Quintessential Careers Blog

The media suggests that young millennials are drawn to the excitement and uncertainty of freelancing while older workers prefer the stability of a full-time employer. But a recent study by PwC turns that assumption on its head.   According to news media, millennials love freelancing. Youthful, restless natures and constant need for change and novelty should pair perfectly with the adventure, uncertainty and entrepreneurial spirit of freelancing — right? Besides, the recent recession placed a dent in full time employment opportunities and opened up the bewildering possibilities of the “gig economy,” so the choice to freelance should reflect both desire and coercion. According to a recent study by the consulting firm PwC, the statistics paint a (slightly) different picture. About 41% of surveyed young workers expect to freelance during the next 12 months and 53% expect to work independently during the next five years, but about 39% say the uncertainty of the work doesn’t appeal to them.

Older workers enjoy freelancing more than millennials

At the same time, older workers show much more interest in the prospect. About 65% of workers 50 and older say they’d like to work independently. This seems to counter the idea that older workers appreciate stability and younger workers appreciate freedom. In reality, older workers have gained the skills and confidence they need to make it on their own, while their younger counterparts still benefit from structure and security.

For most people, work isn’t a choice

While defining and judging millennials for their “choices” may be a popular national pastime, these choices — specifically when and how millennials contribute to the workforce — aren’t always choices at all. More so than the generations before them, millennials face tight financial restrictions that push them to choose the work that’s available and can help them shoulder their debts, not the work they find fulfilling or meaningful. Nobody knows what the future will hold, or what options will present themselves to this cohort as they approach their forties. At the same time, no one can predict the kinds of entry level opportunities that the next generation (which MTV dubbed “the founders”) will pursue when they leave school and follow millennials into the workforce. In the meantime, the study suggests that hiring managers should turn their attention to a more experienced, skilled and eager age group (older workers) while staffing independent positions. And managers should recognize that millennials are more interested in full time work, stability, and mutual employer-employee loyalty than stereotypes might suggest. For more on how to parse the results of studies like this one and navigate the rough waters of the working world (as a job seeker or a hiring manager) turn to the information and tools available on Livecareer.

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