By 2030, most of the global workforce will be made up of Millenial and Gen Z employees. Millenials (those born between 1981-1996) will make up 75% of the global workforce, while Gen Z (those born after 1996) will be over 1 billion in number.
It’s not surprising then, that organisations are reframing and remoulding their values, policies, and procedures to align with the wants of Millenial and Gen Z candidates.
Luckily, the emerging workforce places value on that which is beneficial for all workers and the long-term sustainability of organisations.
So, what do Millenial and Gen Z candidates want from an employer and what can you do to make sure you attract and keep their attention?
How will Millenials and Gen Z impact the world of work?
Here are some ways in which Millenial and Gen Z preferences are impacting the world of work.
Well-being and mental health.
According to job board data, 80% of job seekers consider an organisation’s approach to well-being and mental health when looking for new job opportunities. A huge 83% of employees believe their well-being is just as important as their salary while 85% of employees are more likely to stay with their employer if they place importance on well-being. This figure becomes higher when it comes to Gen Z.
Companies that promote and prioritise employee well-being will gain a competitive advantage in 2023 and beyond.
DEI and belonging.
Diversity, Equity, Inclusion, and Belonging are other areas in which Millenial and Gen Z candidates will shape hiring in the coming decade.
75% of Gen Z candidates claim they would reconsider applying to a company if they were unsatisfied with its D&I efforts. This refers to both the policies of an organisation and actual representation.
78% of Gen Z women and 60% of Gen Z men consider interacting with a diverse set of individuals throughout the hiring process to be important.
Additionally, a study commissioned by Deloitte (2021) found that 44% of millennials and 49% of Gen Zs have made work-related choices based on their personal ethics over the past two years.
Political and social justice form a strong part of youth culture which will impact the world of work.
Beware of performative tokenism.
Tokenism is using performative gestures to give the impression of inclusivity. This includes using diverse representation simply for diverse representation’s sake. Millenial and Gen Z candidates and employees can spot performative tokenism gestures from a mile off.
For more ideas about how to create a more inclusive and diverse workplace, read our recent blog here.
Learning and development.
Gen Z and millennial candidates are focussed on their professional development. Early last year, 76% of Gen Z candidates and 55% of millennials said they were looking for more opportunities to learn/practice new skills or expertise.
With candidate shortages well documented and significant skills gaps across the UK, employers should be offering their teams opportunities within the organisation to upskill, relearn and train.
Horizontal and vertical movement opportunities are critical to attract and retain millennial and Gen Z employees.
Secondments, mentorship, and coaching are all methods you can use to extract the best from your team. You may like to offer learning time within the working week or include a budget for learning within the benefits package. This will demonstrate that you’re committed to their professional development, and not just when it suits the needs of the business.
Gen Z and millennial workers will come to dominate the world of work. Businesses that fail to keep up with their priorities will lose out on a cohort of workers who are digital natives.
Beyond tech-savvy, this workforce will drive change and innovation over the coming decade. Their knowledge and intuitive use of emerging technologies will dictate the direction of travel for many businesses.
Attracting and retaining this talent will require some organisations to change. Luckily, their priorities coincide with what is morally right and how we should be running ethical, sustainable, and profitable businesses.
Are you looking to hire new tech, digital, and data talent to kick off the new year?