Millennial and Gen Z populations have gradually been entering the workforce over the past several years, and they are not slowing down anytime soon. The Bureau of Labor Statistics (BLS) breaks down just how much the presence of these populations is expected to grow over the next 5 years.
By 2029, nearly 38.5 million individuals aged 35 to 44 are believed to outnumber all other age groups in the labor force. So with the emergence of this new era of workers, companies need to understand how they can attract and retain these crucial populations.
Who Are Millennials and Gen Z?
Millennials were born between 1981 and 1996. They are considered the most tech-savvy generation, as they grew up during the Internet era when individuals communicated through emails and early-age social media.
Millennials are versatile since they are used to doing many activities with just a few clicks on their laptops and smartphones.
Gen Z, or centennials, refers to the generation born between 1997-2012, following millennials. Needless to say, this generation is also quite tech-savvy.
Understanding Millennials and Gen Z in the Workplace
Let’s try to understand how millennials and Gen Z behave in the workplace. Millennials and Gen Z are:
- Confident and proactive
- Team-players
- Organized and like working in a hierarchy
- Strive for work-life balance
3 Things Gen Z and Millennials Expect from Their Workplace
1. Gen Z and millennials want a caring employer
Well-being matters! Millennials and Gen Z expect their employers to be empathetic and thoughtful. A few years back in 2020, employee well-being was brought into the spotlight. It became more apparent than ever that the people making up an organization need to be both physically and emotionally healthy for an organization to be healthy.
Many organizations have wellness programs that focus on physical wellness. But is physical fitness alone enough? In the era of intelligent gadgets where the world seems small, employees may suffer from social isolation, negatively impacting their productivity. Therefore, an employer must ensure they help provide all elements of well-being; including finances, career, and social.
2. Gen Z and millennials want leaders to have high moral values
Gen Z and millennials get inspired by leaders who believe in equality and fairness for all. They are likely to reject employment opportunities where leaders contradict their own personal values. Millennials and Gen Z rate ethics highly; in fact, it’s the highest quality they want in an employer.
3. They want their workplace to be high-tech
There’s no denying the fact that both generations are digitally-focused. They feel at home in the lap of the Internet. Smartphones, tablets, and laptops have transformed the way they connect and interact with one another.
Furthermore, millennials spend a lot of their free time on their gadgets, and they expect their workplace to be technologically advanced as well. They want to have access to their job-related tasks from their mobile devices
Top 7 Ways to Attract and Retain Millennials and Gen Z in the Workplace
Many organizations have focused their talent acquisition efforts on this population. Is there any formula to attract or retain them? Well, here are a few helpful tips on attracting and retaining millennials and Gen Z in your workplace:
1. Improve Communication at Work
Millennials prioritize communication and feedback. They want to stay well-informed on all aspects of the business. Consequently, employers need to work on enhancing internal communications to improve their satisfaction and productivity.
2. Support Diversity
Many surveys conducted by renowned research agencies show that there are certain talent acquisition strategies that appeal to diverse candidates. With the world going digital during COVID-19, it made access to diverse candidates easier, so diversity hiring is here to stay. Working in a diverse and inclusive environment is important to these generations.
3. Offer Competitive Pay
Are Gen Z and millennials anxious about salary? Yes, they are! Like the rest of us, they are concerned with a wage that is at par with or exceeds the industry standard for similar jobs.
4. Build Trust at the Workplace
Why does building trust matter in the workplace? For millennials and Gen Z, trust is an essential factor in their work environment. Here are some key points to consider:
- Trust is great for self-esteem and inspiration
- Trust boosts loyalty
- Trust leads to collaboration
- Trust reduces stress levels
- Trust helps generate enhanced efficiency
- Trust improves employee performance
5. Offer a Flexible Work Environment
As remote work is here, and it’s here to stay, employers ought to find innovative ways to keep these populations engaged while working remotely. For example, employers can offer flexible schedules allowing them to start and end their day as they wish, provided their work is complete.
6. Support Collaboration
These generations are more used to working together, sharing knowledge, and collaborating than earlier generations. It’s because nowadays, most colleges and educational institutions encourage teamwork through collaboration. Millennials and Gen Z seek collaboration and alliance in their workplace.
7. Offer Opportunities for Growth
For millennials, professional growth and development opportunities are one of their primary concerns. Hence, career growth and advancement have a significant impact on enticing and retaining millennials at work.
In conclusion, to attract and retain millennials and Gen Z in the workplace, organizations must be ready to adapt to their needs. One of the best approaches is leveraging technology solutions that can help employers encourage, engage, and connect with candidates.
HR technology is used for automating the human resources function in organizations, including candidate screening, talent acquisition, and management. It also helps employers find top talent from the millennial and Gen Z talent pool.
About the Author: Lovepreet Dhaliwal works with RChilli Inc, a leading resume parsing software provider which helps in speeding up your recruitment process. An MBA in HR and marketing, he has over eight years of work experience in business development and strategic sales.
