The Implications of COVID-19 on Generation Y Employment

The coronavirus, emerging in early 2020, has left a significant mark on various domains, from medicine to economics to society, promising to influence many areas in the years to come. A notable shift in the intergenerational discourse has surfaced within this vast change landscape, prominently featuring Generation Z. However, somewhat overshadowed in this dialogue are the “older” millennials. Despite potentially having a lesser social-digital-consumer impact than Generation Z and facing more significant challenges in navigating this landscape, millennials continue to play a pivotal role in the job market. Recognizing and addressing their unique needs is crucial for employers and the broader market.

Who are Millennials?

I, too, am a member of Generation Y, or millennials, defined as those born in the 1980s and 90s. This era was marked by significant technological revolutions, notably in media and the Internet, shaping a generation distinguished by adaptability, flexible thinking, and a forward-looking belief in technological and environmental improvement. Millennials diverge from their Generation X parents, who were molded by the repercussions of major wars, focusing on survival and stability. Instead, millennials are characterized by a drive for occupational fulfillment and the pursuit of work that is both enjoyable and meaningful. They are satisfied with the safety net their parents have established, prioritizing personal and family loyalty over collective values and societal norms. Millennials are less digitally focused but more multidisciplinary than Generation Z, adept at merging traditional and modern perspectives without being entirely consumed by their social-digital identities.

In the workforce, this generational identity manifests as a high rate of job turnover, a yearning for employment flexibility, and a quest for meaningful engagement at work. However, this pursuit comes with challenges, including unemployment, reduced wages, and increased dependence on parental support. Unlike millennials, Generation Z leans more towards environmental and social consciousness, seeking job stability to enact positive change.

The Impact of the Coronavirus

This reflection is not grounded in a scientific study but is based on conversations with fellow millennials at various career stages. These discussions reveal a reawakening and strengthening of dormant needs among millennials in the “post-COVID” era. The pandemic has underscored pre-existing notions that managing multiple tasks across different areas is feasible. For example, one might find themselves cleaning the house while engaging in a sales call or preparing a meal while providing feedback to an employee. The ability to save hours usually lost to commuting, now redirected towards family time or self-care, is highlighted as a critical benefit of the current situation.

COVID-19 has also illustrated that, while some tasks can be deferred, the balance in life need not be postponed for work. This realization is particularly poignant for Generation X members, who are now accelerating toward retirement, potentially reshaping the U.S. job market. For millennials, the pandemic has reintroduced and emphasized their fundamental needs for self-loyalty, meaningful work, and life balance. Uncertain times favor those born in the 80s and 90s who thrive amidst ambiguity and change.

Implications for Employers

For employers, the rise of the coronavirus represents a potential boost to the demands of Generation Y, which makes up a significant portion of the labor market. The tension between career ambitions and personal life, particularly pronounced in one’s thirties, may be exacerbated by COVID-19, emphasizing the millennial call for balance. The shift towards remote work, alongside the existential uncertainties brought about by the pandemic, accentuates millennials’ prioritization of personal and family well-being over brand loyalty, including that towards employers.

Addressing these dynamics might involve:

• Introducing flexible, part-time roles within organizations to accommodate millennials’ diverse needs and allowing for varied means of impact and engagement.
• Refining the employment of freelancers or self-employed individuals within organizations to align with millennials’ desire for adaptability and to cater to their specific needs, expanding beyond traditionally project-based roles to include a broader range of skills.

Bottom Line

Millennials, forming the backbone of the labor market, have seen their needs magnified in the COVID-19 era. This period has promoted a more efficient employment landscape, emphasizing the feasibility of balancing career, family, and leisure. Resistance to this evolving work paradigm could intensify the discrepancy between millennials’ expectations and traditional employment models. Thus, adapting employment strategies to include part-time roles or better accommodate freelance arrangements could serve millennials’ desires and organizational goals, fostering a deeper connection to the workplace. Born during times of rapid change, millennials are well-equipped to handle transitions and adept at finding equilibrium amidst flux.