It’s Gen-Z’s World: The Future of Work Depends on Employers Living In It
In the aftermath of the 2022 midterms, one thing has become abundantly clear: The “red wave” predicted never materialized and that’s in large part due to record-breaking turnout by Gen Z-ers, who showed up for Democratic House candidates by 25 points. Although the votes are still being tallied, it’s no exaggeration to say that Gen-Z has arrived, and the rest of us would be wise to learn who they are and what it is they want - on the political scene, and in the workforce.
Who Is Gen Z?
First, let’s peel back the layers here. Generation Z is defined as the generation preceding Millennials (the current largest generation in the United States’ workforce), and made up of those born from approximately 1997 - 2012. Colloquially known as “Zoomers,” Gen Z is currently the largest generation on the planet and are expected to make up 30% of the U.S. workforce by 2030.
As with every generation, Zoomers have unique traits that distinguish them from those who came before. Gen Z is more racially and ethnically diverse than any previous generation, with 48% of them considered “racial or ethnic minorities” according to Pew Research. They are on-track to be the best educated generation to exist in history, but are entering the workforce at a time of great unease with rising inflation, student debt, and a potential recession.
In addition, Zoomers have come of age during an extremely uneasy time in history Think: A global pandemic, international war, and ever-rising gun violence at home.
What Does This Mean for Gen-Z in the Workforce?
1) They Crave Stability
Based on the unrest they’ve grown up in and the rising cost of education, Gen Z-ers are more risk-averse than the generation that came before. They want great benefits (including health benefits!) and solid salary that are clearly defined. AND they look for support with getting set up in the world. In fact, a huge 77% of workers said that student loan assistance programs are a major consideration when accepting a job offer, according to a Student Loan Hero Survey.
So What…Put the pay range on your job postings! Really. (This is increasingly becoming the law across the nation, anyway.) In addition, if at all possible, add loan assistance programs as an opt-in benefit to your workers - it will go a long way to getting Gen Z to stay with your organization.
2) They Don’t Consider DEIB a “Nice to Have”
A full 83% of Zoomers believe that a company’s values and commitment to diversity, equity, inclusion, and belonging are an important factor to them when choosing where to work. Remember that diverse makeup we discussed before? Gen Z means it when they expect to be noticed and appreciated as such.
So What…If you don’t have a DEIB strategy in place, it’s past time to create one! In addition, your DEIB commitment and values should be front and center with all marketing that you do for your company. Add it to job descriptions, your website, and anywhere else you position your org.
3) They Desire Development & Career Growth
Gen Z comes to the table with a deep drive to get ahead in the workplace. They want to learn and grow and will look for organizations that are clear with how they develop their people.
So What…Use 1:1s and annual reviews as openings to talk about where your workers are and where you see them. Avoid being opaque about what is necessary to get from Point A to Point B and provide training and development opportunities to support your employees. Note: External organizations provide a ton of this - you don’t have to do it alone!
4) They Expect Flexibility
They have already learned that they can go to school remotely, and that grace will be given for personal matters - and they want the same things at their place of work. Compound this with the facts: We know that remote and hybrid work can minimize many of the stress drivers that Zoomers deal with.
So What…You already know this one. Consider what flexible work options you can realistically provide. While the ideal is to offer the option of fully remote, even allowing for a few remote days or providing for flexible leave time or hours will help. Consider your org and industry and be as competitive as possible with your flex.
5) They’re Already Thinking About Retirement
Shockingly, 70% of 18 - 23 year old Gen Z respondents to a Transamerica Center for Retirement poll are already saving for retirement. This all comes back to that stability thing and how much the next generation is craving it.
So What…Check out your retirement savings package and give it a dust-off. OR, if it’s already great (you 401K match?), make sure you’re publicizing that fact. You may also consider offering financial education options to your employees, many of whom are new to navigating a budget and adulthood in general.
Looking For More?
At Agile Talent Consulting, we offer people development sessions tailored to your workforce, review of your compensation plans, and support with DEIB. We pride ourselves on consistently learning and growing with the next generation and are here to support your org in doing the same.
