Have You Caught The YOLO Yet?
Yesterday at dinner, a friend (a director at a Big Four) was talking about taking a sabbatical from work and exploring India. He could feel a burnout approaching way back in 2021 but carried on because of the usual, running his house, and responsibility to the family thought process. The start of 2023 was especially tough on him, he just couldn’t cope, and so he finally decided to take the sabbatical. He leaves next month to travel through India and plans to pick up small environmental projects in the villages he visits. A colleague has recently negotiated a three-day working week for herself. A neighbourwho just added a spaniel to his family has requested for work-from-home. Of late one has witnessed many such scenarios where people are reimagining the way they work. This phenomenon is what we call the ‘You Only Live Once’(YOLO) effect.
If you examine the psychology of the YOLO mindset, experts believe it can be both positive and negative. The positive is that people get to live their best life, and do exactly what they want with their time. The negative on the other hand is that it can make people take decisions that might not be in their best interest in the long run. For example, Sam gives up a hectic high-paying job to spend more time with his wife, kid and dog. In the short run it will be great for his mental health but in the years ahead, when his kid has to go to college, he might not think this was the best decision.
Employee-organisation relationship redefined
The YOLO effect is being seen across sectors and has definitely redefined the employee-organisation relationship. What does this mean for the future of employment especially at structured organisations? “Traditional, rigid structures are giving way to more flexible arrangements. Employees seek greater work-life balance, purpose, and autonomy. This shift means organisations must adapt by offering remote work, fostering a culture of innovation, and valuing individual growth to remain competitive in attracting and retaining talent. It is likely that the future of work will see a combination of hybrid work models, along with a focus on the well-being of employees and their personal development,”says Pradyumna Pandey, Manufacturing HR Head, HeroMotocorp.
Rajendra Mehta, CHRO, Suzlon agrees, “I believe we stand at the cusp of a major shift - the future of workplaces will be defined by an intrapreneurial mindset and that would be a leapfrog moment for the society. Employers must reset to value-based models and redesign work with the right amount of technology to offer individuals the canvas to fulfill their needs of innovation, contribution and excellence.”
Impact on experiential sectors
In addition to redefining the way we work the YOLO effect has seen some sectors boom given indiscriminate spending by consumers. Instant gratification, personalisation and convenience are at the core of the YOLO economy. Let’s look at the wedding industry and the hospitality business. The demand for personalised experiences across these sectors because of the YOLO effect is a leading reason for an uptick in revenues. As per industry estimates, the Indian wedding industry was to garner business of Rs 3.8 lakh crore in 2022and 2023 too has a positive outlook. The hospitality industry in India estimated at US$ 23.50 billion in 2023 is expected to reach US$ 29.61 billion by 2028.
Hemendra Singh Kushalgarh, General Manager for The Claridges, New Delhi speaks about how the YOLO effect has given rise to personalised and bespoke experiences. “At Claridges, we have embraced this shift by redefining hospitality as a truly bespoke and experiential journey. A celebration of extraordinary experiences, tailored to your unique desires.”
Pearl Uppal, Creative Head and Founder of Talking ThreadsBridal says that in the last two years, there has been an increase in both the number of weddings planned and the amount of money being spent on the weddings.
She believes the YOLO effect is a trend that is dominating today and will continue in the future as people feel empowered by it. “It’s not just about getting married: It’s about living your dreams; it’s the idea that we live our lives more fully NOW because we don’t want to worry about what can happen down the road.”
She explains how the focus of weddings is shifting from bigger and better to more meaningful experiences and spending. In terms of wedding dresses, this means that brides and grooms are opting for a more personal look. They are looking for something that reflects their personality and style, they want their dresses to be memorable, rather than something that can be worn again. “For example, Talking Threads Bridal Lehenga titled Your Story is seeing accelerated traction from brides across India. In this bespoke wedding dress experience, we incorporate personalised motifs that capture the bride and groom’s love story into the lehenga andsherwani artwork. The bride and groom give us references of things, people and experiences that brought them together and keep them together. Our design team incorporates these into motifs that get depicted on the wedding lehenga and sherwani. We are seeing sartorial experiences like this being a driver of the wedding dress industry going forward.”
For now, brands are adapting to the YOLO effect and tweaking their offerings accordingly. We will take stock at the close of this year to see how it has impacted the Indian bazaar.
