As the end of the year comes to a close, industry leaders are already preparing for what's next and refining their 2016 strategies to stay on top of the market. With baby boomers retiring and millennials being the most studied generation to date, market leaders can gain insight from the next generation, Generation Z.
Whether you like it or not, millennials are the largest generation in the Canadian workforce. Simply put, we are the future of your business. So why not skip the nasty nicknames and let's figure out how we can all work together to help your company continue on -- and maybe even grow -- after you've retired.
Technology is not a nice-to-have for the millennial generation; it's a deal breaker. And considering that by 2030 75 per cent of the workforce will be millennials, it's something to take seriously. Millennials' technology expectations, coupled by their social media, mobile computing and app usage, are spreading into the workplace.
Warnings of a housing correction are not new, but the frequency has increased. A couple of southwestern Ontario markets (most notably Toronto) and the Vancouver metro area are pricing out first-time buyers. In other major centres across Canada, the flatness or slowing of house price appreciation has dissuaded potential buyers from jumping in.
For those who came of age with a smartphone, the revolutionary impact of social media meant that you didn't just see yourself through the eyes of your peers. You could curate your own narrative. This has caused a quiver of psychologists to point out the detrimental effects of creating your identity online.
When I read my daughter's article about her "Cheap Week" it warmed my heart that she is as cheap as I was. It brought back memories of my own youthful financial desperation. It's good to know that she's inherited the family cheap streak. I, too, had to be cheap, so why did I get concerned when I realized my daughter was tippy toeing around the poverty line?
The definition of a traditional career does not lend well in today's innovation and technology driven economy. Workplaces are changing. No longer must you come into the office everyday for business meetings when you can stay at home and with a click of a button, video conference with executives around the world.
Millennials are reaching the age when they should be achieving financial autonomy and independence, but unfortunately many aren't. Why are millennials having so much difficulty landing a job and living independently? According to a survey, this generation says its biggest obstacle to financial success is the lack of earning power and unemployment, followed by a lack of budgeting, planning and saving.
Nine-million baby boomers will retire from the workforce over the next two decades, and when they do, they will start to consume the most expensive forms of government programs. This is great news for seniors, but terrible news for our public finances and for young Canadians forced to foot the bill. Generation Y has been dubbed the "Millennial" generation because we came of age at the turn of the new millennium. A more fitting name for this cohort is Generation Screwed.
My mentoring work has led me to conversations with millennials who have left a positive and lasting impression. I have learned much from them -- practically and personally. Their different view of the world, while seemingly foreign to the older generations, can provide a different lens through which to see things that can have a profound effect on business.
After the initial shock of Junior Child moving back home we started to realize that this situation was not so bad. Our individual lives, which had expanded to include activities and friends that were not possible during the child rearing years, were not curtailed. We started to enjoy the company of our adult daughter and were able to offer help with cover letters and resume writing.
What I think is important to remember is that the twenty-somethings of the 60's weren't any different than us. They had the same advantages and disadvantages that we have -- I mean, minus iStuff. But they felt comfortable enough to get weird and be anti-establishment and fight for what they believed in. Why don't we?