The Millenianneurs are coming!
The reality of South Africa
We are all aware of the unemployment crises facing South Africa and the effect it has on our current and future output, as well as potentially productive resources.
According to Statistics South Africa (2015), 51,5% of the unemployed have levels of education above grade 12 and or tertiary education. Furthermore, this report highlights a group of then 2,4 million individuals that are classified within the unemployed population as economically inactive, naming this group as discouraged job seekers. Around 40% of the working-age population is economically inactive, with students accounting for the largest share namely 16,7 % in 2015.
Students, homemakers and discouraged job-seekers” make up the top three reasons for economic inactivity in South Africa.
It is alarming that there has been an increase of unemployment within the young South Africans, defined as those within the age group of 15–34 years, now collectively tagged as millennials. Millennials face higher rates of unemployment regardless of their level of education. While jobs in the informal sector indicated a positive growth of 35 000 opportunities.
The rise of the millennials
A recent global survey by the World Economic Forum, most millennials see the world as full of opportunities, and they trust themselves most to solve local, governmental challenges and civil challenges. The World Economic Forum’s 2nd Global Shapers survey points out that 74% of millennials are confident, or extremely confident, that they bring the rights skills to the job market.
In my option, part and parcel of the story, motivation and heart of any entrepreneur.
Furthermore, investing in entrepreneurial activities are not only the incubator of technological innovation, but they also provide employment opportunities and increase competitiveness and to present prospects for the immediate future.
According to the writer of the article in Learning Solutions Magazine (2015), Millennials bring a different level of fluency and expectations around careers and job opportunities. They are also wired differently with regard to their learning styles, culture, the level of comfort and fluency with technology and relationships.
As I am sure you are aware, The Internet of Things (IoT), includes hardware (the things themselves), embedded software, communications services and information services associated with the things.
Gartner (2013) confirms that the internet of things (IoT) will grow to 26 billion units by 2020. Gartner, Inc. (NYSE: IT) is regarded as a world’s leading information technology research and advisory company. Their offering spans throughout all business divisions both privately owned and in government (Gartner, 2013).
The impact on the global economy will be more than significant as this industry will grow to 26 billion units installed in 2020 representing an almost 30-fold increase from 0.9 billion in 2009. In this report, Gartner indicates an expectation of revenue of over $300 Billion by 2020 (Gartner.com, 2015).
A time for “millennianeurs”?
Is it time to aggressively shift our attention millennials?
We have a great opportunity to engage the entrepreneurial heart, mind and creativity of millennials! Not only will this guide us toward the development of business opportunities and small business enterprise (SME), but also positively impact on employment numbers and boost economic growth in South Africa.
How can we contribute to the development and cultivation of millennianeurs?