Millennials have grown up in a world with Internet, latest gadgets and other technologies. Their consumption pattern is different from earlier generations and this demographic change is one of the major forces in driving the future of jobs.
A recent report in Morgan Stanley described Indian Millennials as “the largest disruptive force in India for years to come” and added that currently this trend is still in the nascent stage.
According to the report, Millennials are expected to form over 36% of the Indian population, accounting for 61% of its Internet users and 78% of its online shoppers by 2020. They continue to drive future sophistication of demand, and are creating a huge market-space for digital products and services.
The rise of Millennials has also redefined the workplace culture in India. Millennials view innovation and adaptability as the key purpose of any business which is just as important as how much profit it makes.
While some parts of the world, especially the developed countries, are ageing other countries are enjoying their demographic dividend. This has created an imbalance in the demand-supply chain of skilled workforce in developed economies like Europe and Japan. India’s young population forms over 35% of its headcount.
Millennials constitute a significant part of this population. They have grown up in a world with Internet, latest gadgets and other technologies. Their consumption pattern is different from earlier generations and this demographic change is one of the major forces in driving the future of jobs. Their consumption pattern has created demand for new jobs which require new sets of skills and expertise. Their habits and demands are creating new avenues for jobs.
The skills and profiles which are seeing a boom in demand due to rise of Millennials include VFX artists, computer vision engineers, data scientists, data architects, AI research scientists, digital marketing, e-textiles specialists, cyber security specialists, credit analysts, robot programmers, block-chain architects and digital imaging leaders, etc.
Investors, employers and entrepreneurs are focusing on these changes to grow in the changing times and with changing demand patterns. The report quoted Parag Gupta, Executive Director at Morgan Stanley as saying, “The youth of this generation are better educated, better connected to information, and better connected to the world than their predecessors and they are also part of a rising middle class. Like their peers in other markets, Indian companies will have to adapt to survive the accelerating demographic shift.”
This shift has opened doors of new opportunities for Indian job market which is threatened by an increasing use of automation. Most of these new jobs are focused around driving, implementing and controlling the shift from manual to automated work. Those, job seekers and employers, who will upgrade their skills to capture India’s Millennials stand to benefit not just in domestic market but internationally as well.