In 2004 Millennials in Canada represented 17,8% of the workforce, but ten years later that figure increased to 36,8% which makes them the larger than both Boomers, and Generation X. As Boomers retirement increases, companies have to upgrade their skills in recruting, training and retaining. The generational differences between those who are leading companies and those who are climbing up the career ladder might create friction.
One thing that distiungishes Millennials from previous generations according to Canadian Business is that many of them prefer to work remotely, or at least want to have the option to work remotely once or twice every week. When looking for a new job they prioritize flexibility and a corporate culture that is aligned with their own personal beliefs. According to the article in Canadian Business, Canada´s workforce is shrinking which will make it harder for organisations to retain and hire the right people. Another thing that makes this generation stand out is how they define great leadership - 7 qualities that define great leadership according to Gen Y.
In a longer perspective you might also need to worry about Generation Z. They are borned after 1994 which means that they have not experienced a world without the Internet and within the next 5 years they are entering the workforce in huge numbers. So soon we will have four very different generations working, communicating and collaborating together. This will ofcourse put some pressure on HR-departments in a lot of businesses, but it will also make the role of HR more strategically important than ever before.
What do you think about this topic? Share your thoughts in the comment section below.
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