The Gen Z population is growing and will quickly become one of the largest groups of workers in the workplace. What does this mean for businesses? Let's find out through the article below.
Why is the Gen Z Labor Group so important?
Gen Z, or people born from 1996 to 2010, is about to turn 27 in 2023, and this is the largest group, accounting for nearly 1/3 (32%) of the global population. Similar to every other generation, Gen Z brings with them unique experiences and perceptions of the world. Here are some key characteristics that highlight how Gen Z differs from previous generations:
Being a “Digital Citizen”
A unique characteristic of Generation Z is their strong connection to technology. Born into a world with the internet, mobile devices, touch screens and social networks, they are the first generation to be considered “digital natives”. This deep understanding of technology brings both positives and negatives.
On the positive side, growing up with limitless information at their fingertips and the ease of accessing all information has made Gen Z more proactive in learning and independent research. However, this also makes them easily feel bored and frustrated by duplicate tasks.
High Diversity Standards
Gen Z is not only large but also diverse, with 48% identifying as racially or ethnically diverse. Accordingly, the concept of gender and sexual orientation has also become more diverse, with a tendency to accept and respect gender diversity. The above factors are reflected in how Gen Z expects businesses and authorities to identify them.
Specifically, 59% Gen Z said online forms or profiles should include other gender options instead of "male" and "female", compared to only 50% Generation 8x - early 10x, 40% Generation X and 37% Generation 4x end system - 6x beginning.
Increased Feeling of Loneliness
Gen Z is often described as the “loneliest generation,” likely due to many factors such as technology and changes in family structure. This feeling of loneliness persists as they enter the working world. Indeed, according to recent research from Cigna, 73% Gen Z said they sometimes feel lonely – highest level among any generation. Meanwhile, 72% Gen Z shared that they felt shy and 71% felt that no one understood them.
Gen Z's Progressive Political Views
Gen Z often has more progressive political views and shows sensitivity to social and environmental issues. Compared to previous generations, Gen Z is more likely to speak out about human injustice, or to be more proactive on climate change issues. In addition, about 50% generation Z believe that society should legalize same-sex marriage.
Financially secure
Having witnessed the previous generation go through many economic crises, Gen Z has a more knowledgeable view of finances. Therefore, this generation places great emphasis on financial security, requiring stable income and limiting debt at all costs.
Gen Z's expectations of the workplace
Since 2019, the first generations of Gen Z students have begun to enter the workforce and have set a precedent for subsequent age groups on how to enter the "working world".
In a recent report, Gen Z outlined some key workplace expectations, with 96% Gen Z employees saying they want to feel valued, included, and supported in their work. job; 80% wants a job that allows them to explore and develop new skill sets; 79% hopes management is as interested in their personal development as they are in their professional development.
As many as 53% said they consider workplace benefits when looking for a new role – on average, Gen Z workers would be willing to take 19% less in salary if other, non-work related needs were met. wage; Only 39% expected to have the flexibility to work remotely, while 71% of those working remotely or hybridly said they would not fully return to a physical workplace.
New generation – new management to achieve maximum efficiency
Focus on diversity and inclusion
63% Gen Z believes that they need to work with people with different education levels and ability levels, while 83% believes that the most important factor is having members from many different cultures.
So be open when recruiting workers in all circumstances. Thanks to the power of the workplace, you have countless ways to help build more communities and strengthen relationships within your existing team.
Encourage Gen Z to communicate
Even though they are very proficient in digital means of communication, the Gen Z workforce still places great importance on social interaction activities. When the working environment encourages interaction between people, Generation Z Gen Z will stay longer in the workplace. From there, create a culture that promotes collaboration among employees at the workplace.
A fairly simple way is that you can choose video calls instead of voice calls, set up regular team meetings, give feedback and evaluate its performance.
Permission in autonomy and ownership
Gen Z employees don't want to stay in the same job forever – they often change jobs. Therefore, the educate and providing the Gen Z workforce with multiple opportunities to learn and grow outside of their current role is critical.
Managers should take advantage of Gen Z's independence and drive by giving them outside responsibilities and giving them opportunities to share ideas. Give them the tools for independent research and nurture their interests to encourage their personal and professional growth.
Provides flexibility
Gen Z entered the workplace world at a stage where remote and hybrid working was widely accepted. Therefore, this factor has long been an expectation of this younger generation of employees. With more than a third of Gen Z students specifically looking for similar work opportunities, they can have the greatest flexibility.
Build a positive company culture
As the lines between public and private become increasingly blurred, Gen Z employees expect work to be as active as their personal lives. More than anyone else, they want to be valued at work and want to have connections with colleagues and managers to feel as comfortable as possible.
Building a positive company culture is key to motivating and engaging Gen Z in the workplace. You can achieve this by incorporating good communication and understanding their expectations around progression and position, salary and benefits.
Provides financial stability and healthcare perks
Thanks to their financial knowledge, Gen Z always wants stability. Up to 70% Gen Z employees said salary is their top motivation. Similarly, perks like health insurance and health benefits are also of greater interest to Gen Z than perks like free meals.
Give Gen Z employees competitive salaries with perks tailored to their needs. Companies should be ready to negotiate and introduce or trade benefits to meet the changing expectations of their workforce.
