One theory about why more Millennials are finding career fulfillment at tech startups

Earlier this year, the Deloitte Millennial Survey for 2018 came out and explored the views of 10,455 millennials and 1,844 Gen Z respondents around the globe within the context of a fragmenting social and political environment and some pretty significant changes driven by new technologies under the umbrella of ‘the Fourth Industrial Revolution’ or Industry 4.0.

According to the Deloitte Millennial Survey for 2018, the message is clear. “Young workers are eager for business leaders to be proactive about making a positive impact in society—and to be responsive to employees’ needs.” As far as tangible benefits that affect younger workers’ loyalty to a company, Deloitte found that flexibility, good pay and a positive culture top young workers’ wish list.

That’s why I think so many young workers find joining a tech startup so appealing. They can often find meaning in their work and the mission of the company, which feels much closer to them than when they’re working at a behemoth corporation where employees feel like a cog in a machine in a workplace characterized by a more traditional worldview with many layers of hierarchy. In startups the expectation is that we can work hard and play hard, and that’s ok by us. We can have a sense of community and tap into the evolving and growing tech ecosystem here in Toronto that’s really taking off. Not only that, but we’re able to better prepare ourselves for the future.

We know that the age of ‘Industry 4.0′ is upon us with an increase in the closer-knit relationship between both physical and digital technologies such as analytics and big data, artificial intelligence, machine learning, blockchain and the internet of things. So, now we need to think about our careers and ensure that our skills stay relevant as the industry changes.

Deloitte’s Millennial Survey for 2018 reported that “Millennials and Gen Z mostly see Industry 4.0 as an enabler rather than a threat, where 52 percent think ‘Industry 4.0 will augment my job, supporting me by allowing me to focus on more creative, human and value-adding work’. It’s here where Deloitte identified a good opportunity for companies to help employees gain a competitive advantage and their increased loyalty, as a result.

Today’s tech savvy workforce wants to move in pace with growth industries

To illustrate this point I’ll share a bit of my own story. About eight years ago I was finishing my masters in journalism program in Toronto and interning at the Canadian Broadcasting Corporation, which was undergoing cutbacks. With my journalism degree in hand and the industry in trouble, in retrospect, I now see myself as lucky that I could segue into tech. Many of my journalism skills were highly valuable in my newfound marketing career, in any industry that took off in Toronto. As you’ve likely heard in the news by now, Toronto created more jobs in tech than those created in the San Francisco Bay area, Seattle and Washington, D.C., combined last year, while well outpacing New York in the “talent markets” ranking.

For many Millennials like me (even though I’m at higher age threshold), we are practical and we want the best for our future and the future of others. We thrive in an environment that is ours to create. Much to the lament of older generations, we want to be free to set our own schedule, create shared rules and determine our own future. Unlike Generation X or the Boomers of the past, our expectations have radically changed and any sense of job security has fallen by the wayside. Urban Millennials have grown up in a world where entrepreneurialism, being a founder, or having a freelance side project are ubiquitous. That’s even more true for Generation Z, born between January 1995 and December 1999, who grew up watching YouTube and Snap celebrities and are now joining the workforce.

Buyer beware. Diversity and inclusion are slow to come

The lack of diversity in the tech industry could potentially be a deterrent for younger folks, and especially women, who may not want to enter into a startup environment where there are mostly men. But this is changing as many progressive companies make efforts to strengthen and build out diversity and inclusion programs at earlier stages in their evolution.

It’s important to note that diversity and inclusion (while loudly reported hot topics), are still hard to come by in the truest form. This is especially true at new tech companies, which are often founded by men, who bring other men onboard with them in the earlier stages. If one looks around, we still see that the vast majority of funded tech companies and startups have mostly male leadership teams, and this can sometimes affect the culture they build. Although they can evolve and start to include more people from diverse groups, it’s important to focus on inclusion and company values for the entire team. We’ve seen what happens in toxic cultures where harassment is tolerated, for example with the Uber story and many others that have broken out of Silicon Valley and the broader #MeToo movement across other industries.

We all know that an increase in diversity is what makes for a more successful organization. Diversity on the leadership level has been repeatedly seen to be a contributing factor for a company’s overall success. In a 2017 study, McKinsey found that executive teams of outperforming companies have more diversity, and more women in executive roles. If we all believe that, why is it so difficult to change? It might be that organizations and leadership teams get too comfortable with ‘the way things are’ or ‘the way things have always been.’ As younger generations come into positions of power we must be a part of this change and continue to articulate our expectations for the better future we want to see.

The rewards of startup life and building this community outweigh the risks

I’d say the rewards of working in tech and a new startup definitely outweigh the risks. I’ve enjoyed being a part of the tech community in Toronto where there are many initiatives springing up all the time that enable us to build a better future. For example, here in Toronto, there are free code schools for women such as Bridge, the Associate Product Manager training program, and #MoveTheDial, an advocacy group that supports women in tech. Furthermore, there are new HR consulting firms such as brightandearly that specialize in working with startups to help them recruit the best talent and find candidates that contribute to a ‘culture add’ rather than just a ‘fit’.

So, whether you’re looking to hire a team, or you’re looking to join a team, think about and vocalize how you can provide value and culture additions for your colleagues. Each of us has unique strengths to contribute, and let’s face it, in a startup environment where there is a small team, all of your talents are required to get the job done!

Today’s tech savvy workforce wants to move in pace with growth industries

Buyer beware. Diversity and inclusion are slow to come

The rewards of startup life and building this community outweigh the risks

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