As the phrase "job market" implies, labour is a market place which is subject to the normal dynamics of every other market. Forces of supply and demand set a price of labour, for instance. Since this is so, we predict there are likely to be huge opportunities opening up for the "right kind" of prospective employees in the forthcoming decades.
The reason our confidence is buoyed is that it appears the labour market is increasingly characterised by "Millennials" who believe that the work place exists to serve them, rather than the other way around. Apparently there is a gulf opening up between the expectations of employers and employees. This implies that any employee who has reasonable expectations is going to have a significant competitive advantage over the "you need to do more for me" applicant.
Millennials are wanting international career opportunities, investment in technology and rapid career progression from their jobs, with differing expectations between generations causing problems for employers according to research by recruitment company Robert Walters. The international company surveyed 1,400 professionals and hiring managers across New Zealand and Australia to find out the habits of millennials (those born roughly between 1980 and early 1990's) and their employers as well as what motivated them. [NZ Herald]What might be going on in the minds of folks graduating from school or university and seeking a job?
The first expectation one frequently finds is that many assume they are entitled to the same living standard presently enjoyed by their parents. The lifestyle of their parents is the norm. Anything less implies deprivation, to which they are not accustomed.
A second factor is that many of today's job seekers have been blessed by helicopter parenting, which at base is one of the worst kinds of indulgence. The burnished graduate has an expectation that his or her employer will function in precisely the same manner. The role of the employer is to hover over the employee and strenuously serve their needs, wants, and desires.
Thirdly, many of these job seekers will have graduated out of a paedo-centric education system, where learning has been dictated and driven by the pupil. The teacher was their facilitator, enabler and guide. It is understandable, therefore, that when these graduates apply for work, they are looking for the employer to take over the role hitherto ascribed to their teachers. The applicant sets the conditions and terms; the employer's role is to meet employee expectations.
Robert Walters Australia and New Zealand managing director James Nicholson said the results highlighted the importance for employers to understand what motivated employees. "Millennials [are] set to make up the majority of the workforce by 2025, so it's only natural that one of the most topical issues for employers is how to attract, retain and develop Millennial professionals," Nicholson said. "Having grown up in a largely borderless-world created by the internet and more accessible overseas travel, Millennials also have ambitious career goals and high expectations of rapid career progression and international opportunities," he said.The upshot is that if a regular applicant is not a demanding narcissistic Millennial, but has been properly raised by his parents and well-taught by Miss Manners he will go into job interviews with a significant intrinsic competitive advantage. Firstly, he will not go into the interview room with a satchel full of wants, wishes, terms, and conditions. Secondly, he will not have expectations of an income that approximates the current earnings of his parents. Thirdly, he will be orientated towards service and adding value to the business of his employer. Fourthly, he will also be prepared to start small and prove his ability to hold down greater responsibilities.
Given that he will be competing against cosseted Millennials, his prospects for successful employment are likely to be very good. Labour market conditions will definitely be in his favour.
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