Economic Challenges of Millennials and Gen Z: An Analysis and Possible Paths
Economic Challenges of Millennials and Gen Z: An Analysis and Possible Paths
Navigating Stagnant Salaries, Gig Economies, and Future Opportunities
Introduction: Navigating a Challenging Economy
Today's youth encounter a unique economic predicament: expenses are increasing, but salaries aren't.
Many find themselves working extra jobs, which underscores an issue with how wages are paid and what career opportunities are available.
One Salary, Two Jobs
Discussions about young generations present two perspectives: some label them lazy and disloyal, while others perceive them as highly active and entrepreneurial. Regardless, this stems from the harsh economic situation of 99% of millennials and Gen Z.
Gen Z, the OUU (ow, as in pain) generation.
Over-educated. Underpaid. Underemployed.
These generations have inherited a world where salaries haven't increased in the last 50 years while living costs and inflation have soared.
The disparity between the cost of living and income is wider than ever, forcing many young individuals to juggle multiple jobs (something that may seem perplexing to other generations) and both partners in a relationship to work to maintain a basic lifestyle.
Gig Economy
If you're a millennial or from Gen Z and possess a university degree or a master’s, I invite you to reflect. You're likely familiar with companies like Rappi, Uber, Cornershop, and Fiverr.
These companies operate on a work model dubbed the "gig economy" or casual work economy.
The success of the gig economy lies in that workers on these platforms, with their "side hustles" or secondary jobs, are no longer satisfied with the salaries from their primary jobs. Hence, they've chosen to join these platforms; some even make a full-time living.
And you might think, “This isn’t for me, or is it?”
The Threat of Technology
Holding a master’s degree might lead you to believe you'll never need a "side hustle" because you'll presumably earn a high income, and thus far, it's not been necessary.
However, I want to invite reflection on how technology, living costs, and stagnant salaries can catch up to you, necessitating additional endeavors. Especially if your expenses grow as you age, marry, and have children, costs rise while your company income doesn’t as much.
The swift evolution of technology, notably automation and artificial intelligence, poses a genuine threat to various jobs across various sectors.
From graphic design to business management, it’s undeniable that these technological advancements are transforming the way tasks and work responsibilities are executed.
It's not a matter of if it will happen but when.
Sales as a Solution
Not all is lost, however. Although technology has rapidly advanced and morphed many facets of our lives, one element it cannot wholly replace is trust and human connection.
This is particularly crucial in the sales sector, where interpersonal interaction plays a fundamental role. Despite technological advances, high-value transactions still require the human touch only people can provide.
Empathy, listening and understanding customer needs, and establishing trusting relationships become even more paramount.
Creating Opportunities in Sales
At Afiliadu, we envision a future where professionals can leverage their ability to build trust and relationships by referring quality companies and products.
Here, both referrers and companies reap benefits, crafting a win-win situation: people earn referral commissions, and companies expand their reach and sales.
Sailing Toward the Future
It's a pivotal moment: reflecting on the current economic reality and anticipating what might come is vital.
Change is inevitable, but by paying attention and proactively adapting, we can forge new paths and opportunities for ourselves and future generations.
At Afiliadu, we invite you to join us on this journey, exploring and creating new possibilities in the shifting economic landscape.
Written by Eugenio Bremer, cofounder of Afiliadu
Founders Launchpad Jobs:
Senior Software Engineer at Osmind (Mexico - Remote)
React Native Engineer at Craft Work (Remote - North America)
Data Scientist at Kuona (Monterrey, Mexico)
Business Analytics Specialist at an AI Startup (Monterrey, Mexico)
Full Stack Engineer at a Fintech (Monterrey, Mexico - Remote)
Special thanks to our sponsor:
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Renowned for its expertise and commitment to excellence, Axented provides innovative solutions to help businesses thrive in a digital world.
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