home when possible, which doesn’t always mesh with a typical corporate environment. BPO companies often offer part-time gig work and the ability to schedule jobs with flexibility that could attract millennials at greater rates moving forward.
2. Low employee loyalty and engagement
Another trend among millennials is that they don’t have the same attachment to their employers as older generations. It is common for people from this generation not to be loyal to their current companies and many would leave if a better opportunity arose.
A survey by Gallup suggests that 60 percent of people in the millennial age range are open to seeking a new job and 36 percent say they will begin looking for a new employer within the next 12 months. Only half of millennials plan to stay with their current company for the next year, as well.
Engagement is also front and center because the same poll suggests that only 29 percent of millennials are engaged at work. This generation is more likely to treat a job as simply a source of income than a place they plan to grow with until retirement.
Once again, this lack of attachment to a particular job or company is driving the gig economy because they’re comfortable working in a variety of different environments.
3. Faster advancement
Millennials are finding it increasingly difficult to advance in their careers. This trend is particularly frustrating because many individuals from this generation are entering their 40s and would like to earn as much as possible as they approach retirement.
One issue is that Baby boomers are retiring later and holding onto high-paying jobs that people in the lower age range would typically fill.
One way for these individuals to get experience is working with a BPO company because they can find jobs within their area of expertise and gain experience in the process. BPO companies also provide faster career advancement for those who are just starting out, making it very lucrative.
4. More jobs with higher pay
Even getting a full-time job in the first place is challenging for millennials who are just entering the workforce. The historic unemployment rate for American workers since 1948 is 5.77 percent. However, the unemployment rate for millennials is in the 8 percent range, with an additional 18 percent or so being underemployed.
Millennials earn less than their parents did despite the cost of living increasing drastically, and feel like there aren’t enough high-paying jobs on the market for them to get ahead. The result is younger people seeking out opportunities in the gig economy because it provides the chance to work as much as possible and get paid based on how many jobs they complete.
Once again, this is good news for small and medium-sized companies because millennials are motivated to churn out quality work for them quickly, which could provide a better bang for your buck than hiring someone full-time.
What this means for your company
With so many millennials seeking employment outside of the traditional corporate setting, it’s opening up new opportunities for small and medium-sized businesses to work with high-end talent that chooses the gig economy.
You no longer have to pay that marketing superstar or accounting wiz a full-time wage and compete with the salaries that multinational corporations can offer. The reason is that these workers are willing to work as outsourced labor because of the flexibility, advancement opportunities, and pay that BPO companies provide.
Providing a dedicated, skilled labor force for your company
DOXA is a business process outsourcing company that helps small and medium-sized organizations expand with the help of dedicated offshore talent. Our service allows you to leverage high-end workers without hiring them full-time, enabling you to scale your business. Contact us today to schedule a free consultation or to interview candidates before signing an agreement.