Industries That are Attracting Millennials in 2020
Millennials make up a large percent of the workforce. Being born between 1980 and 1994, this is the generation of workers who are now in their late 20s and early 30s.
Many corporations, especially those in the technology field, have several millennials in leadership positions. Millennials have changed what work means in many industries.
Companies around the world have been forced to rebrand themselves and use innovative techniques to attract millennial workers to their workforce. The following are a few industries that have successfully attracted millennials.
Millennials in Technology
Millennials are the first generation to be born in a tech driven world. Previous generations had to learn technology either in elementary school, high school, or college. Therefore, it’s not surprising that the millennial generation leads the world in creating and maintaining technology and the software that runs it.
People born in the early 90s grew up seeing technology as a common part of life, so they are likely to be skilled in IT and understand programming languages. Thus, they are top employees in many of the tech sector jobs around the world.
Millennials are also one of the first generations to come into a world where long-term job security is not guaranteed. The tech sector offers competitive salary packages and job security not seen in other areas. This is what draws many millennials to this field. They’ve witnessed the growth of online businesses, everything moving to the cloud, working from home becoming something pretty common and usual, being able to learn every skill online, and so on.
Even if millennials do not have programming skills, growing up with tech has made it easier for them to work in retail jobs selling technology or the gaming industry. Millennials feature heavily in the electronic sector as well. In the end, nothing less is expected for the generation that stands out for its technology use.
Millennials in Finance
Millennials are flocking to the finance sector. Many are attracted to the lucrative salaries and flexible schedules that are available when trading stocks online in countries like the UK, US, and Australia. Although COVID-19 has pummeled the stock market, many millennials are seeing this as an opportunity for them to give their investing career a kick start.
Online stock trading platforms have seen a rapid increase in demand during the first few months of 2020. Millennial investors are trying to take advantage of undervalued equities.
For a sizable number of millennials, 2020 is the first year they have seriously considered investing. Millennials are looking for new opportunities to make cash or are looking to recover from earlier losses. Online investment platforms have made it easier for this tech savvy generation to buy stocks in individual companies.
The use of mobile trading and stock trading apps has increased during quarantine months as well. It’s a secure and easy way to trade stocks online, giving you all necessary tools and options. Millennials are taking care of their finances more than ever, and the remote working environment has given them a lot of ways to make money sideways.
Millennials in the Healthcare Field
Previous generations perceived millennials to be lazy and battling failure to launch syndrome. However, statistics show that the millennial generation is as concerned or even more concerned than their predecessors about financial security and stability. This may be because they were the generation who saw their parents negatively impacted by the economic downturn of 2008.
This has led many millennials to seek employment options in fields that have been traditionally profitable, such as healthcare. There is a new generation of medical students, nurses, and medical technicians who are stepping into the job market.
Statistics show that approximately 38 percent of physician assistants are from the millennial generation. Similar statistics are seen with paramedics and emergency medical technicians.
It is common for those in the medical field to median salaries of $100,000 or more per year. This type of money motivates young and ambitious workers looking to build a stable future for themselves.
Millennials in Engineering
The baby boomer generation is stepping aside from the engineering field while millennials fill the gap. The millennial generation has been praised for its ingenuity and refusal to sit back and assume that the way things were done are the way that they must be done. This spirit, when coupled with knowledge and skill, helps millennials excel when attacking new problems.
The previous generation of engineers and those in managerial positions in engineering had to be taught to think outside of the box. However, for millennials thinking out of the box has been their life experience. Millennials have seen drastic changes in technology and in approaches to doing things through their lifespan. Millennials have been shown to approach tasks in unconventional ways and encourage those around them to do the same.
Because millennials have a willingness to try new ideas, they have a powerful grasp of analytical skills. Millennials have grown up in an environment where engineering disciplines were an everyday part of life, so being attracted to engineering is not a huge stretch.
Millennials in the Hospitality Industry
Millennials have been praised for being ambitious, motivated, and highly educated. For this reason, some older generations are surprised to see that many of them look for employment in hospitality industries.
Research shows that over 40 percent of bartenders are millennials. Millennials feature heavily in nightclubs, restaurants, and bars. The baby boomer generation and Generation Z have a negative bias toward jobs in these professions.
However, millennials, staying true to their reputation for thinking outside of the box, have latched onto the hospitality and service industries as a way of making a lucrative salary, having flexible hours, and working in a fun environment. This is especially the case for millennials who are working their way through college.
What Will Future Generations Look for in Employment?
Generation Z, born between 1995 and 2010, are starting to take their place in the work environment. When asked what companies they want to work for, the top five answers were identical to those of millennials but just in a different order. They included Apple, Google, Amazon, Disney, and self-employment.
Both millennials and those of Generation Z set technology and media as the top two fields for employment. But here we see differences. For example, for Generation Z, working in media meant working for gaming brands and developers. Millennials were not thinking in that direction.
Generation Z and millennials have grown up gaming. However, Generation Z has grown up in a world where pro gaming, Esports, and making money from developing gaming apps have exploded.
For both millennials and those in Generation Z, the coronavirus pandemic has changed the way they view future employment. Only time will tell what the future will hold for employment opportunities for these groups as they continue to age.