How Millennials are Changing the Economy

In recent years, the world has undergone immense change. Much of this change has stemmed from the rise of the Internet and other technologies, and this has generally been a positive transformation throughout our society. There are numerous facets of our civilization that have been affected in the past two decades, and one of the most influenced aspects has been the economy. Despite the Great Recession of 2007 to 2009, the economy has mainly gotten back on track and unemployment is at a low. There have been numerous changes to the economic sphere in the past few years, and one of the main causes has been the increase of millennials in the workforce. Millennials have greatly contributed to the economy in recent years, and understanding their generation and how they have affected our world will allow you to understand the concept as a whole. 

Who are Millennials?

In the 21st century, the odds are likely that you have at least heard of millennials, or perhaps you even are one! Millennials are the generation in our world who were born and grew up during a major period of change throughout our society. Most sources agree that millennials are born between 1981 and 1996 (although there is some discrepancy on the exact years), and that almost all of them are now in the workforce. Millennials grew up during a time period of political change, technological change, and social change, and this has been evidenced throughout the way they interact with one another, and the world around them. Because millennials are now a large portion of the employment field, they are totally altering the workplace and catering it to themselves. These changes have generally been positive, and learning about them will enable you to realize the effect that they have had on the economy in today’s world.

How Do Millennials Affect the Workforce?   

In today’s workplace, millennials are actually the largest segment of the working population. They are unique from the predecessors at work, Generation X and Baby Boomers, and they have begun to alter the workforce in numerous ways. Millennials in the workforce have different goals than their parents and grandparents – they want satisfaction from their work and a paycheck is usually not enough of a motivating factor. If you are working with millennials, you already know that they have different standards at work. They require frequent feedback, more regular use of technology, flexible office options, and personal development. All of these factors lead to companies adopting policies and technologies to accommodate their needs. From technologies like video conferencing and cloud collaboration, to policies like remote work and cultural engagement opportunities, millennials are vastly changing the way that professional culture works. Understanding the numerous facets that drive millennials will enable you to realize how they are influencing the economy and changing the workforce of the future. 

Final Thoughts

The economy has experienced major changes in the past few years, and much of it has come from the increase in millennials in the workplace. As the 21st century progresses, millennials will have an even greater role in the economy, and there will be even more changes throughout the professional world.