Nov. 10, 2017 "Millennials helping to create sharing economy": Today I found this article by Paul DeLong in the Globe and Mail:
CEO, car2go North America.
Even though millennials became the largest generation in the Canadian work force more than two years ago, it's still common to discuss this generation as if they're still the kids in the back seat of the car, instead of the colleagues and leaders who, in actuality, are helping drive Canada's economy forward.
While I miss the cut by a "few" years, I work alongside millennials every day. And while they're often painted by research studies as self-centered, frivolous with their money and entitled, I find them to be among the most productive, most responsible employees at the company.
So, I refuse to define millennials by common tropes or traits. Instead, I see them as a creative, scrappy generation using all the tools and technology available to them to live rich, rewarding lives.
So, I refuse to define millennials by common tropes or traits. Instead, I see them as a creative, scrappy generation using all the tools and technology available to them to live rich, rewarding lives.
Here's how I believe that unique approach to life has led to the birth and growth of the sharing economy:
Millennial economics
Young people face a much different financial outlook than their parents once did. After three decades of stagnant wages, the financial crisis and resulting recession, the gap between the wealthy and the middle class is growing increasingly wide. Coupled with high student-loan debt, millennials are caught between a rock and a hard place, contending with lower paying jobs and higher unemployment well beyond that experienced by their parents.
In this environment, financial milestones that were once common markers of prior generations' success – new car, new home, early retirement – now seem completely unattainable to many young people.
The attainability gap
Recently, car2go conducted research to better understand millennials' perception of the attainability of these markers of success. What we learned is that for our younger members, the quest for ownership is not dead.
The survey of 1,800 people in major Canadian and U.S. cities revealed that while 66 per cent of consumers hope to purchase a primary home, just 34 per cent believe they can achieve their goal in the coming year – an "attainability gap" of 32 per cent. Similarly, while 55 per cent of consumers surveyed are interested in purchasing a car, just 46 per cent feel that goal is attainable.
So, while young people today still desire the same material hallmarks of success as their parents once did, they're not willing to go into debt to get them. Rather, they're ready to wait until they have the financial means necessary to make those milestone purchases.
Often described as entitled, this research shows that, in reality, the millennial generation is incredibly responsible, displaying a high awareness of the cost of ownership and weighing their desire for big-ticket items against a need to pay down rising debt.
Living in the sharing economy
Almost every day an enterprising young colleague comes into my office with an idea on how we could improve the business or do something better. So, it comes as no surprise to me that millennials, raised in an age of innovation, have figured out how to use technology as a life hack to help them live fuller lives today without sacrificing any of their future goals.
This is essentially the sharing economy in a nutshell. Estimated to grow to $335-billion by 2025, the sharing economy has expanded access to sought-after assets such as cars and vacation accommodations, while at the same time drastically reducing the associated costs.
Take the example of privately owned vehicles, which sit unused 95 per cent of their lifetime. While previous generations were more than comfortable taking on debt to buy a new car, knowing they had a secure wage and a pension in their back pocket, young people today are instead taking advantage of the sharing economy until they arrive at a point in their lives where they can truly afford a vehicle.
It is for this reason why millennials represent at least half of car2go's 900,000-plus members and are easily among the heaviest users of our car-sharing services.
It is for this reason why millennials represent at least half of car2go's 900,000-plus members and are easily among the heaviest users of our car-sharing services.
While many of my younger colleagues and the millions of young people who car-share may eventually follow that same pattern of life as previous generations (buy a car, move into a house, have kids, etc.), it's about time we recognize millennials for who they are right now: an industrious generation using technology and shared services to achieve strong quality of life on their own terms.
DennisCasaccio
21 hours ago
Millennials helped create the sharing economy because income and job security is increasingly unsure.
In the long term the sharing economy will displace more jobs and further lower incomes while the benefits will not be shared but sequestered at the top.
