Gen-Zers and millennials are the new workforce that are an extremely valuable asset to have in any organisation. These workers have been labelled as entrepreneurial, energetic, curious, and hungry to learn - whilst bringing fresh perspectives to fast-growing companies. In this blog, we delve into the wants and needs of Gen-Z and millennials in the workplace, whilst discussing what you can do to retain them!
It's been estimated that by 2025, around 75% of the workforce will be made up of millennials. This, alongside of the introduction of Gen-Z into the workforce, will mean that the needs of your employees will start to change drastically - and what the next generation want from a new employer is quite different from that of the previous generations.
As adaptable as these different generations are, along with being highly driven, they also tend to be more transient, typically spending less time in a job than the generations before them. These young workers now see employment as a two-way street, and it's extremely important to understand how they're different so that you're able to attract and retain them.
What does the future of work look like?
The future of work is proving to be the adoption by organisations of new technology driven practices, as well as the new age of talent that's entering and disrupting how companies work. Automation, along with artificial intelligence and machine learning are becoming extremely common in the workplace as companies embrace the new future of work, leaning towards a more modern and efficient way of work. This has also started to bring a change in the skills that companies search for in their employees, as they move from hard skills towards more soft skills due to the automation of many roles.
What are they looking for in a company?
Millennials and Gen-Z workers highly value company culture, especially one that aligns with their own values. It's important to use this fact to your advantage by building an employer brand that stands out and can't be ignored, as this is going to attract them to your company.
The new generation of workers are also extremely social media savvy, so to attract the top millennial and Gen-Z talent, you should promote your employer brand through a strong social media presence and company careers page - this will help to clearly communicate the values and culture at your company.
According to the Gallup survey, they found that 59% of millennials have said that having the opportunity to learn and grow were most important to them when applying for a job. If you're currently looking to attract the new generations to your workforce, you'll need to make sure that you have a secure learning and development programme in place, whilst ensuring that the potential job seekers are aware of them from the very start.
Most of this generation want to work for a company that care about sustainability and social impacts, as they would like to feel as though they're also making a difference with the work they produce. It would be good to make sure that your company has a compelling mission statement to show your intent to do good in the world - whilst highlighting any activities you do for good causes, whether that's contributing towards charities or even holding your own events to support great causes.
Gen-Z and millennials care a lot about diversity and inclusion, and they want their employers to care about it too. In the Millennials at Work study, it has shown that 47% of millennials are actively looking for diversity and inclusion programs in their prospective employers before finalising a job decision.
By fostering a culture of diversity and inclusion in the workplace, you will not only make your company appear more attractive to new generations, but your company will also experience benefits too. Research by Fortune has shown that companies that are in the top quartile of diversity are 35% more likely to have above-average industry returns.
How To Retain Your Younger Workers:
Attracting new workers to your company is the first step, however, retaining them may be easier said than done. In a 2018 Deloitte survey, they had found that 43% of millennials and 7% of Gen-Z workers plan to leave their current jobs within the first two years.
Understanding what millennials want from a job is only a small piece of the puzzle, and once you have understood, it's crucial to offer it to them. According to another survey conducted by Deloitte in 2019, 22% of millennials and 19% of Gen-Z workers have said they would look to leave an organisation that didn't prioritise flexible working practices or supporting healthy work-life balance for their employees.
It's evident that millennials and Gen-Z highly value a healthy mix of professional and personal time. The best way to retain your talent is offering a variation of flexible working options, whether that's remote work, paid leave, or compressed hours to help support this balance.
Career progression and L&D are two factors that are important to Gen-Z and millennial workers in a role. Mentorships, interactive learning and moving towards a digital-first workflow are all trends that you can adopt to help train and keep your workforce feeling appreciated and engaged.
Conducting open and regular discussions with your new generation of employees is another key factor to ensure that they're happy and remain satisfied in a role - if this isn't the case, it gives you the opportunity to provide help and support to try and resolve any issues they may have, whilst retaining your employees. TriNet have carried out a survey, where 85% of employees said they would feel more confident if they could have more frequent conversations with their peers. Following this, data from the Gallup study suggested that only 19% of millennials receive routine feedback.
I could seem advantageous to have experienced employees come in at entry-level, however, companies could end up losing out on top talent long-term. With Gen-Z and millennial candidates becoming increasingly selective about the roles that they apply for, it's extremely important for employers and recruiters to be well-versed in an organisations purpose, culture, and what makes it stand out from the rest - now more than ever, is the time to promote your brand and build your reputation.
What are your thoughts on the matter? Let us know some of your top tips for hiring and retaining Gen-Z and millennials!