School, preferably with the best possible education, then a quiet job, in the meantime a girlfriend who could eventually become a wife, then children, an apartment, a vacuum cleaner, a refrigerator, a car – the classic “Economy smartly!” model worked for us for decades, but no matter how difficult it is, we must acknowledge that this concept has failed. Today’s young people think completely differently about what makes them happy and how they combine freedom with happiness – and the whole of society and businesses must adapt to this. Today’s young people fresh out of university want to choose a job that preserves the lifestyle and environment they were accustomed to at school as much as possible; they are already trying to live the way the current 40-50-year-old generation would like to live in retirement.
From this starting point, we need to somehow integrate them into the world of work, and as employers, we need to offer them something that not only entices them to work, but also stimulates their inherent desire to do something, and even persuades them to stay with a given company not just for 1-2 years, but for the longer term.
It is very positive in today's young generation that they want to feel useful, but at the same time they also want this feeling not only in the long term, but also in the short term, which can be supported in a corporate environment, for example, with continuous encouragement and feedback. Another important characteristic of today's young generation is that they have a huge need for development, and considering the current labor market situation, businesses must also respond to this. There are basic factors such as salary, commuting distance, and work environment, which if they do not reach a good average level, will put the given company at an almost irreparable disadvantage with employees. Then there are other factors, such as the opportunity for advancement, which in my experience is extremely important for today's young people. This is true for both money and position, which is why it would be worth considering for companies to develop a much more structured, multi-level career ladder, as this can create a sense of continuous progress.
Staying on the development opportunity, it is also clear that in the medium term, any company that does not have some level of training system for its employees will be in trouble. Since today, essentially no one can hire exactly the person they want, there needs to be some kind of pre-established system to turn unqualified candidates into value-creating employees. The training system is of course important not only for training, but also for retaining existing employees, as it can play a key role in the previously mentioned continuous development.
Why is it important for companies to pay attention to these factors? Well, while for decades the trend was for employees to have several jobs in their lives, today's young people change jobs every few years, but it is possible that in 20 years there will only be project-based organizations in certain areas. However, it is not unimportant whether young talents actually only spend the average 2-3 years at a company, or maybe they add a few more years. It is in the extra years that they bring the really serious results, one hundred percent of the expected performance, or even much more in the case of outstanding talents, while in the first two years they are expected to perform 60-70 percent. I think there is no need to elaborate on how big an economic advantage those extra two years can be for a company.
What is needed for this extra time? Well, it is certain that the aforementioned development opportunities matter a lot, so that the company can provide a long-term vision, but we should not forget the importance of the immediate boss and the workplace microenvironment. It can also matter a lot if a company has a training plan that supports the ambitions of young talent, because if they are thinking about changing, they would only go to a place where they can also get this, which can significantly reduce the number of potential rivals.
The market is already feeling that a correction is expected in the economy – there are some clear signs of it – and although business leaders are still optimistic about the business outlook, it is clear that when it comes to hiring, they are much more restrained. Although we cannot expect a fundamental turnaround similar to that which occurred after the 2008 crisis, it is clear that companies will be more selective, for example, they do not necessarily need every junior developer, they will rather keep looking until they find a specialist who better fits their ideas. This also means that “experience points” will be valued more, it will not necessarily be worthwhile if a young person wants to change jobs after a year, the market will value more the experience gained in one place for several years and the fact that they have really delved into a given topic.
I must say that the upcoming correction, the pressure from the market, makes the timing almost ideal for implementing the necessary change of attitude for both young workers and companies. A smart business really arms itself during such a period, implementing the biggest developments, investing in marketing, or paying special attention to its education system. It is undeniable that this requires forward thinking and may involve serious sacrifices, but those who spend on advertising and accumulate talent even during a recession will significantly increase their chances of being among the winners in the long run.