The dynamics of the workplace have undergone a radical shift in the last few decades with the emergence of a new generation of employees known as “Generation Z.” Born between 1997 and 2012, Gen Z is the youngest demographic cohort to enter the workforce. While much has been said about this generation’s work ethics, attitudes, and preferences, the question remains: what do studies say about Gen Z in the workplace, and what can companies do to retain them?
The Future is Here: Understanding and Retaining Gen Z in the Workforce
According to a recent survey conducted by Deloitte, Gen Z has a distinct set of priorities when it comes to employment. The study found that 74% of Gen Z respondents are concerned about job stability, while 80% prioritise salary and benefits. However, salary and job stability are not the only factors that influence Gen Z’s decision to stay with a company. The report also showed that Gen Z is seeking employers who value work-life balance, diversity and inclusiveness, and possibilities for professional advancement.
Another study conducted by IBM found that Gen Z is more likely to be engaged in their work when they are given opportunities to make a positive impact on society. This finding highlights the importance of corporate social responsibility and its role in attracting and retaining Gen Z employees.
So, what can companies do to retain Gen Z employees? Here are a few suggestions based on the research:
- Offer competitive compensation and benefits packages: As mentioned earlier, Gen Z places a high value on salary and job stability. Hence, companies that provide Gen Z workers with competitive pay scales and extensive benefits (including health insurance, retirement plans, and paid time off) are more likely to keep them on board.
- Prioritize work-life balance: Gen Z is seeking companies that understand the importance and significance of work-life balance to them. This can be achieved by offering flexible schedules, remote work options, and generous time off policies.
- Embrace diversity and inclusion: Gen Z is the most diverse generation in history, and they are looking for employers who prioritise diversity and inclusion in the workplace. This can be achieved by implementing inclusive hiring practices, providing diversity and inclusion training, and creating an inclusive culture.
- Provide career growth opportunities: Gen Z is ambitious and looking for opportunities to grow in their careers. Companies that offer professional development opportunities, mentorship programs, and leadership training are more likely to retain Gen Z employees.
- Emphasize corporate social responsibility: As mentioned earlier, Gen Z is more likely to be engaged in their work when they are given opportunities to make a positive impact on society. Companies that prioritise corporate social responsibility and give employees opportunities to participate in volunteer programmes or sustainability initiatives are more likely to retain Gen Z employees.
By implementing the practices suggested above, companies can attract and retain Gen Z employees, who are poised to become the future leaders of the workforce.
PEDALS offers companies a way to stay ahead of the curve and adapt to the evolving workforce. Our expertise and knowledge will help your business create an inclusive and welcoming environment for Gen Z, resulting in increased employee engagement and retention. Contact us today to learn more about how PEDALS can help your business thrive.
References:
Deloitte. (2019). The Deloitte Global Millennial Survey 2019. Retrieved from https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennialsurvey.html
IBM. (2019). Meet the Gen Z workforce. Retrieved from https://www.ibm.com/thought-leadership/institute-business-value/report/gen-z-workforce