Generation Z Enters the Labour Market
By Lori Jazvac.
Generation Z, born between 1995 and 2010, will be entering the labour market in astounding numbers in a few years. This transition will fundamentally shape our workforce.
About Generation Z
Thus far, recruiters have been focusing on attracting, recruiting, mentoring, and retaining the millennial generation. However, there are already a growing number of Gen Zs in the workforce, revolutionizing corporate cultures with their entrepreneurial values and innovative ideas. This is supported by a Gen Z and Gen Y Workplace Expectations Study conducted by Randstad. They found that Gen Z appears to be more entrepreneurial, loyal, and open-minded. In addition, they will be less motivated by money than millenials.
Generation Zs are more pragmatic and skeptical than their slightly older peers. Most are the product of Generation X parents, and stability will likely be very important to them. They may be both hardworking and fiscally savvy. It is reported that many share the experience of living in multi-generational households, which may help to navigate a diverse workplace.
Here are a few more relevant and interesting facts about Generation Z:
- Generation Zs are “digital natives” who are constantly connected to social media and can adapt well to changing technology and continuous information overload.
- They prefer to solve their own problems using social media (YouTube) before asking for assistance.
- They place great value on the constructive feedback of their peers.
- They are self-starters with a strong desire for autonomy.
- 63% report that they want a college education that teaches about being an entrepreneur.
- 42% expect to be self-employed during their careers; this percentage was higher among minorities.
- Despite the high cost of higher education, 81% believe going to college is very important.
- They experience considerable anxiety around debt, including student loan debt.
- They are interested in receiving a solid education about managing finances.
- They consider interpersonal interaction highly important to personal and professional success.
- Just as their Millennial counterparts, communicating via technology, including social media, is far less valuable to them than face-to-face communication.
Implications & Future Trends
- Flexible schedules will continue to grow in importance along with part time and contract work. Traditional “9 to 5” schedules will not be as common.
- Generation Zs do not expect to remain with the same company for more than a few years.
- They will likely adopt a variety of part time roles and be satisfied with this structure, so recruiters will need to adjust their schedules and goals.
- Recruiters will need to be transparent about their needs. Their biggest challenge will be retention and offering more career focused benefits.
- Recruiters need to be prepared to communicate using a wide variety of platforms and keep up with changing networks.
- Companies need to re-evaluate their HR policies related to work hours and business norms. To attract the right talent, organizations will have to identify the particular values of this talent and demonstrate how they can help employees reach important career objectives.
- Career practitioners will need to redefine their strategies and align their practices with the values and objectives of Gen Z in order to help them find engaging work, including growth-oriented professional development opportunities.
How the Numbers Rank
In a survey by Adecco Staffing, college students ranked these values in importance:
- Opportunity for career growth (36%)
- Fulfilling work (19%) – they want to have a positive impact on society
- Stability (19%)
- Friendly work environments (10%)
- Flexible schedules (7%)
- Highest salary (6%)
The ability of Gen Zs to effectively adapt to technology and the fast-paced, changing world will, indeed, impact the workforce. As a result, recruitment practices and career coaching will change in a profound way.
As Generation Z is still maturing, we don’t have all the answers. We can learn a lot from Gen Z by applying their values and perspectives as a compass to look at the changing world of work with greater flexibility and acceptance. Understanding and keeping updated on career trends, social media trends, and especially labour market trends enables career practitioners to support Gen Zs in leveraging lucrative career opportunities.
Generation Z Resources