With A-Level and GCSE results day behind us, thousands of young people are now stepping into the job market.
By 2034, 80% of the workforce in advanced economies will be made up of Millennials, Gen Z, and the first wave of Gen Alpha, creating the most multi-generational workforce in history. Already, Gen Z represents 27 percent of the workforce, with this number projected to rise to 31 percent by 2035. This will make Gen Z the largest generation in the job market.
But is the world of business prepared to welcome this next wave of Gen Z into the workplace, considering their changing priorities and preferences?
The current landscape
Analysis from insurance firm Vitality found that members of Gen Z struggling with mental health problems are missing at least one day’s work per week.
This study highlights that younger staff experience mental health issues like tiredness and burnout at a higher rate, with under-30s twice as likely to have depression as their older colleagues. In fact, research from Bankrate highlights that Gen Z is particularly vulnerable to facing detrimental effects on their mental health.
So, the question arises- how can employers ensure that their Gen Z team members are being catered to, and are they equipped to support the influx of Gen Z employees?
The benefits expectations of Gen Z
Employers should note that Gen Z are looking for more than just a pay cheque from their job. This is where many businesses are failing to meet the needs of their younger employees, as while pay is high up on the list, workplace priorities are changing, particularly for the younger generations.
Aspects such as sustainability, diversity and inclusion and wellbeing are areas that Gen Z cast a keen eye upon. They want to work for companies that align with their own values and care about the societal impact they have. But Gen Z are also keen to receive feedback from their managers to see where they can improve, and are big advocates for rewards, recognition, and praise.
While reward and recognition are appreciated by all levels of seniorities and generations, Gen Z want to see their business leaders take an active stance on the benefits they’re offering their teams. It’s particularly crucial to focus on personalising these benefits. Simply implementing a one size fits all benefits approach won’t be effective in catering to all generations, and clearly, Gen Z has distinct expectations that need to be considered.
Reward and recognition
Alongside feedback and recognition, rewarding people for their hard work, meeting targets, or long service is an effective way of showing gratitude. Personalisation comes in handy here. It’s important to remember that Gen Z are very savvy and, despite changing priorities, are the generation that are most concerned about finances. Therefore, they will be especially grateful for any help they can get in saving money.
Specifically for those smaller businesses that can’t offer regular financial benefits, offering personalised gifts and rewards is a great way to keep Gen Z team members engaged. For instance, a multi-choice gift card could be beneficial for those who not only appreciate being valued and recognised for hard work, but also want to save money on everyday things such as food shops, toiletries or gym classes and memberships. This way, you’re increasing engagement, morale and productivity amongst team members, at the same time as supporting them towards achieving their personal goals.
Looking forward
As we step into the reality of the most multi-generational workforce in history, overlooking the needs of younger generations is not an option. Gen Zs thrive when motivated by thoughtful incentives, proving that meaningful engagement doesn’t have to strain business budgets. Their expectations may differ from millennials’, but they are no less important. By recognising and adapting to these preferences, organisations not only attract Gen Z talent but also unlock the potential of a generation that will shape the future of work.
Source – https://hrnews.co.uk/the-job-hunt-is-on-but-is-the-workplace-ready-for-an-influx-of-gen-z-employees/