The Influence of the Features of the Development of Generation Y on the Formation of the Modern International Labor Market
Authors:   Taras Shevchenko National University of Kyiv, Reznikova Nataliia V. , Chugaiev Oleksii A. ,   Taras Shevchenko National University of Kyiv, Ptashchenko Chugaiev ,   Simon Kuznets Kharkiv National University of Economics, Ivashchenko Oksana A. ,   The National Academy of Statistics, Accounting and Auditing
Published: March 2023

The digitalization of society and of economic processes in general has significantly influenced the formation of the modern labor market, which has led to the emergence of new social needs and necessities for new specialists and new market niches. In the peresented publication, the features of the modern labor market are considered from the point of view of demographic windows and features of the perception of modern generations. Since the beginning of the twentieth century, six generations have been distinguished, at present three generations are most involved in labor relations. Representatives of generation X are used to relying primarily on themselves. The opportunity to be realized, to express this very independence is important for such people also regarding their careers. Representatives of generation X will be more willing to do work that gives space for creativity and breadth of thought. If you do not give them such an opportunity, then they lose interest. For such people, it is important to always have a choice, an open perspective. One of the most notable features of Generation Y is the dependence on knowledge, which they find not in books from libraries, but on Internet resources. This is a generation that loves to learn, because studying for millennials is something interesting and peculiar. What used to be learned exclusively from teachers and tutors becomes easily accessible to the «upsilons». This leads to another feature of this generation – excessive trust in the information provided by online services, especially when there is no censorship. For this generation, self-realization comes to the fore. This is not to say that they are not interested in the family, but career growth still remains in the first place. Generation Z is characterized by the absolute absence of a well-defined life position. Unlike all their predecessors, the «zetas» are not motivated by either money or any career growth. Moreover, they are completely dependent and have constant need of someone to point them out what they should do. They love to learn, quickly acquire new knowledge. Large amounts of information appear of no difficulty for them. «Zetas» are distinguished by their incredible multitasking and creativity. They love to find solutions in difficult situations and solve the most complex problems. Having identified the main features of generations, it can be noted that the formation of the modern labor market depends on many circumstances of the formation of the modern digital world. Thus, this process is significantly influenced by the digitalization strategy implemented by national governments to ensure the competitiveness of national economies. At this, too, a digital economy with a significant focus on inclusiveness can increase the influence of natural monopolies and promote concentration, which in the absence of effective and transparent institutions in society can lead to increased control on the part of the State and subordination of politics to the interests of the relevant elites.