Motivating Young People’s Labor Behavior as an Opportunity for Implementing Financial Strategies

• Main Authors: Alikperova Natal’ya V., Yarasheva Aziza V., Vinogradova Kristina V.
• Format: Article
• Language: English
• Published: Russian Academy of Sciences, Vologda Research Center 2019-03-01
• Series: Economic and Social Changes: Facts, Trends, Forecast
• Subjects: employment; labor behavior; labor market; the youth; salary level; financial strategy
• Online Access: http://esc.vscc.ac.ru/article/28084/full?_lang=en

The constantly changing socio-economic conditions in Russia attract the researchers’ attention to the urgent problem of unemployment, in particular among young people. The article, based on the results of the study (conducted in Moscow in 2017) obtained using sociological methods – qualitative (expert interviews) and quantitative (questionnaires), discusses various barriers to the implementation of the labor potential of young professionals (aged 23–35) in the labor market in Moscow; special attention is paid to factors that influence labor motivation. The age group under review has an absolutely objective attitude towards vulnerable population groups in the labor market. The purpose of the present research is to identify the dominant factors limiting the use of labor potential of young people, and analyze the current trends in the labor market which help critically assess the prospects for realizing their abilities in labor activity for further development of financial practices. The study shows that this is primarily due to lower competitiveness of young people compared to their more experienced colleagues, as well as emotional immaturity when addressing financial issues associated with loss of job or with longer periods of search for suitable employment. It is revealed that young professionals are often biased wen assessing the trends in supply and demand in different markets, including wages for a particular profession; their wage demands are unreasonably high. The population group under review tends to idealize their skills and knowledge, which does not lead to successful employment. The ability and willingness of a potential employee to retrain (independently or with the help of employment services) directly affects effective search for employment, income generation and, accordingly, development of a certain financial strategy. Labor behavior (motives, actions and results) of young people is the basis for implementing active economic behavior. The research results are presented as recommendations to the Department of Labor and Social Security of the Moscow Government and are practically implemented in activities for population’s social security in Moscow