Gen Z & Millennials make up more than half of the workforce today (Bureau of Labor Statistics); times are changing and companies need to adapt to stay competitive. Although Millennials and Gen Z represent different demographics, they are quite similar in what they value in a potential employer/work environment.
According to Deloitte, culture and diversity are very important to both Millennials and Gen Z. If a company does not value their employees and the environment that they’re exposed to, then these generational workers will likely avoid said company. Gen Z’s expectations in the workplace are value-driven and align with their personal morals. Specifically, they look for companies who are progressive and show an interest in anything from how people express themselves to climate change to the welfare of its employees. Along with the importance of social causes, Millennials and Generation Z are extremely technology driven and they expect to use technology to best benefit them and others in the workplace (Business.com).
Money is no longer the number one priority—fulfillment and happiness are now at the forefront of the job search for Gen Z and Millennials. While money does play a part in the decision-making process, these newer generational workers are looking for positions that make them happy and contribute to their long-term fulfillment.
Forbes states that transparency, flexibility, and collaboration are highly valued by these employees. If your company is not offering direct management, flexible work schedules, and team collaboration, then these generations aren’t interested. It is no longer just about the benefits package that is offered, but more about making an employee feel valued and how your company will impact the employee’s feeling of fulfillment.
Feedback is crucial in any work environment. However, management styles should be adjusted for Gen Z and Millennials, as they thrive on different forms of feedback. Millennials prefer encouraging feedback along with written and visual communication (ex. PowerPoints and written guidelines), whereas Generation Z prefers straightforward feedback from their supervisors along with short-video communication (ex. Video presentations). To ensure an employee’s success, it is critical to cater to their different management styles.
A Plan for the Future
While companies shouldn’t jump the gun and throw out their current company values and management styles, they should continuously seek out new ways to evolve their thinking. As these younger generations will soon be taking over the workforce, it’s important to keep up.
Being open to the values and ideas of Gen Z & Millennials will make your company a top contender when it comes to acquiring new talent. After all, these younger generations are “more inclusive, open-minded, and independent than any generation before” (Forbes). For assistance hiring in this modern workforce, contact our team today.