Workplace practices and environments need to evolve with the times. While many things remain the same across generations, like integrity and good ethics, each generation has its own unique set of challenges simply by virtue of a changing world. Soon, Gen Z workers will make up one-third of the global labor force.
However, recent surveys and data point to a worrisome trend of job-hopping from Gen Z. Employers who recognise the factors that contribute to this can better position themselves to appeal to Gen Z and boost employee retention rates.
But what are the needs of Gen Z? We explore two major elements below:
Personal well-being just as important as money
Gen Zs are not solely motivated by money. Their workplace expectations are value-driven and aligned with their personal well-being. Work-life balance and flexible working arrangements rank high on various surveys as important factors in a job for Gen Z.
A survey conducted by Deloitte in 2021 reveals that one-third of Gen Z prefer working full-time in an office, 46 percent prefer a hybrid schedule, and 20 percent favor being remote workers. Meanwhile, 98 percent agreed that workplace culture is important to them.
Gen Z employees tend to look for purposeful work in an organisation that aligns with their values. Without a strong purpose, there is a lack of motivation to stay and hence, making it all too easy for them to consider other opportunities.
Fair salary and clear career progression
One of the biggest struggles for employers is managing the expectations of Gen Z about salary and compensation, which should be fairly based on the person's output, in addition to benchmarking against the industry.
Career progression plans are also vital to show employees how they can grow with the organisation. To this end, employers must maintain constant engagement with Generation Z in order to retain talent and build a sustainable business.