Move over baby boomers, Gen Xers, and older millennials. Gen Z and the younger millennials are becoming a significant part of the workforce. While it’s not always accurate to generalize based on generation, newer workers may have different expectations. Research suggests this might be true.
A study by LIMRA and Ernst & Young shows that Gen Z and millennials value non-traditional work benefits more than older generations. For instance, 40% of Gen Z respondents want student loan assistance compared to 21% of Gen Xers. Younger employees also favor wellness perks, including mental health and fitness benefits. Data from a Forbes Advisor survey indicates that flexible work options and opportunities for upskilling are more likely to enhance job satisfaction for younger employees.
Regardless of your generation, you understand the importance of supporting your colleagues’ success. If you’re in a leadership position, you know how crucial it is to nurture the next generation of talent. So, how can business leaders help younger workers succeed? Let’s look at a few strategies.
Implement Professional Development Programs**
Traditional professional development options like mentoring or shadowing may not be as appealing as employers think. Instead, stipends for continued education and access to learning management systems are more attractive. Training sessions conducted by other departments are also popular.
Among Gen Z and millennial employees, 74% say that a lack of skill development and career mobility options will make them consider quitting. However, career mobility doesn’t always mean seeking a promotion. Younger employees want to see progress in their professional skills, even if it means a lateral move. They want to feel they have a future and that their employers support their long-term career goals.
As a leader, you can support the next generation by implementing a variety of learning programs. These could include financial support for job-related courses and purchasing training resources for employees who want to upskill. To help them see progress in their skills, consider involving your Gen Z employees in shaping your business’s marketing strategy to stay relevant to the next generation. Learning resources don’t always need to lead to college credit or certifications, although these can be valuable.
Support Work-Life Balance
While all generations want work-life balance, Gen Z is more likely to quit if they don’t have it. A 2022 TalentLMs survey reveals that 82% of Gen Zers want mental health days, and 74% prefer hybrid or fully remote work arrangements. While inadequate compensation may be the top reason this group resigns, lack of work-life balance is the second. Part of this includes experiencing burnout.
Employees typically experience burnout when job demands are too high. Burnout can also result from juggling competing professional and personal commitments. Long hours and unrealistic workloads or deadlines increase burnout risk. However, these conditions can exist in fully remote and hybrid jobs if the demands exceed the workforce’s capacity.
Supporting flexibility can go beyond remote work arrangements. You might need to evaluate whether certain roles in your company need restructuring. Meeting employees’ work-life balance needs could also involve hiring more staff. Listen to feedback about overall compensation and the demands of roles. Generous PTO doesn’t help if employees feel they can’t actually take time off.
Provide Higher Education Assistance
The average student loan borrower owes $28,950. More than half of students at public and private nonprofit universities have student loans. Once they enter the workforce, they often struggle to cover basic needs and repay these loans.
Their wages may not be enough to comfortably manage both. Employers offering student loan assistance can be more attractive to younger workers with debt. If your organization also supports educational savings plans, you can address the needs of older workers who may have children to put through college.
Recognizing the financial burden of post-secondary education helps employers set the next generation up for success. With education assistance, employees are less likely to take on side jobs to make ends meet, reducing their anxiety and risk of burnout. This support shows that you are committed to their career advancement goals that require higher education.
Supporting the Next Generation
Understanding the needs of the next generation is crucial to helping them navigate the working world successfully. Unlike previous cohorts, Gen Z is more likely to leave if their needs aren’t met. Implementing programs that support career development and work-life balance should be a priority. These are essential steps business leaders can take to help the next generation succeed.
