For many senior HR professionals, coming to grips with the needs and demands of Millennials has taken some time. But already there’s a new demographic now entering the workforce in increasing numbers – Generation Z.
Gen Z – those born between 1996 and 2010 – will occupy up to 36% of the workforce by 2020. While they do bear some similarities to their Millennial predecessors, they also have significant differences.
Here are five key motivators for Gen Z in the modern workplace.
Somewhat dissimilar to the more idealistic-minded Millennials in this regard, Gen Z employees are highly motivated by what they can earn. Considering this is the generation that have grown up with the uncertainty of the global financial crisis, it is hardly surprising they have such a significant focus on remuneration. Gen Z are very fiscally focused and more willing to work nights and weekends – basically put in more time and effort – to meet their financial goals.
More than three quarters of Gen Z believe they need to work harder than previous generations. The modern workplace and the world at large have undergone significant disruption in recent decades, which has led to a measure of uncertainty. Combined with rapid advances in technology, the rise of the gig economy and a more globally mobile workforce, they realise the modern job market is unpredictable and fluid.
Fitting in with the trend of the modern workplace, Gen Z are focused on a good employee benefits package, particularly when it comes to healthcare. A total of 70% of Gen Z in the workplace prize medical benefits above all other perks. It follows that organisations that provide the best healthcare options are well placed to attract Gen Z talent.
This is a very motivating factor for Gen Z, ranking second only to salary. With a wide variety of inventive job-finding tools in the market in today’s workplace, finding a job in a field they are passionate about has become much easier. Organisations with innovative ways to promote, and in the right channels such as social media, are well placed to get the attention of Gen Z job seekers.
For a generation that has grown up with gaming apps, Gen Z thrives on challenges. This attribute is also evident in their jobs, with 39% of Gen Z employees saying that testing themselves is a top motivator. Challenges in the workplace will keep Gen Z focused – a good attribute to have in today’s fast-moving disrupted workplace.
Parts of this article were first published on the HR Gazette website.