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The development of Generation Y, also known as Millennials, is increasingly showing their influence in everyday economic life. The development of Gen Y can be observed particularly strongly in connection with startups. It seems that Gen Y members are increasingly choosing a career in a startup. Why? Millennial values align with working conditions in startups. But who is influencing whom here? In order to answer this question, one should compare the values of the young companies with the values of the younger generation and recognize what they have in common.
Generation Y is usually given a negative image. Millennials are spoiled, narcissistic and not tied to money. If you look behind the facade, you will discover the reasons for these characteristics: dissatisfaction, insecurity and self-doubt. Because the parents of the millennium children had mostly already built up an existence with a house, children and career in their mid-twenties. Still, Millennials try not to compare themselves to other generations. What some interpret as classic egoism is ultimately just the desire to realize one’s own dream – regardless of the expectations of others.
The salary here is only a means to an end, to pay bills and later to be able to offer the family a certain standard of living. Because Gen Y has realized that big bucks aren’t everything. This attitude towards life is also implemented in working life.
In order to gain initial work experience, people prefer to start a job in a startup. The reason for this lies in the similarity between the relaxed corporate culture of young, successful startups and the values of Generation Y. Their expectations usually include a collegial environment, opportunities for further training, a good office connection, corporate sports and corporate responsibility. Because they want to be convinced of the employer’s qualities. Sustainability is a priority for 83% of millennials. The Berlin company tries this principle row of shopsapply. The online shopping portal employs employees from more than 35 nationalities, with the majority belonging to Generation Y. The successful start-up has dedicated itself to social, voluntary and financial commitment, among other things.
Furthermore, many startups operate internationally, which benefits them as 60% of Gen Y are open to living and working abroad. This is reflected in the high diversity of nationalities in young, digitally-oriented companies. Generation Y is redefining success in the technology-driven world and therefore often prefer startups to corporations, as they are usually better at digitizing the company structure. The Amsterdam-based startup TravelBird took advantage of this. You are internationally active and recruit employees from all over the world. In the meantime
over 30 nationalities are employed, the majority in their 20s. But what advantages do young employees offer companies, apart from the willingness to travel the world? Millennials are better at adapting, they sometimes have more innovative ideas and they take it for granted when dealing with the latest technologies. Whether Instagram, Twitter or Facebook, this generation grew up with social media. It is therefore not surprising that TravelBird uses the messenger Skype as an internal communication platform to guarantee open, internal communication and to promote the diversity of ideas of the employees.
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In order to encourage Gen Y creativity and to work collaboratively, startups prioritize replacing the traditional hierarchy with a flat hierarchy where everyone is first-named. The Berlin game software company wooga supports this strategy especially with the use of small teams. This means that everyone can take full responsibility for the respective projects. With over 40 nationalities and almost 250 employees, you have placed particular emphasis on Generation Y. That’s why it was also important for this startup to share the values of social events, transparency and learning & working in addition to the flat hierarchy.
Ultimately, startups and millennials influence each other on the road to great success. Gen Y’s have a high level of demands, both on themselves and on a company, in order to increase their own potential for creative development. The twenty-somethings are willing to work hard for this, even more than 40 hours a week. It is precisely this workload that startups have recognized. In return, the young companies try to support the talents of their employees, for example with a good work-life balance or by including them in decisions. Since both sides have understood that they share most of the values, they can achieve an innovative and prosperous future.