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Millennials are one of the most dynamic, skilled and demographic groups often targeted by corporate marketing divisions for various lifestyle and technology products. Even human resources departments find it difficult to attract millennials as a potential workforce.
On a demographic level, millennials follow generation X and their birth dates range from the early eighties to the mid-1990s to the year 2000. Millennials are expected to account for almost 40% of the total workforce within 2020.
The Toluna group commissioned a poll of 1,000 full-time workers for Udemy for Business, and the results show that millennial employees get bored at work mainly for the following reasons:
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- Lack of opportunities to learn new skills (46%)
- Uncontrolled work that does not use their education and credentials (44%)
- Not enough work to do (30%)
- Distractions of social media (29%)
- Too much work (25%)
Millennials love challenges
The great challenge for millennials on their way to success, underestimated by previous generations, is to change the world around us. For this ambition, companies that embrace the values of corporate social responsibility (CSR) and non-profit companies are more desirable for millennials. Millennials are the first generation born and raised in the high speed internet connection and technological innovation. This generation has been influenced by the expansion of social media in every aspect of modern life, and they are the first generation to grow with personal computers in their homes.
In particular, this connectivity is not only used to upload personal photos and book exotic holidays. Representatives of this generation consider themselves accessible for work 24 hours a day / 7 days a week via e-mail and a variety of digital workplace managers who can easily be downloaded to any smartphone.
One of the greatest challenges for millennials is their eternal desire to change the world around them, and it seems that this generation is ready to do so. PWC relationship "Millennials at work remodeling the workplace" found that over 50 percent of millennials agreed to take a wage reduction to find a job that aligns with their values, and there is clear evidence. Many millennial tango with the dilemma of "harmful financial gains or service for humanity". Over 70 percent of millennials cite the development of a career in a nonprofit organization and sets the pace for a more compassionate and sustainable world by turning businesses into tools for social change, such as their personal career aspirations .
According to a 2018 Deloitte Millennial Survey, 86% of millennials believe that financial performance should not be the only measure of business success and a growing number of workers believe that social impact should be a priority.
Fundraising and token-based wages can facilitate entrepreneurship and freelance
Cryptocurrency and blockchain are no longer just bitcoins. The consensus industry is creating new job categories and is motivating entrepreneurs to create innovative products and companies, reaping billions of dollars in funding through the first coin offerings (ICOs). Like the first digital generation, millennials have different ways of thinking and, by default, cryptocurrency factors fit this well.
The distribution of ICO tokens within decentralized economies is an intriguing economic phenomenon for millennials and above all for freelancers of this generation.
Vlad Dobrynin, CEO of Blockchain Humans.net company, says,
"In pursuit of self-realization and new money-making opportunities, millennials are turning to online work platforms, but these are far enough to guarantee a quick and, above all, successful search, even if a person is highly skilled and most platforms are overcrowded with candidates.The centralized economic institutions are not there by mistake.There are for the benefit of the elites.These markets are in the middle and use their databases to gather buyers and sellers while they take the slice bigger than the cake, of course the intermediaries will still exist if you want to use their services, but the information will be released in a certain sense.It will be owned by people who will use the database to exchange skills, services and experience directly among themselves in all trade areas, from nanny to financial services and more.The goal is to create a resource bank for people and businesses without intermediaries and even taxes – transforming the way we live, work and relate to one another in the blockchain era. "
The growing importance of bounty campaigns
The sizes in the digital world derive from online gaming platforms that community members have been offered as a reward for participating in the development of their game. Sizes are essentially incentive reward mechanisms offered by organizations to attract supporters and almost every decentralized project has found ways to use the rewards to reward its supporters for their time and effort. Among the most typical campaign sizes are marketing, bug reporting, code development and community outreach – usually as a result of successful referrals. With the ICO explosion, the prizes and their number of participants have skyrocketed. For some participants, large-scale payments far exceeded the salary they could receive to do a similar job.
