Millennials are old news. Gen Z is the new kid on the block. They may have grow up in the shadow of Gen Y but they will be contributing 20% of the workforce by 2020, as they are currently graduating from University and it’s time to welcome them into the labor force!
Having grown up with Dr. Google to answer their every question has shaped their unique characters. So we ask:
Who Are Gen Z?
Gen Z are also known as “Millennials on Steroids,” “igeneration,” “Linkster,” and “digital natives.” Yet while many firms are still struggling to figure out Gen Y, this younger generation is quietly joining the labor force and it has its own unique character, demands and conditions.
How Do They Differ From Previous Generations?
Generation Z is the youngest generation to be categorized. Its members were born between the mid-1990s and mid-2000s and it is considered the most diverse and inclusive generation thus far. Gen Zers grew up with smartphones in their hands and therefore are fluent in the language of digital and feel very comfortable with technology, social media and digitization as a whole. It will definitely be interesting to see Gen Z’ers advanced technology skills and their integration into the labor force.
How Can We Maximize Their Potential In The Labor Force?
In many ways, Gen Z amplifies Gen Y but is also very different, with distinct expectations. Before recruiting this young generation, we collected some important facts you should know:
Salary or Meaning?
Candidates will almost always have to face this serious dilemma – which determinant is more important to them; a meaningful job, or the one with higher pay. It is clearly apparent that Gens Y and Z have a different attitude toward this issue. Gen Y seek meaning in their career, and in many ways dreamed of making this world a better place to live in. Gen Z, however, has other things in mind with security and money rated at the top of their list. According to the report “The Everything Guide to Generation Z,” they prioritize salary over anything else; with 65% saying salary is their most important consideration.
Independence or Collaboration?
Gen Y is characterized by its collaborative working style. Millennials like working together, sharing open space offices, and being inspired by their colleagues’ knowledge and viewpoints. On the other hand, Gen Z is a very independent and competitive generation. Linksters feel they have to fight in order to achieve their goals in life and are usually in “Survival Mode.”
Security or Risks?
Unlike Millennials, who switch jobs almost as frequently as they switch underwear; Gen Zers are looking for job stability and opportunity to advance within a company.
We can see that strong a sense of entrepreneurship exists among both Gen X and Y; however, for Gen Z, entrepreneurship means looking to ‘own’ a project inside a company rather than collaborative work. On the other hand, Linksters demonstrate lower interest in starting their own business, especially if they have opportunity to work for an international company.
Another Interesting Fact – they are the FOMO Generation
Gen Z shares and acquires information 24/7. It is always connected to media and news, which helps make its members very resourceful. However, they also suffer from the FOMO phenomenon – the Fear of Missing Out.
Thanks to digital technology and social media, we constantly face social, personal and career comparisons. FOMO breeds anxiety and approximately three quarters of young adults reported experiencing it.
Here are some tips to keep Gen Z interested in working for you:
- Personal attention and face-to-face meetings – they want to feel important. Invest the time to communicate and listen to them in personal meetings.
- Constant feedbacks – Gen Zers aim to improve their skills. They expect their employers to be their personal mentors and to express interest in their career.
- Technology environment – working in a tech environment is a basic demand for the generation that grew up with advances in technology.
- Reward them – they will definitely invest the time and effort for their career advancement in your company but they will expect to be rewarded and grow.
Gen Z’s employment expectations initiate an apparent contradiction – independence and competitiveness versus money and stability.
Our conclusion is that those who comprise Gen Z expect to work on their own projects in their personal territory, while building their long-term career within a company they like.