Mar. 21, 2018 "Millenials shouldn't treat their careers like lottery tickets": Today I found this article by Bram Belzberg in the Globe and Mail:
Mar. 21, 2018 "Millenials shouldn't treat their careers like lottery tickets": Today I found this article by Bram Belzberg in the Globe and Mail:
Bram Belzberg started his career at Goldman Sachs, before earning an MBA from Harvard Business School. He became CEO and chairman of education software maker KEV Group in 2009 at 29 years old.
When I graduated from McGill University with a degree in psychology, I didn't have a clue what I wanted to do with the rest of my life. I think the vast majority of new grads are in the same position.
For millennials, the choice can be even tougher. The job market is changing, and employment is uncertain. Startups are offering big perks to attract young, cheap talent. Stock options, a laidback culture, a flat organizational structure, and a clear path to upper management. These jobs are everywhere, especially in big cities.
If you're in your early 20s and just starting your career, you probably shouldn't take them.
I get why joining a startup is attractive. They can be exciting, and the pay can be pretty good. A small percentage of people will pick the right opportunity, collect stock options, and become millionaires before they're 30. It's like winning the lottery.
But, like the real lottery, most people don't win, and they end up worse off than they were before.
The majority of startups are going to go bust. That's a fact. And if you've invested everything in a company that no longer exists, you may find yourself un-hirable when you start looking for your second job.
The first reason is that your résumé is worthless. When you come out of school, you have a little bit of cachet, even if you don't have any experience. You're educated! You're idealistic! You work hard! This is your chance to get your foot in the door and start building your résumé.
If you spend the next two years at a startup that goes bankrupt, all you'll have on your résumé is a company that no one has ever heard of, with phone numbers and e-mail addresses that no longer exist.
If you spend the next two years at a startup that goes bankrupt, all you'll have on your résumé is a company that no one has ever heard of, with phone numbers and e-mail addresses that no longer exist.
You'll also miss out on important experience. Large companies – such as banks and consulting firms and established tech outfits – understand how to bring along new graduates. They've been developing the best way to do so for decades. They have full-time employees who only think about developing young staff into future managers.
Their programs work. They teach you important skills, they teach you how the professional world operates, and they teach you how to network. It takes a lot of time, energy, and focus to create these programs.
Their programs work. They teach you important skills, they teach you how the professional world operates, and they teach you how to network. It takes a lot of time, energy, and focus to create these programs.
The startup you're considering probably doesn't have an human resources department, let alone a training program. You'll end up doing grunt work, whatever falls to the bottom of the pile.
And when you go in to your next interview, you'll have no relevant experience, a skewed sense of the business world, and salary expectations well beyond what you're worth. You've not only wasted a couple of years of your career, you're now in a worse position than you were before.
And when you go in to your next interview, you'll have no relevant experience, a skewed sense of the business world, and salary expectations well beyond what you're worth. You've not only wasted a couple of years of your career, you're now in a worse position than you were before.
So most startups won't make you rich, they won't teach you what you need to know, and they won't help you further your career. But what if you want to start your own company one day?
Generally, successful startups need three things: a great idea, a reliable funding network, and strong leadership. Most startups don't have a full management team, and the managers they do have probably won't have time to mentor you.
You also won't be building a network of peers who can help finance your startup one day. If you have a great idea, it will still be there when you've learned how to develop it into a business. If you really want to get the experience of working at a startup, do it when you've developed your career and built a safety net in case it fails.
You also won't be building a network of peers who can help finance your startup one day. If you have a great idea, it will still be there when you've learned how to develop it into a business. If you really want to get the experience of working at a startup, do it when you've developed your career and built a safety net in case it fails.
Some people come out of school knowing exactly what they want to do. That's great. Work hard, put in your time, and achieve your goals. But there aren't any shortcuts in building a career. When you're ready to move on from your first job, you should have a clear idea of what you want to do next, with a foundation of skills and experience in place. You don't want to be left holding only a losing lottery ticket.
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