• Finance

Millennials will be majority of workforce by 2015 -- new study examines implications

A new study released today by Elance-oDesk and Millennial Branding examines the implications of millennials becoming the majority of the U.S. workforce in 2015.

Not only will millennials be the majority, they’ll be in charge: 28% of millennials reported already being in management positions and two-thirds say they expect to be in management by 2024.

However, not every Millennials sees upper management and the corner office as their ultimate career goal. Millennials are the most tech-savvy, entrepreneurial, and freelance-loving generation yet. 79% would consider quitting their regular job and working for themselves in the future, the study found. (This confirms previous research about Millennials’ positive outlook on freelancing.)

Do Millennials have the skills to freelance -- and are they the same skills that make them thrive in a 9-5? Hiring managers say that millennials are technologically adept, quick learners, and have skills prior generations do not. These hard skills are a top reason hiring managers want millennials: 55% of hiring managers say they focus more on hard skills (vs. only 21% who focus on personality when hiring), and 45% say that they expect to be even more skills-focused in ten years’ time, vs. only 11% who expect to become less skills-focused.

Millennials were found to have skills that make them great entrepreneurs: they’re flexible, adaptable, creative and entrepreneurial, and not without some hustle (cf: they’re twice as likely to be perceived as money-driven).

Whether they decide to stay 9-5 or not, 41% of hiring managers plan to hire more freelancers in the next five years, citing freelancers’ specialization, ability to work immediately, and flexibility. So if you’re a millennial freelancer, things are looking pretty good.

See Elance-oDesk’s full study here.

Any millennial freelancers want to share your thoughts? Come join the discussion in our pop-up Hive, My Union Is…!