With the ever-changing corporate climate, companies need to invest in the younger generations. Currently, over 40% of working individuals in the United States fall into the Millennial and Gen-Z categories. To quote Alex Chausovsky of ITR Economics, "Young people are the basis of consumption activity in the future. They are the creators of demand."
With the ongoing retirement of the Baby Boomer generation, there is an influx of Millennials and Gen-Z-ers completing schooling programs and flooding into the job market at an incredible pace. These groups are largely interested in getting involved with their desired careers and can be looked at as "sponges" ready to absorb the information you have to offer them and they will, in turn, become a major growth driver for you. While these younger generations may not have the same amount of experience as a Baby Boomer or Gen-X individuals, they are the future and they are very well capable of learning.
Technology and Training
With technology being a heavy part of how we handle business today, young people are typically very comfortable with the latest and greatest tech options out there. With video/online learning, digital assignments, etc. utilized in learning environments, young people today are as comfortable learning via video and online as they are in an in-person environment. This could be seen as an easier outlet for companies that have switched to a virtual world after the COVID-19 pandemic to continue directing their growth in the right direction.
Potential Turnover Rates
There is the fear of training a new employee and that employee leaving after a short period of working for the company. While the average Millennial stays at a company for about 2 years, it is usually due to impatience with old-fashioned workplaces. With these new up-and-coming generations, some will find workplaces to be not challenging enough or not very meaningful and will move on to another position. These individuals are typically the highest-performing employees and the ones who want to make the biggest impact. To help keep the Millennials and Gen-Z-ers engaged, it is up to the companies to adapt and evolve their workplace to modernize their ways and keep up with current workplace trends. Technology is a big factor here and, as mentioned above, is something that these generations are capable of utilizing.
All in all, advancements in technology are big players in any industry today and the Millennial/Gen-Z generations are perfect candidates to take this tech and run with it for your company.
Request a demo with AccountingDepartment.com today to see how we can assist your business with it's accounting, controller and advisory needs.