New generations’ sought for contracting and freelancing
New research by the London Business School has found that 9 out of 10 Generation Y employees will not stay with the same employer for more than 5 years, with as many as 40% of employees already contemplating their next role immediately after starting their current one. So what does this mean for the future attitude to work?
Generation Y could be set to change how people view career paths, instead of working up the job ladder, contracting and freelancing is the new journey. As the jobs market recovers and Generation Y are securing roles within companies of all sizes, the UK is also breeding a new generation of entrepreneurs who want to carve their own path by establishing themselves as freelance contractors.
The research found that 87% of the top-performing university graduates considered professional contracting and freelancing as the most attractive career path. These individuals can use the experience and expertise gained by working in more traditional environments to gain interim work delivering projects.
If employers are looking to tempt Generation Y into more permanent roles, they need to understand that in today’s working environment, it’s not enough to simply offer them higher remuneration than their freelance rate. Instead, employers need to put aside their prejudices about what makes a great career and understand that what they may have valued when they started out is not the same as what this new generation values.
While money is always a driver, Generation Y want to build careers around organisations that have ethics and strong corporate responsibility. Companies need to see that it isn’t just about young people’s attitude to work; there is a genuine shift in their values.
What the research suggests is that UK employers will increasingly need to tap into the freelance talent pool if they wanted to appoint the country’s top graduates. However, those considered Generation Y would rather quit their current roles in favour of the flexible alternatives that freelance contracting can offer.
As the generation ages and the next comes through, recruitment agencies need to ensure they have the systems in place to cope with a surge in demand. By using providers such as One Click Umbrella, recruitment companies can be sure to engage and indeed, retain great Gen Y contractors. Those agencies which rely on non-compliant umbrellas and irregular, unreliable payroll systems will be recognised by the tech-savvy generation and quickly rebuffed.