The Gen Z generation is now entering the labor force and will be 36% of the workforce by 2020. For the past few years, the world has been focusing on the Millennials or Gen Y. Now we have the Gen Z generation, those who are 22 years old and under. By the way, the good news is Gen Z is different from the Millennials (Gen Y). Studies show that 58% of Gen Z wants to own their own business or explore entrepreneurship. This Gen Z goal is why colleges are starting degrees in this area.
If you are an employer, Gen Z’s rank financial stability as a necessity (66%) and 43% prefer in-person communications (over text, or social media). Gen Z’s employer priorities are excellent salary, enjoyable work environment, flexible schedule, opportunity to create new products, chance to learn new skills and community focus.
Gen Z’s are competitive because they grew up post-Millennials who did not receive a trophy for every win. They knew what the score was in every game they played. They grew up understanding that there is a win and losing proposition. The Gen Z generation did not have “helicopter moms” as their predecessor Gen Y cohort. Gen Z learned robotics, environment, education, politics, and social justice, etc.
Generation Z is very interested in their finances. The Gen Z generation witnessed the financial struggle of their parents (middle class) in the last decade and lost 45% of their parent’s wealth. As an employer, you need to consider finances in your compensation and benefits strategy. What is most important to this generation is compensation and benefits (35%). Here is how they prioritize their needs: Good salary and benefits, benefits include enjoyable work environment (26%), flexible schedule (14%), opportunity to create new products (11%), chance to learn new skills (8%) and community focus (7%). These are critical to attracting and retaining Generation Z.
Gen Z craves structure, goals, challenges, and a way to measure their progress. Gen Z is adaptable to change. The current political system has inspired change, and therefore, Gen Z wants to get involved and make a difference in the world. Gen Z wants to make changes and can adapt better than other generations. Gen Z desires to be heard. They covet jobs that will allow them to contribute, create, lead, and learn. They also wish for the freedom to develop innovative ideas because of their unique skills.
Gen Z hungers for human interaction. Unlike Millennials, Gen Z gravitates toward in-person interactions. Generation Z is focused on real-time technology (true digital natives) and face to face communication within their businesses. Face to face communication was not a strength of Millennials, so this will be very different for company managers. A great way to engage Gen Z is to hold meetings, have group projects, and achievements for the week.
Gen Z generation is the most diverse than any other generation before them. Gen Z was influenced by a black president and openly gay marriage rights. Gen Z expects managers who care about honesty, sincerity, and diversity.
Reference. Miller, J (SHRM Magazine, November 2018) 10 things you need to know about Gen Z