But why are these programs so important?
The growing number of bounty campaigns and the value of the prizes are creating new standards and ethics for fair remuneration in the decentralized world. There are numerous reasons why blockchain projects prefer to start a bounty campaign rather than hiring an agency or employees in the traditional sense. But we understand some typical scenarios for the development of the bounty program.
- Outsourcing activities: Bounty campaigns can be an excellent tool for projects to outsource a wide range of activities at the cost of the project token. There are a growing number of websites that aggregate all the available size campaigns or facilitate the management of size projects.
- Building an active community will always remain a key reason to offer a bounty campaign and it is now easier than ever to build large, active communities within hours. Typical tasks to support community creation and engagement include, but are not limited to, retweet posts on social media, pleasure, sharing.
- Low-cost workforce: Even if bounty campaigns and blockchain campaigns can save a lot of money from the marketing budget, spending a single fiat-cent for bounty hunters is effective and cheap to set up.
- Limiting risk: Bounty programs also reduce the financial and regulatory risks of a company and the availability of distributed employees around the world reduces the concern for local regulations and bureaucratic processes.
Is the future of work freelance?
Technological progress allows the development of a highly qualified niche in which people structure their work around their lives and not the opposite, which is typical. Many millennials are influenced by a "life attitude" rather than a "life full of work". Freelance allows workers complete flexibility to build work around their lives, b) to work wherever they want, c) control money as they prefer.
In the future of work, employers will not be focused on hiring and retaining full-time or part-time workers, but rather on creating a team of freelancers they can count on and asking if necessary to manage the activity. Freelancers continually learn and improve new skills, staying afloat with new technologies, actively looking for opportunities and trying to get the best performance.
Employers are already structuring their staff with a mix of full-time employees, part-time employees and freelancers.
Freelance problems
Today, there are many independent markets and projects that take advantage of the freelance boom that has occurred in recent years. Among the most popular are Fiverr, oDesk, is Freelance. However, there are problems within the freelance community. For example, since Fiverr owes a part of its popularity to the initial value prop – "get any job for a five dollars", Fiverr's first tagline captures the cultural perception of freelance as a low-cost / low-quality segment. This misperception leads to more complicated client and freelancer dynamics and increases the difficulties for talented freelancers looking to find reliable and well-paid jobs.
Another recurring problem is scams. Without regulatory protection, it is difficult to evaluate individually and separate true customers from scammers. On existing platforms, commissions range from 5% to a whopping 20%. The market competition also imposes lower rates. In combination with high commissions, the earnings of freelancers may be incompatible with their efforts.
Self-employed professionals are not just those at risk. Customers can also lose. There are incidents in which freelancers have requested advance payments without delivering the job. Others intentionally delay work while asking for additional payments. In the early years of freelance, customers spent every penny of their budget and did not receive their results. Because user classification and reputation systems are not compatible across multiple platforms, serial scammers can go unnoticed.
Blockchain's distributed register technology has the ability to change the game. Many initiatives have already been developed to create a more ethical work environment for both individual entrepreneurs and employers.
Millennials will always remain a single business segment, and will successfully attract their interests, beliefs and desires will likely remain a challenge for advertising and placement firms. They are authentic, intercultural, technology experts, social media employees, connected, love life and limits of hate. With the widespread success of ICOs, we are rapidly moving towards decentralized economies. The potential for the use of blockchain technology to facilitate labor relations in the 21st century is more than exciting. Many projects are already developing real solutions and are starting to earn a slice of the $ 1.4 trillion annual freelance economy in the United States. The freelancer in the blockchain era re-inspires confidence, reduces the costs of intermediaries, approves creativity and freedom and generates a truly new potential for millennial working conditions.
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Disclaimer: The opinions of our guest writers are exclusively their own and do not reflect the views of The Daily Hodl. These opinions expressed are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and operations are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital assets, nor The Daily Hodl is an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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