As the Millennial generations increasingly infiltrates the professional space, Expert 360 is betting things are going to get more nonchalant around Aussie workspaces this year. Here’s a look into Expert 360’s crystal ball, with an eye on workplace trends in the year ahead.
Continuous job searching
The days of staying at one company for 30 years and receiving a cheap watch on your last day are over. Employees are constantly on the lookout for the next job. Networking is the new norm and the ever-present FOMO (fear of missing out) keeps everyone engaged.
Smart businesses recognise this and nurture this desire to excel, realising that hoarding employees will hurt the business in the long run.
More millennials stepping up as boss
It’s easy to judge millennials as lazy, over-educated know-it-alls and the social-loafers of society. But beneath this facade is a generation of young individuals who crave the opportunity to take on leadership positions. A recent study revealed 72% of millennials would like to be their own boss.
They have grown up amid the GFC and high youth unemployment – as well as the rise of start-ups and billion dollar valuations. The rise of young guns such as Zuckerberg shows that there is a place for young people to lead.
Women on the street are now wearing LuluLemon and Lorna Jane with no intention of going to the gym. Yoga pants are now acceptable work attire. Casual Fridays now extend across the working week. Ties on men are in permanent hibernation. Underlying this trend is a need to express individuality at work. Google is a star in this space, with their casual work attire, zen zones and free food. Ultimately this leads to increased productivity and innovation.
By 2020, 40% of the total working population will be millennials and internships are crucial in giving them that first taste of the working world. The vast majority of businesses are recognising the unique characteristics of this generation – entrepreneurial, risk-taking and flexible – leveraging these qualities to add value to the business.
Emerging trends in internships have seen the rise of virtual internships within the financial and consulting industries. Recent legislation in Australia and abroad reflects the importance of internships as a legitimate form of employment.
Gone are the days of being chained to your desk from 9-5. With the advent of technology and more flexible working arrangements, workers are online at all hours of the day. In our super connected world, the bricks and mortar of workplaces aren’t required for employees to properly do their jobs.
Fast talent turnaround
Remember the days where you circled an ad in the Saturday paper, sent your CV to the company by post and waited a few weeks for them to write back? We don’t either. Companies want to connect with the right candidate and hire much faster than ever before. It won’t be long until the Tinder for recruitment disrupts the market!
Work is deeply personal
‘Work life integration’ is a phrase we will definitely be hearing more about Instead of trying to balance the two separate spheres in our lives, work is now deeply personal. Our professional and personal lives are inextricably linked – where we want to see value of what we do.
Cultural fit – hiring for cultural reasons
Cultural fit and character are now taking the front seat as top employer considerations when assessing potential candidates, with many adopting the ‘hire character, train skill’ approach. The importance of cultural fit is part of our multi-generational workforce of today. With Millennials and baby boomers working alongside each other, making sure there is alignment on the values and vision of the company is critical in bridging that age gap.
Talent development key to retention
Corporate loyalty is a thing of the past and one way employers are responding in order to retail their star employees is through talent development programs. While these were previously reserved for those at the top of the pyramid, we are seeing career development programs and skill workshops at every level of the corporate hierarchy.
The rise of the freelancer
30% of Australians are now undertaking some form of flexible freelance work. If we follow US trends, by 2020, this number is expected to rise to 50%. Technology has been one of the main drivers behind this trend, making it easy for businesses to connect to talent on demand.
What do you think?
Expert 360’s trends reflect the spirit of the age, in many ways. Do you think that Millennials, who are increasingly sensitive to the firings, layoffs and furloughs now common in most industries during times of fiscal decline, may simply favour independence over security in reaction to most corporates’ tactics during the last economic crisis?