As businesses face the dual challenges of a shrinking labor pool due to Baby Boomers retiring, the significance of catering to Generation Z (Gen Z), cannot be overstated. According to a John Hopkins University study, by 2030, Gen Z will be 30% of the workforce.
Who exactly comprises Generation Z? Spanning those born between 1997 and 2012, they are the first completely digital generation. They are also the first globally conscious generation and are poised to be the most diverse and educated generation to join the workforce.
Gen Z is shaped by their unique experiences through a global pandemic, increasing social disparities, global wars, and economic challenges, this generation has a strong sense of purpose and a desire to enact social change.
That being said, the labor market is evolving, and attracting and retaining the dynamic workforce of Gen Z has become a central challenge for many employers. To meet this challenge, companies must adapt and align their strategies to the values and expectations of this emerging generation.
Here are 7 of the most compelling qualities employers should foster to appeal to Gen Z talent:
- Flexibility: For Gen Z, the ability to blend work with their lifestyles is non-negotiable. Employers should offer flexible work options that encompass remote work, hybrid models and varied work environments.
- Teamwork: Feeling part of a cohesive unit is vital. Employers should foster a sense of community, ensuring that even remote team members feel connected and engaged.
- Diversity: This generation is notably the most diverse, and they expect their workplaces to reflect that diversity. They strongly value diversity, equity, and inclusion (DEI), and see it as more than just race, religion, age, gender, and physical and neuro abilities. Successful employers will embrace inclusivity in all aspects of the work environment.
- Work/Life Balance: Generation Z looks for employers who acknowledge the importance of personal time and well-being, offering reasonable accommodations for life’s unpredictability. Above other generations, Gen Zr’s seek employers who champion mental, emotional, and physical well-being. This is a key motivator for Gen Z, as burnout and lack of work-life balance are primary reasons for them to leave their jobs.
- Development Opportunities: Clear paths for personal and professional development are highly valued. Companies should establish an internal talent marketplace for employees to explore various roles and responsibilities. Additionally, companies should offer continuing education and enrichment opportunities.
- Transparent Growth Potential: This generation craves honest conversations about career progression. Employers need to provide transparency about advancement opportunities within the organization.
- Company Culture: Gen Z wants to work for organizations that share their personal values of making the world a better place. They look to their employers to meaningfully address diversity and inclusion, equal pay, environmentalism, work-life balance, and protection from all forms of harassment at work. With this generation, remember, that actions speak louder than words.
In adapting these strategies, companies aren’t just investing in the workforce of today, they are shaping the leadership of tomorrow. By offering an appealing mix of flexibility, support, and opportunity, businesses can become a place where Generation Z talent will not only want to land but also lay down roots.
Is your company ready? What has your company done to attract and retain Gen Z talent? Need help in creating a more employee-friendly work environment? Do you need to update your values and ethos?
Joining forces with a human resources virtual agency can assure you that your company is doing everything it needs to, to adapt to the changing working world.
We can help. That is what we do.
