Over the past few years, the workplace has changed dramatically and will continue to change with continued advances in technology and the domination of the millennial generation across various industries.
By 2020, millennials will make up more than half of the global workforce, and this will cause a significant shift in demands and expectations in the workplace. Changes are already happening as companies prepare new ways to meet the expectations of this new generation and embrace emerging technological trends.
Here are some of the changes that will influence the future of work in 2020 and their significance in the market.
1. Selective Job Applicants
The labor market has been flooding with millennials, and this trend is bound to continue over the next decade. So, business owners should be prepared to come up with strategies to attract this generation to their companies. The millennial generation is comprised of tech-savvy individuals who are looking for a flexible work environment where they can thrive and grow. They are seeking employers that are able to embrace technological trends.
As companies battle for the best talent in the market, they should be ready to offer more than just a decent salary and perks—they need to provide an attractive package for potential employees. Millennials tend to only engage with firms whose goals align with their personal and career ambitions.
Employers that wish to draw top talent to the workplace of the future should be ready to meet these expectations. So, let’s quickly break down some of the benefits that are more likely to attract the millennials generation:
- Offer work-life balance: The days when workers slaved away 60 to 70 hours a week will be gone in the near future. The millennial generation wants to strike a better balance between their work and their leisure time. They want to have quality time with family and friends. If you want to attract talented millennials, you have to offer flexible work structures. You might even want to allow flexible time off and personal time. They’ll work harder during their scheduled time when they can schedule it themselves.
- Training and room to self-growth: While many older managers believe that millennials will stay only if they’re offered perks and hip workspaces, they’re actually after the same thing as older generations. They want job stability, money, and the ability to advance in their careers. You can look to promote within the company as well as offer training to young millennials in your organization. There’s a myth that this generation isn’t worth training because they’ll leave anyway. The truth is if you don’t invest in employees of any generation, that they’ll find employment elsewhere. It’s a self-fulfilling prophecy.
- Technology and advancements: The one thing that really sets this generation apart from others is how much they love technology. They’re the first to try new apps, programs, and hardware. Older generations had to adapt to new technology, but millennials have grown up using smartphones, other mobile devices, and all the technology that comes with it. If you want to attract this talented generation, offer them opportunities to experience all that technology has to give.
- Feedback and recognition: One of the most important things to millennials in the workplace is how they communicate with others. This is why the perks are so important. They want to feel like they’re being recognized for their contributions and valued within the company, which is often not so different than other generations. They want to hear when they’re doing well and when there’s room for improvement.
2. Results-Based Recruitment
By the year 2020, companies will no longer be considering degree qualifications as the primary requirement for job candidacy. Technology is quickly changing how businesses conduct their operations, interact with customers, and market their brand. Employees will start reviewing individuals based on their work ethic and online presence as opposed to what diplomas or degrees they hold. This is particularly useful for the millennial generation, which cares more about achievements beyond education.
Companies will seek employees who will act as brand ambassadors wherever they are regardless of whether they are marketers. These are workers who can share content about a product with their online social circles and help build better relationships with the business’ clients. They will also look for individuals who possess skills in problem-solving, data analysis, listening, and other forms of collaboration.
3. Remote Offices
The 9-to-5 working pattern will soon be a thing of the past as more employees and businesses shift to remote working for their operations. Technology has led to the introduction of software, applications, and platforms that virtually connect workers in various locations.
Online solutions such as online chats make it so workers can be remotely connected and work more efficiently than they would in an office setting. Teleconferencing lets businesses hold virtual meetings with clients, employees, and other stakeholders, improving and speeding up the decision-making process.
By 2020, workers will be looking for employers that provide an option of remote working rather than going to the office from 9 to 5. For this reason, companies need to set up structures that allow for the implementation of remote working in order to attract top talent.
4. Increased Co-Working Spaces
Startups and small business account for 99.7% of companies in today’s U.S. marketplace alone. A decade ago, most of these businesses operated from home due to the lack of finances for renting a business premise. However, coworking spaces are changing that for startups and small business owners. Such spaces include essentials like shared office equipment, lounge area, gaming equipment, and conference rooms. Every worker has their working space where they can conduct business as they would in an office.
Co-working spaces are bound to increase in the future as more startups emerge. This is also because many people are venturing into freelance careers, such as online writing, interior design, graphic design, online training, and photography, among others. These workers only need minimal working space when starting out, and coworking provides the best solution.
5. Leveling of Corporate Hierarchies
In the past, success was determined by one’s position on the corporate ladder. However, the corporate ladder is slowly collapsing as the new generation of workers adopts new horizontal techniques for career success. In the next few years, most employees will take on various roles and make several networks that provide numerous opportunities and possibilities for success.
Career paths are also becoming increasingly fluid with many workers following a lattice model rather than just a straight career path. Workers learn new sets of skills that increase their opportunities in the market. This model is bound to shift the corporate structure, and companies should be prepared to embrace the change in the workplace. They need to foster a more collaborative environment that involves hot-desking, team switching, and ideas workshops if they want to retain their workforce.
6. Workplace Monitoring
Technology has made it easy for employers to keep an eye on their employees’ health and overall well-being. This trend is here to stay, and as 2020 approaches, more businesses will embrace the use of gadgets and devices to monitor their employees’ health, performance, and productivity.
In the future, these devices may be used to track diet patterns, exercise, and sleeping patterns. The information obtained will provide insight into employees’ physical and emotional state and may be used to prevent health risks that can significantly affect the overall health and performance of workers.
Technological trends and the new millennial generation are quickly changing the future of work. By 2020, more employees will be working from home, corporations will embrace new recruitment models, and careers will become even more fluid than they are now.
If you consider how things are happening in the current workplace, think about how employers and employees are already experiencing these changes. To succeed, businesses need to embrace them and bow to the demands and expectations of the new generation.