The Millennial Workforce

How can employers make the most of the next generation’s untapped potential?

Millennials, defined by Pew Research as those born between 1981 and 1996, and post-millennials are now ensconced in the Caribbean workplace and driving change across all kinds of regional industries. But their Gen X employers may still be struggling with how to capitalise on their skill-sets, attributes and unrealised potential. Making the most of the next generation means playing to their strengths, and creating opportunities where they can thrive.

Skills gaps

The Inter-American Development Bank has been surveying more than 15,000 young people throughout Latin America and the Caribbean for an intensive four-year research project on the millennial generation. Researchers published their findings in a report last year, showing that these young workers are an untapped resource with huge potential — provided skills gaps and lack of certain competencies are addressed.

According to the IDB, the millennial generation lack certain cognitive skills — around 40 per cent cannot do simple maths equations and linguistic fluency is low. Many young people are not fluent in a second language which is of particular concern given the Caribbean’s reliance on international business. In fields such as financial services, which often involve dealing with clients from all over the world, fluency in another language is an important asset and can often give those entering the sector a leg-up over their competition. In the Caribbean’s top industry of tourism, dealing with different nationalities is a daily occurrence and employees in the trade would benefit from a working knowledge of Spanish and other European languages.

Around 85 per cent of millennials in Latin America and the Caribbean want to complete higher education according to the IDB but only 40 per cent actually do so, highlighting a worrisome gap between demand and capacity. This ambitious generation may be eyeing a tertiary education but are often prevented by lack of financial resources, lack of access and lack of support.

Emotion and ethics

Millennials tend to think with their hearts rather than their heads. While this can cause cognitive gaps, it means they shine when it comes to socio-emotional skills. They tend to be more optimistic, aspirational and confident than their Gen X colleagues, making them natural motivators around the office. Their natural empathy and optimism are also a benefit in the services sector. Tourism is the number one employer in the region and this is where millennials can put their strong socio-emotional skills to good use.

The Inter-American Development Bank has been surveying more than 15,000 young people throughout Latin America and the Caribbean for an intensive four-year research project on the millennial generation.

This generation is also an innovative force to be reckoned with, keeping ahead of trends and poised to identify the ‘next big thing’. This makes millennials forward-thinkers which explains their proliferation in the technology space. Tech firms are increasingly founded and staffed by millennials who are comfortable with the jargon, expertise and unpredictable nature of the business.

But aspirational millennials want to do more than just make money. They want to make a difference and have a real impact on the communities in which they work. This can be seen across all industries in the Caribbean from young entrepreneurs introducing new ways of farming to environmentalist thinkers reforming waste management practices. 

Integrating their values, and their lives, to their work is key for millennials who crave flexibility in the workplace. They’re ready to work hard but don’t want to be tied to a desk. And this generation won’t toil for years in an unsatisfying job that doesn’t cater to their needs; they are far less likely to be loyal to employers than their older counterparts, making it crucial for employers to use them in meaningful roles and give them responsibilities and opportunities that challenge them, such as ongoing training and leadership positions.

Achieving their potential

According to PwC, millennials will account for half of the global workforce by 2050 and are set to transform economies, industries and attitudes. In the first half of 2018, Saint Lucia’s workforce included over 25,500 young people aged 20-34. How to harness the power of this generation of workers is something both the public and private sectors should be considering. Enabling millennials and post-millennials to play to their strengths is a more constructive dialogue than the usual negative press this generation receives. 

Youth unemployment is at 38.5 per cent in Saint Lucia. Getting young people into work means giving them the tools they need, and creating opportunities. A focus on education is key — giving those young people who want schooling, access to colleges and courses that will help them succeed. Embarking on its EC$1.4m GiNet initiative this year, the government is focusing on bringing technology into classrooms to engage younger people and prioritise digital learning.

Those at the top end of the millennial spectrum, long out of education, are looking to create their own opportunities and often need help bringing their innovative ideas to market. This is where mechanisms such as micro-loans, SME technical support, grants, crowdfunding and angel investing networks can help. Millennials want creative solutions to their funding challenges and are equally as comfortable seeking start-up capital through digital channels and non-traditional lenders as they are banks and development organisations. 

For those young workers set on a career path and hoping to make their mark in a vocational setting, getting the right office culture is important. A harmonious inter-generational workplace involves sharing skills and experiences. Older colleagues can learn from their tech-savvy and forward-looking younger counterparts while giving millennials the benefit of their experience on the job. 

According to the IDB, the region’s millennials are optimistic about their future. In order to ensure this optimism is well-founded, the Bank suggests policy intervention in several areas: access to the development of skills (in particular high-quality and relevant skills), digital training programmes, apprenticeship schemes and greater guidance and information. The report concludes: “Achieving sustainable development requires more inclusive economies and a determined effort to raise the human capital. Investing in young people must be a priority. Offering opportunities to this important sector of the population is good for economic development, social cohesion and the general welfare.”