If you’re still trying to figure out how to recruit and retain millennials, it’s time to switch gears and start thinking about Gen Z. As 32% of the world population, they’re the largest generation in American history. And they’re beginning to join your workforce.
Birth years for Gen Z are generally defined as 1997 to 2012, so the oldest members of Gen Z have just recently graduated from college. Meanwhile, the oldest millennials will turn 40 in 2021 (which means it’s also time to stop thinking of that generation as entry-level employees). In the next decade, more than half our workforce will be composed of these two generations — even with the trend of boomers retiring later.
At our agency, we work with large employers in industries ranging from manufacturing to technology, from Fortune 100 brands to large privately held companies. The race to replace retiring boomers is a concern shared by most of our clients, and many feel they still haven’t quite cracked the code on attracting millennials, much less Generation Z.
In our work developing employer brands and employee value propositions for large employers, we’re now looking through the lens of multiple generations, but with an emphasis on recruiting and retaining millennial and Gen Z talent.
Future-Proof Your Employee Value Proposition
If your company depends on young talent, this might be a good time to refresh your employee value proposition and your employer brand. Does what your company offers employees match what Gen Z is looking for in an employer? What is it about your organization that would make Gen Z talent choose you over any other potential company? Consider these categories of your employee value proposition:
1. Opportunity: This is a generation driven to achieve. Identify the ways younger employees can build their careers at your company. That might mean working on the front lines of exciting projects. It could include collaborating with experts in your industry. It could be a culture that promotes learning, both in the form of training and in more organic on-the-job learning. Or, if the company is growing quickly, that might mean enabling employees to accelerate their career paths.
2. People: Gen Z likes to connect socially and build personal relationships, and it’s important to them to work with people they enjoy. They’re the most diverse generation in the U.S. and expect inclusion. That might mean they’ll prefer flatter organizations where people are approachable, regardless of title.
3. Organization: Do you offer the stability of a large global company or the entrepreneurial excitement of a startup? Think about what makes your company different from others in your industry, whether that’s your position in the marketplace, your culture or your aggressive plans for business growth. Consider the company vision and how that might appeal to Gen Z.
4. Work: There’s no substitute for providing meaningful work that helps Gen Z build their experience quickly. Are employees solving intriguing problems? Is the company breaking new ground? Are ideas welcome, even if they come from entry-level employees? Consider the ways in which Gen Z might find working at your company exciting, satisfying or rewarding.
5. Rewards: Compensation is important to every generation, as are benefits. But Gen Z grew up during the recession, so the idea of financial security is important to them. Also, think about any company rewards that might be particularly attractive to Gen Z, like help with student loans or tuition reimbursement for new degrees. And don’t overlook company perks like paid time for volunteer work or flexible work schedules.
Of course, generalizations about generations are, in a sense, stereotypes, and Gen Z in particular bristles at stereotypes. Generations are made up of individuals, and it’s important to bear that in mind. Still, these attributes can be useful for understanding the preferences of large groups. And now’s the time to start learning the preferences of Gen Z, as we prepare for them to create a major shift in our workplace population.
