Lifestyles

The lifestyle of the average individual has changed significantly in recent years and it is likely to continue to change well into the future. Modern technologies and attitudes have altered our own expectations and shifted what is seen as socially acceptable behaviour.

The most marked change is the way we view the major ‘life decisions’ which we face, in the past there were certain social expectations; if you had children you should already be married or you should have embarked on a career path from an early age. Nowadays individuals appear to be less bound by social attitudes and as a result society has become more liberal (generally speaking). The results are clear to see; the average age of a first marriage has increased from 24 to 30, the average age of a first time mother has increased from 24 to 29 and around 40% of males aged 24-29 still live with their parents.

These statistics mark out a clear change in the way we view our family life, they show that individuals are much more willing to delay major decisions until much later in life, preferring instead to absorb a greater number of experiences, travelling to distant shores, living all around the world and spending more time with partners before marriage. These trends are mirrored when looking at how people view issues such as employment and homeownership.

The focus is now of the ‘happiness’ of the individual rather than the accepted ‘norms’ of society. Research has shown that happiness can often act independently of income, with individuals preferring to have a high quality of life over a high level of pay. The interest surrounding this area has caused politicians from all aspects of the political spectrum to call for a greater focus on GWB (General Well-Being) as a measure of prosperity rather than the traditional GVA (Gross Value Added) statistics. 

So how does this affect the average company? What should we expect from our employees? Will they be loyal? Are the days of hiring graduates fresh out of university gone? How do we reward our employees in a way that will increase their happiness?

The new interest in experience based products will continue to create new challenges for employers as well as new markets for organisations who understand the individual’s pursuit of the next big experience. Without proper planning the change nature of the people in a workforce can have catastrophic consequences, if you do not fully understand your employ, how can possibly motivate them or make the best use of their talents.