YOLO—You Only Live Once!
This acronym is famous among the younger working generation. It is famously known to apply to the party scene, but we now have the YOLO economy. Millennials and Generation Z youth are the drivers of this economy.
The YOLO economy's primary principle is to enjoy life to the fullest because you only live once! So why not have the best experience while doing it? This shift holds boldness as the foundation for making life choices. Economically, this shift affects career, financial, and remote working decisions.
The goal?
Work-life balance.
The beauty of this shift is that employees work at their best. Because of this, YOLO talent is becoming what employers need. This piece highlights how your business can tap into the YOLO economy to create a successful talent attraction strategy.
But hold your horses; what was the genesis?
What Is the YOLO Economy? How Did It Begin?
The genesis of the YOLO economy is unclear. But if we are to make a close enough guess, signs of change began during and after the pandemic in 2019.
Some of the possible reasons this economy took flight are:
- The pandemic causes uncertainty worldwide. The lockdowns and business closures caused millions to rethink how to survive. This uncertainty drove individuals to ‘seize the day’ from ‘saving for a rainy day.’ Because of this, younger people today prioritize investing in experiences while choosing mentally and economically beneficial career and life paths.
- The high rates of job dissatisfaction and burnout also birthed the YOLO economy. 30% to 50% of youth facing these issues had enough and needed more out of their lives.
- Another possible driver is the shifting working models, particularly remote and freelancing. When you start working remotely, you gain autonomy and freedom. You can choose your desired career, working hours, and job location.
Please note that the above is only the tip of the iceberg. Technological changes, economic stimulus, and changing life values are additional factors. Society today values mental health over finances.
How the YOLO Economy Fits into Today’s World
The YOLO economy has changed how we work, live, and think. This section highlights just how this economy fits into the modern world:
- The YOLO economy gives life to the work-life balance goal. Young talents choose to work from home or remotely over traditional office-going arrangements.
- The gig economy, with entrepreneurs and solopreneurs, takes center stage, with over 75 billion freelancers working remotely.
- Companies and brands prioritizing global talent acquisition and employee retention have the YOLO economy to thank.
- The current cryptocurrency investment trend welcomes this economy’s way of life: high risk and high return.
- The digital nomad lifestyle also has the YOLO way of life to thank. Young talent appreciates traveling the world while earning a living — something older working models restrict!
- Mental health awareness has become a huge deal today. This economy ensures that all employers facilitate it.
These are just a few ways this economy has influenced today’s way of life. It has reshaped people’s mindsets, prioritizing well-being, personal fulfillment, and flexibility.
What Can Companies Do to Attract Yolo Talents?
Knowing how valuable such a workforce can be, below is how you can start attracting talent.
Adopting New Working Models
The older way of doing business was rigid and stiff. There were strict dress codes, protocols, and rules that held most people back.
This is precisely what the younger generation loathes. If you want to attract young YOLO talent, modify these rules. Ease up the dress codes to modest but casual. You can also improve the protocol procedures by introducing more inclusive working cultures.
While at it, onboard the latest technology solutions to streamline operations. Use tools like Ruul for financial streamlining and Google Workspace for communication and collaboration. But don’t stop there; use others for project, workforce, time, and resource management.
This will prove to the younger talents that you will make their work life easier.
They will also be more comfortable sharing their opinions and concerns, which might benefit the company.
Onboard Diverse Work Styles
Attracting young talent might force you to onboard or blend diverse work styles. These are on-site, off-site, and hybrid. On-site is the traditional model, necessitating that you sign in to the work site. Off-site, you work remotely, and hybrid is the blend of the two.
This freedom creates a healthy environment where employees work at 100%. By onboarding these work models, you gain a competitive edge over your competitors. You also gain access to a global talent pool. This accords you the privilege to expand your business, leveraging the freeing principles of the YOLO economy.
Prioritize Employee Well-being
As you build a successful talent attraction strategy, include employee wellbeing measures. You can introduce a break room within your facility where talent can go to rejuvenate. You can also have a mental health practitioner on-site or on-call to offer mental health care for your employees.
Such initiatives within your talent attraction strategy will go a long way toward attracting young talents who’ll stay.
Value Diversion and Inclusivity
At the center of the YOLO economy is diversity and inclusion. Everyone wants to feel valued in their roles, regardless of their backgrounds, age, gender, and race. That said, make DEI your primary goal: hire globally diverse teams, and you’ll become a young YOLO talent magnet.
Offer Incentives
If you want to keep attracting young talent, offer incentives based on performance. You can make the attainment of these incentives competitive. A perfect incentive example is setting company goals; whoever reaches or surpasses them gets a reward.
Additional incentive suggestions include paid-off rest days, trips, and recognition certificates. You can also give free gaming subscriptions, shopping gift cards, and bonuses.
Ready to Attract Young Talent?
If you are ready to attract young talent, be the change! Adopt new and diverse working models and styles. Prioritize employee well-being, diversity, and inclusion, and give your employees incentives.
This will ensure your rules align with the younger generations' needs and wants.
That is the only way to embrace the YOLO economy, which keeps growing, by the way. If you cannot beat them, you have to join them!
The younger generation is more intelligent and quick to learn. They also prefer efficiency over force. They are in for modern solutions like Ruul to smoothen finances—and you should, too! So, contact Ruul today to get started.
