Understanding Gen Z to attract top talent
Sunday, July 24, 2022
In the age of remote and hybrid working, employment opportunities extend far beyond the boundaries once set in a pre-Covid-19 world. For most, work no longer has a set office, and for some, it doesn’t even have a fixed city or country. With the pool of opportunities for those on the job market constantly expanding, employers are expected to make a splash in the jobs market, particularly as the ripple effect of the Covid-19 pandemic continues to linger.
For employers trying to attract and retain young talent, the market is especially challenging. According to the Pew Research Centre, 2021 saw 37 per cent of young adults in the US leave their jobs, versus 17 per cent of those aged 30-49. Furthermore, a study carried out by Microsoft this year found that 52 per cent of Gen Z (aged 18-26) and Millennial (aged 27-41) workers said that they were likely to consider changing employers this year.
So, what makes young people tick? It seems that a people-centric approach to company culture is key. According to Microsoft, a positive culture, mental health and wellbeing benefits, a sense of purpose and flexible work hours are amongst the top aspects that employees view as very important. While in the past, an organisation’s employees found a way to fit into its way of working, the power dynamic is beginning to shift. Today, shaping organisational purposes and practices around people seem to be a prerequisite for success in attracting new and young talent.
While some organisations have been tailoring their practices to their employees for decades, others struggle to begin the process as demands for change from the workforce are elevated. For organisations that are just getting started on tailoring their culture to their employees, what can be learnt from established players?
Less stress
According to a study by Bain & Co., Gen Z and millennial workers are getting more and more stressed out and overwhelmed at work. Of 20,000 workers surveyed, 61 per cent of people under the age of 35 stated concerns about job security, finances, and meeting career goals. How can organisations play a role in reducing stress in the daily lives of their employees?
Appointing mentors within your organisation to support younger employees can be an efficient and low-cost remedy to supporting early-career practitioners. By setting regular mentorship meetings, organisations can ensure that employees can set goals, discuss concerns and seek advice on their day-to-day work lives and long-term career plans.
Make a positive impact
Gen Z and millennials value being part of purpose-driven work environments that have a positive societal impact and are concerned with ensuring equality is at the centre of everything they do. Young professionals value being able to be their authentic selves at work and appreciate an environment that makes them feel safe to be themselves and supports them.
Setting appropriate company policies for diversity, inclusion and equality are important when it comes to creating a safe space for young people, and it’s even more important to follow through on policies and promises to ensure everyone feels safe and respected.
Flexibility
Employee benefits form an important part of any employment package. The onset of the Covid-19 pandemic brought a new and important benefit to the fore: flexibility. Whether that’s flexibility in working hours or location, employees value the flexibility to plan for life around work. Operating an agile workplace can have a massive impact on both productivity and mental health, so building flexibility into employment packages where possible benefits all parties.
Flexibility looks different in every organisation depending on the industry, sector, customer expectations and working time zones. Organisations who consider what works best for the productivity and wellbeing of their teams are likely to earn respect from employees who value and prioritise work-life balance.
Transitioning to become an organisation that supports the mindset, wellbeing, interests and desires of all of its employees is a challenging task. The first step to overcoming any hurdles is to ask your people for their feedback. Learn more about why they love working for you, and what they might change if they had a chance to optimise your work environment for retention and staff satisfaction.
First published in Strategic Magazine.