A new generation has arrived.
Generation Z is on track to outnumber Millennials as the largest generation globally, with over a third of the world’s population identifying as Gen Z. In the United States, Gen Z makes up more than 25% of the population and is projected to be the most diverse generation by 2020.
As Gen Z prepares to enter the workforce, their impact will be significant and swift, affecting various aspects of society including the workplace, consumer behavior, technology, politics, and culture. Unlike Millennials, Gen Z brings a distinct perspective on careers and success in life and work.
To gain insight into the challenges this emerging workforce faces and their implications for employers and workplaces, we collaborated with the Network of Executive Women (NEW). Together, we examined the key events shaping Generation Z, delved into their behaviors, attitudes, and preferences, and sought to separate myths from realities.
So, who exactly is Generation Z? What drives their behaviors? And how will they influence workplaces, businesses, and economies?
Contrary to expectations based on their experience growing up post-Great Recession, Gen Z does not fit the mold of a risk-averse, job-security-focused generation. Through our exploration of their career aspirations, working styles, values, and views on diversity, a more nuanced understanding emerged.
While salary remains a significant factor in job decisions, Gen Z places less emphasis on it compared to other generations. When faced with the choice between a higher-paying but dull job and a more interesting but lower-paying job, Gen Z is divided in their preferences.
To attract and retain Gen Z talent, companies must demonstrate their commitment to global citizenship beyond mere words. This includes addressing societal challenges like sustainability, climate change, and hunger.
Diversity is paramount for Gen Z, extending beyond race and gender to encompass various aspects of identity and orientation. Companies that authentically represent diversity in their branding and marketing efforts are more likely to attract diverse talent.
The Future of Work
As we examine the preferences and behaviors of the newest entrants into the workforce, it’s crucial to consider how the nature of work itself is evolving. The changing landscape raises complex questions about the ethics of human-machine collaboration, preparing for longer careers, and optimizing talent acquisition.
The future of work demands individuals with diverse skills and knowledge akin to Renaissance figures. It necessitates proficiency in digital tools, analytics, business management, and design.
What does this mean for employers?
To attract and retain Gen Z talent, employers must adapt to the evolving landscape. This includes implementing robust training and leadership programs with a genuine focus on diversity.
Strategies to attract Gen Z talent may include:
– Developing profiles of ideal employees
– Establishing internal apprenticeship programs
– Partnering with universities to recruit female talent in tech roles
– Offering latticed career paths and flexible work formats
– Creating internal marketplaces to match projects with required skills
– Leveraging the mentorship of older generations
– Considering industry attractiveness and company reputation in recruitment efforts.
