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What Is the ‘YOLO’ Economy and How Can Your Business Prepare?

After living through a pandemic for over a year, millennials feel more empowered and open to risk than ever. Dealing with months of anxiety, instability, and burnout has caused a significant number to rethink their career path. With rising vaccination rates, a recovering job market, and increased savings accounts due to working from home, many millennials are taking action in line with the mantra “you only live once” (YOLO). Because millennials make up a substantial amount of the workforce, employers need to get ready now for the shift in employment.

Learn more about the YOLO economy and how your company can adapt along with it.

Defining the YOLO Economy

A significant number of millennials are threatening to leave their employers unless they can remain working remotely. Others are quitting their jobs to start a company or convert their side hustle into permanent self-employment. Because millennials learned from their parents that hard work and sacrifice in a traditional career does not always result in happiness, many are making career shifts that involve greater flexibility and control over their lives. Millennials are reevaluating how they live their lives and what they want to achieve, then finding creative ways to fulfill these goals.

Plan to Rebuild Your Workforce

Since millennials have in-demand skills that provide them a variety of professional options, a significant number are using them to change jobs or start their own business. With the economy beginning to improve and companies starting to hire again, many millennials feel confident leaving their job to pursue new opportunities. As a hiring manager, this means you should be focused on rebuilding your sales team. Since your best salespeople may be looking to work elsewhere, and the hiring landscape will become even more competitive, you should be finding top salespeople to replace them.

Offer Increased Salary, Benefits, and Perks

Millennials looking for a job change have a variety of options available. Based on their skills and experience, many can compete for desirable sales positions. To attract these millennials, you should offer a competitive salary, benefits, and perks that are just above what your competitors are providing. Be sure to include remote work options and other perks that satisfy individual interests.

Hire Quickly

With a significant number of work opportunities, most millennials will not need to spend much time searching for a role. The top sales professionals typically will be off the market within ten days. This means you need to have an attractive employer brand and a streamlined hiring process to provide a top candidate experience. When candidates can spend a short amount of time applying for positions and interviewing, they are likely to accept a job offer.

Are You Ready to Hire Talented Salespeople?

If your industrial safety or PPE manufacturing company is looking for top-tier sales talent in the upcoming year, talk to The Charis Group. As the premier recruiters in the industry, we help sales leaders build effective, lasting teams. Contact us today to learn more.

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