SUMMARY
According to a recent report from the World Economic Forum, Gen-Z are projected to represent 27% of the workforce by 2025
As GenZs begin to dominate the workforce, this generation, unlike others, does not chase paychecks
To retain this new workforce, talent teams have started embedding strategies that are more apt for retaining the young workforce
With more than one-third of the world’s population counting themselves as Gen Zers, they will soon surpass millennials as the most populous generation on earth. As they are set to become the latest demographics, they will lead the charge of workplace changes, redefining the essence of work.
Radically, this generation is different from millennials. Having a unique perspective on their careers, they look beyond the payslip.
Born between 1997 and 2012, the companies, especially for the GenZ workforce are aligning themselves with their work priorities to attract and retain them effectively. This further impels GenZ employers to understand distinct perspectives on their careers to reshape their next-gen workforce.
According to a recent report from the World Economic Forum, Gen-Z are projected to represent 27% of the workforce by 2025.
Understanding GenZs’ Workplace Priorities
As GenZs begin to dominate the workforce, this generation, unlike others, does not chase paychecks. They have grown up in a privileged era where there is an abundant availability of resources enabling the use of social media, global connectivity, social awareness and financial stability.
As a result, they gear up to acquire career opportunities that resonate with their purpose, goals and aspirations. For instance, a market study showed that 80% of the Gen Z workforce were more satisfied in a job where they felt a direct impact on societal issues. This places a strong emphasis on GenZ’s interest in environmental activism.
Apart from this, GenZ considers their job as part of their lives. That implies their job is not their entire existence. This workforce considers employers who are more flexible in their working hours and prioritise their mental health.
Additionally, they favour companies that respect their balanced work-life and flexible working arrangements.
Recognised as the most tech-savvy workforce, GenZ also values opportunities that are intended towards their continuous learning and professional growth. Unlike millennials, they are the most daring generation who are not afraid of switching careers and learning new skills that are aligned with their professional interests.
Given this scenario, many companies have already started implementing L&D programs that help younger employees with continuous learning and growth.
Managing Unique Needs With New Perspectives
In a fiercely competitive business landscape, the role of recruiters is shifting from traditional functions like payroll and attendance management to more strategic partnerships.
To retain this new workforce, talent teams have started embedding strategies that are more apt for retaining the young workforce. Though competitive offerings remain integral to a company, talent managers are focusing more on the value proposition part, offering Gen Z with more enriching work experience.
Furthermore, companies are adopting a skill-centric career approach to offer GenZ a broader space for career development. For instance, forward-thinking companies are establishing internal skill programs to foster efficiency and innovation at the same time.
In addition, it works on the continuous skill development of the workforce that works on career advancement while also helping companies boost productivity as well as confidence in the workplace.
Future Of Workplace
GenZ is the young generation, equipped with the latest technology tools. Hence, to attract them, companies and their talent teams need to adopt a modern recruitment approach.
By learning from their behaviour and understanding their priorities, companies can create a thriving environment for their GenZ workforce which ultimately leads to business success.
Considering it an ongoing process, companies need to focus on understanding their needs and expectations on a regular interval while also offering clear support by leveraging the expertise of Gen X, Gen Y and Boomers in helping them acquire leadership skills and make the workplace a place that accelerates growth.
