2024 will be Gen Z's year to change work as we know it

In the near future, it is projected that the number of full-time Gen Z employees will surpass the number of full-time baby boomer workers for the first time, as indicated by a recent Glassdoor report. This generational shift is expected to prompt changes in how employers appeal to and engage young talent, considering that Gen Z individuals prioritize transparency, diversity, equity, and inclusion in their workplaces, according to Aaron Terrazas, Glassdoor's chief economist. 

He noted that Gen Zers, being digital natives, seek to have their voices heard by their employers. Terrazas emphasized that companies will inevitably adapt their culture and benefits to attract and retain the types of employees they desire, acknowledging that the workplace culture and benefits valued by Gen Z differ from those preferred by baby boomers.  

What's more, Gen Zers are unique employees because some entered adulthood during the pandemic, a "traumatic moment for the global economy," Terrazas said.

"As Gen Z becomes more vocal in the workforce and becomes a bigger part of the workforce, they're going to demand this level of internal accountability and voice that perhaps older generations were cautious to demand," Terrazas said.

For companies that want to attract these workers, talent-development expert Chelsea Williams previously said placing more importance on skills and competencies than college majors or fields of study could be a helpful strategy.

"Employers can talk about the ways that you can build projects, processes, programs, and systems and be part of creating something that doesn't exist," Williams noted as another tactic companies can do to entice Gen Z applicants.

Still, what Gen Zers will want and need as full-time employees may change as more and more of their peers join the labor force or climb the ladders at their companies.

"It is very likely that the preferences and attitudes of Gen Z will evolve as they age, just as millennials' preferences for in-office and downtown city center work evolved as they aged and moved into the family formation stages of their life," Terrazas said. "But right now, Gen Z is still very young. They are in that phase of life where they seek social stimulation, and they also value flexibility."

Terrazas said companies are already trying to implement policies that get at this, such as with hybrid policies seen at many companies.

What about millennials and Gen X?

While Gen Zers are gaining ground in the workforce, they're not expected to eclipse the number of millennials in the workforce until the early 2040s, the Glassdoor report stated.

Meanwhile, some people in the generation after baby boomers, which is Gen X, are prepping for retirement. This generation was born between 1965 and 1980, as noted by the Pew Research Center.

"Gen X is moving toward the penultimate chapters of their career," Terrazas said.

Still, there are a lot of Gen Xers in full-time positions, so companies should still figure out how to attract and retain them. That generation prioritizes having autonomy and enjoys having goals that are clear to follow, according to the career site Indeed.

Given older Gen Xers may be thinking about when to retire, Terrazas said they're "increasingly focused on stability and making those final savings gains as they prepare for retirement."

"Particularly in contrast to Gen Z, Gen X is a little bit more cautious about asking and demanding change and transparency and voice in the workplace," Terrazas said. "For a large part, they just want to survive and get through their final years of working before they retire."

Post a Comment

Previous Post Next Post