Published November 2023
Combined, Millennials and Gen Z constitute almost 45% of the global workforce, 38.6% and 6.1% respectively. And by 2030 Gen Z is expected to make up approximately 30% of the workforce. As these two groups dominate the future of the labor force, it’s important for employers to tune into their unique values and needs. Fortunately for employers, there’s a lot that this demographic of workers, ranging from early twenties to early forties, feels passionate about. They have a solid sense of areas they want to make an impact in.
Here we’ll explore how employers can attract and retain these future leaders, keep them engaged and support their long-term growth and overall well-being.
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Understand their values
Both Gen Z and Millennials are known for being value-driven generations with high awareness and concern for social issues and social impact. According to a Deloitte report, nearly four in 10 Gen Z and Millennials have turned down assignments because of ethical concerns, and 39% and 34% of Gen Zers and Millennials, respectively, have rejected offers from employers that don’t align with their values. These generations are researching potential employers’ commitment to areas like sustainability. This is a reminder for employers to not only bring their core values to the forefront but to also make sure they can “walk the talk” when it comes to actions that support those values.
Support prioritization of life outside of work
Work is important to both Gen Zs and Millennials; however, the same Deloitte study reports that these groups have no intention of sacrificing their mental well-being for their jobs. Preventing burnout and achieving true work-life balance is top of mind, with particular emphasis on flexible schedules and condensed work weeks. Employers can stand out by highlighting ways they put their employees’ well-being first, including paid time off, leave and caregiver benefits. Benefits supporting mental health and wellness are also important to highlight, as well as financial benefits that may help alleviate economic strain.
Create opportunities for purpose and growth
Gen Zs and Millennials find passion in purpose, and they believe in their abilities. As reported in the Deloitte study, positively influencing the products and services their organization offers, diversity, equity and inclusion (DE&I) efforts and personal development were a few key areas where these groups felt they could make an impact. However, roughly one-third of participants reported that these decisions are often made top down and employee feedback is not acted on. The key takeaway for employers? Bridging the gap between listening and execution to help create more meaningful opportunities for employees to invest their energy and grow their skills.
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With Gen Z and Millennials soon becoming a large part of our workforce, it’s important to learn what they value and look for in a job. Keep your retention and recruitment strong by offering them understanding, balance and opportunities for growth.
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