EXPLORING NECESSITY OF SMART MANAGEMENT FOR MILLENIALS IN DIGITAL SPACE

Millennials are the generation that leave jobs and migrate in digital space, becoming digital nomads much more frequently than other generations. They show a lack of loyalty to employers (PWC’s NextGen, 2013) and that is why they are more likely to choose self-employment or remote work. Millennials as a significant part of the global workforce are becoming less available for modern corporations and less ‘manageable’ for the government.

This research aimed to understand millennials’ organizational behavior and explore “smart management” options for optimization of Digital Nomads work and integration of them into the regulated part of the economy. Research strategy included both theoretical analysis of academic and corporate research and empirical data analysis. Theoretical analysis showed that the digital employment market has been growing since the end of XX century and it is enough evidence to reveal that Millennials represent the huge part of Digital Nomads. It represents the part of the modern shadow economy. It is an obstacle for “smart management” implication.

The empirical part of the research included thematic data analysis of indepth interviews with 17 Millennials (10 women and 7 men) with different cultural backgrounds: British, American, German, Jordan and Russian. Gender and cultural mentality did not affect research results significantly. It was founded that Millennials have common generational values: value of time, desire to make a difference, care for ecology and society, collaboration, value of feedback on work performance. Millennials also value a work-life balance and if an employer cannot provide opportunities for that ‘balanced’ lifestyle, they will not stay long in the company. Self-identification crisis and anxiety caused by the VUCA (Volatile, Uncertain, Complex, Ambiguous) world force them to change jobs frequently and migrate to the digital space. They constantly seek for new opportunities for growth as professionals to relieve the anxiety. However, modern organizational structures cannot offer a clear promotion system and motivational strategy. That is why Millennials need “smart management” for effective functioning in the digital society. The further research on the influence of Millennial generational traits on remote work performance during COVID-19 pandemic, it is crucial for a “smart management” strategy development.

Keywords: Millennial, Freelancer, Digital Nomadism, E-lance Economy, Digital Labour Market, Smart Management