Taking a leaf from the book of millennials
The rise in start-ups can be attributed in a large part to the recession, which saw many people made redundant and having to find new ways of generating an income in a climate where jobs were not plentiful. But another significant contributory factor to the growth in start-up businesses is the new generation termed ‘millennials’.
Whilst there is no determining age for this generation, millennials is the term used to describe people born around early 80s to 2000s – the next demographic group on from generation X, and they are said to be the most adaptable to change and possess skills that are better than their predecessors, arguably. They are driven less by money and more by opportunities, exciting challenges, a clear career path and flexible working conditions.
However, according to a recent study, these attributes and skills are neither recognised nor widely understood by businesses – and this is causing millennials to create the workplace or career they want themselves, through start-up or freelance working.
It’s interesting to see how the workforce is changing beyond recognition in many sectors. The situation is embraced by some employers, who relish the opportunity to have a core workforce supplemented by freelance workers to bring fresh thinking and additional resource to the table. It also brings challenges of managing a workforce that isn’t wholly centralised.
For those millennials that have taken the bull by the horns and decided to start their own enterprise, there are certainly many opportunities to capitalise on; the evolving tech landscape, the vast exporting opportunities that are available to UK businesses and a growing infrastructure, in the form of developments such as HS2.
So rather than resisting change, we are better to encourage it, embrace it and work with it – before becoming a dinosaur that succumbs to the power of the millennial!
It is true to say that in many sectors, not least accountancy, the approach can often be staid and not always forward-thinking. Accountancy services have remained pretty much a set-menu since the beginning of time, but in recent years, in order to differentiate, and cater to the ever-evolving needs of the modern business owner, some accountancy practices have developed value-add services. This is a route Adams Moore chose many years ago, developing tailored packages to help and support businesses in a variety of functions and activities, as well as solutions to the growing issue of business risk.
Because as any self-respecting millennial will tell you, those who do not adapt will not thrive.