By now, we've all heard about the millennial generation. Falling roughly between the ages of 18 and 30 today, this generation is now growing into its peak earning years -- prime time for travel brands to be looking at how they can capture this generation's business.
However, one trend we're seeing has some travel companies a bit worried.
Even with the improvement in the job market, the unemployment rate among millennials is still quite high at 13.3 per cent.
So what are these future travellers doing to find work?
Good old fashioned networking
Networking is still one of the most productive way to find a job. Today millennials are using social media networks such as LinkedIn to find contacts at a company and warm introductions. While in-person events are perhaps most effective, job seekers also are sending quick emails of introduction and asking for 15 or 20 minutes of someone's time at the company for which they wish to work. Even if there's not a particular job posting, establishing a connection now effectively open doors later.
The first generation to have grown up with technology, millennials are embracing online matchmaking services with open arms.
New companies like Magnet use data-rich, job-matching technology to connect job seekers with employers based upon skills, preferences and talent needs. Job seekers simply build a profile by uploading their resume or importing their LinkedIn profile. Once the profile is registered, the system immediately provides the candidate with specific job postings that match their skills, qualifications and preferences.
Magnet was developed by Ryerson University, in partnership with the Ontario Chamber of Commerce. Representing 60,000 businesses and over two million jobs. To date, more than 1,500 employers are using Magnet with more signing up.
Creating Their Own Jobs
More than any other generation, millennials are also creating their own jobs instead of waiting for their dream job to find them.
Today, 35 per cent of employed millennials have started their own business on the side, and 72 per cent want to quit their jobs to become entirely independent, according to a study conducted by freelance job marketplace oDesk and Millennial Branding.
Already, a whopping 27 per cent of millennials are self-employed, according to a 2011 study conducted by the Young Entrepreneur Council and Buzz Marketing Group, and we can expect this number to grow. Many millennials delayed starting a business because of a poor economy, according to a Kauffman Foundation study, but 51 per cent plan to start businesses in the next five years.
The barrier to entry for starting a successful business is much lower for millennials than for previous generations thanks to the Internet, social media and new technologies.
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