Millennials and Gen Z are Reshaping Today's Workforce

By: First Union | Date:


Millennials and Gen Z are Reshaping Today's Workforce

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While many are apt to dismiss these younger generations as not being driven enough, being work shy or seeming too "snowflake-like" in their mentality, Millennials and those of Generation Z are in fact making a meaningful difference when it comes to today's workforce. In a number of important ways, they are shifting viewpoints and practices that have otherwise been part of a traditional workplace mindset now for as long as most can remember. And many of these shifts are quite positive.

Among the changes that we are increasingly seeing as far as the work environment: more remote work is being done, freelancing is on the rise, and perhaps most crucially, Millennials and Gen Z employees are truly focused on their own vocational development.

  • Self Development – Especially as we see automation starting to become more and more pervasive along with the implementation of AI technology, employees really do need to be retrained and develop accordingly in relation to how such innovations intersect with their jobs. More so than older generations, those younger workers are taking it upon themselves to seek out educationalgrowth opportunities.
  • Remote working – In a recent survey, it was discovered that 75% of Millennial and Gen Z managers have at least one employee who is, in fact, a remote worker. Within the next five to eight years that number is expected to get a lot bigger as remote working truly does become a workplace mainstay.
  • More freelancing – Millennials especially are very open to utilizing freelancers for various projects. When it comes to the overall efficiency and of course cost, you really can't go wrong with using talented freelancers who specialize in certain fields/niches.

For Millennials and Gen Z it really is about redefining what a typical 9 to 5 day looks like; basically, in this new landscape, that 9 to 5, for the most part, doesn't exist. Beyond the above, the younger generation of workers is also invested in planning for the future of the company, in reducing pressure and stress associated with their jobs and in collaborating more. It will certainly be interesting to see how the workplace evolves in the years to come.

At First Union Lending, we focus on helping small businesses keep pace with the changing nature of business. If you need extra cash to carry out a project, update equipment, even hire additional employees, we can help. Call today!

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