Evolution of the Labor Market: Challenges of the Millennial Generation

Abstract

The research purpose is to analyze changes in the labor market based on the needs and values of a new generation of young professionals. The authors consider the theory of generations, changes in the interaction between employers and candidates related to the development of digital technologies, open communications, the application of flexible schedules and remote work. The results of sociological surveys of professional aspirations, career preferences and expectations of millennials are summarized. The list of bonuses provided by Russian companies in addition to wages is formed. The most popular compensations are marked. Priority factors have been established for Russian young professionals when choosing an employer company. It is revealed that opportunities for professional development, participation in innovative projects, flexible working hours that allow combining work and private life (work-life-balance) are more relevant for young people than monetary values and the capital accumulation. An overview of the indicators of a successful career. It is noted that most young people are ready to invest in the own additional professional education, participate in international projects and internships. The issues of attracting young and talented candidates are considered in this paper too.