We live in a country where about 48% of the population is below 21 years of age and the population will lead us to become the youngest country by 2020. With a median age of only 29, now is the time to talk about what the future holds. While talking about millennials driving greater technology adoption, it is crucial to note that 400 million millennials residing in India comprise about 46% of the workforce already. Times have changed, so have organizations to align themselves with the rising trends of incorporating innovation and fast-paced growth offering the millennial generation a new future.
This generation works in a way which was perhaps never been imagined before. They are fast, hungry for growth, excited about the impossible and willing to dedicate man hours to make a difference. Money is not the only thing that can lure them to a new opportunity if it doesn’t offer freedom of thought and growth. The young and restless are looking at building the future. It is our duty as responsible organizations to show them the path and help them lead us to the digital world.
According to a recent report published by a global consulting firm*, by 2020, time spent on the internet will rise to 17 hours a week coupled with a close to 100% smartphone penetration. To reiterate the importance of having a digital economy for a progressive future, noticeably digital payments is expected to spearhead the behavioral change, prompting Indians to do transactions through a mobile app, hassle free and quick.
Apart from the proliferation of new age technologies like the integration of artificial intelligence and machine learning across businesses and products, digital transformation as a concept has opened up new avenues for job seekers. The expectations that the millennials have the technology available to them is immense and to live up to that, organizations need to rethink about making the workplaces digitally savvy. Work perks may now include advanced online courses to a digital photography course. Job opportunities are not restricted to the traditional job profile but include innovative roles like User Experience Design and social media champion with startups redefining corporate work culture.
As an organization, we are proud to be one of the flagbearers for revolutionizing digital payments in India. In the course of achieving our vision of touching every Indian with on or other payment services by 2020, we regard ourselves as a large-scale startup, willing to learn and move fast. Collaborative work with startups offering innovative solutions to digitalizing the payment systems across the country is one way of offering youthful ideas to the country.
Employers play a significant role in shaping the perceptions of a budding professional with the potential to achieve greatness. Approaching students when they are still in their den is one of the best ways to make an impact in their career choices and employer choices to a large extent. The students in the pioneering educational institutions are looking for a future that is exciting, promising and secure. Recollection of a good interaction, a great knowledge session or the opportunity to interact with veterans from the industry and collaborate with them as a future employee are opportunities that need to be created in volumes for these students.
We are living in an era where the concept of reverse mentoring is gaining popularity gradually and steadily. It is an initiative where older executives are paired with and mentored by younger employees on a variety of topics which can range from technology, social media, and current trends. While an employer can definitely work on making these virtues the pillars of its student engagement process, it is critical that the values and beliefs of the organization resonate with them.
To build ambassadors for an organization and a technology that will change the methods of financial transactions, it is crucial that we share the right information with students contemplating a career in digital payments. It’s a world of opportunities where the young Indians will become the ambassador of digital payments to their family and peers and propagate further penetration of the products. Their comfort around the employer will be directly proportional to their goodwill to spread the word.
Disclaimer: The views express in this article are that of the author and does not reflect those of NPCI.
*Alphawise Survey, Morgan Stanley research