Anticipating an imminent surge that could potentially encompass 27% of the global workforce by the year 2025, according to the report by McCrindle, Gen-Z's rise across myriad industries has become an undeniable certainty. Consequently, enterprises spanning diverse sectors must pivot their operational paradigms and recalibrate their strategies in perfect synergy with this new-age talent pool. The Indian business landscape is also witnessing a greater influx of Gen Z demography, primed and poised to redefine how we function.
Considering their unique characteristics, values, approaches, and expectations, managing Gen Z in workplaces needs methods that are more nuanced. As the newest generation that jumps into the workforce, they're bringing new perspectives and distinct preferences.
Intriguingly, the McCrindle survey also suggests that by the year 2030, Gen-Z, constituting 34% of this demographic, is primed to substantially outnumber both Generation X, representing 23%, and Generation Y, making up 32%, within workplace settings.
Moreover, Generation Z is anticipated to undertake a remarkable journey in their professional lives, encompassing an estimated 18 distinct job roles spread across six diverse career paths during their professional lifespan. Therefore, keeping this generation invested in workplaces is going to be both an opportunity and a formidable challenge for organisations.
To effectively manage Gen Z in the era of the new normal, managers need to keep this new-age talent at the core of their talent management and engagement strategies.
With clear goals and ideas, this relatively new generation comes with a clear purpose for their work. Therefore, understanding their point of view and expectations is important to best run businesses with Gen-Z.
According to the Deloitte Survey 2022, approximately 40% of Gen Z have reported declining a job or task due to a misalignment with their values.
With the obvious expectations of bigger paychecks, the more vigilant generation also comes with an urge to leave a positive impact on society and is more inclined towards social and environmental commitment.
Hence, influenced by the objective of environmental sustainability, they gravitate more towards organisations that offer growth and stability and actively take measures to reduce carbon footprints.
The internet is an integral part of Gen Z's lives. They are the first generation to have access to smartphones while still in their growing years. To efficiently manage their responsibilities, this digital-savvy workforce is quick to embrace technology for their upskilling and on-the-job training purposes.
According to research conducted by Dell Inc., more than 80% of Gen Z express a strong desire to engage with NewGen technology in their professional endeavours.
Tech-enabled omnichannel platforms, integrated business applications, and project and performance management tools empower them to enhance their productivity and take a more proactive stance in their professional roles.
According to the American Psychological Association findings, the most stressed Generation Z prefers physical and mental health over anything else while searching for a job.
The new Upwork Survey offers an extension to these findings - "Nine out of ten Gen Zers said they are much more likely to redesign work toward remote as a key recruiting lever."
Therefore, in order to align with the expectations of Generation Z, companies should proactively adopt flexible work arrangements as part of their robust employer branding initiatives.
Managers can make it more attractive to this generation by augmenting with remote and hybrid work options, as well as offering engaging and modern open workspaces. Additionally, access to benefits such as a gym, wellness initiatives, and on-the-job access to nutritious dining options appeals to Gen-Z and draws them towards the organisation.
Also, employee assistance programs, mental health awareness workshops, employee resource groups, open communication, and training seminars at the workplace, all help persuade their decision to join the organisation.
The generation that grew up in a better-connected world than its predecessor is more inclined towards diversity and inclusion.
Thus, diversity today is more important than ever before for all those companies looking to engage with Gen-Z at work.
Research conducted by Michael Page provides concrete evidence that the most highly educated generation to date is also the most diverse. 77% of Gen-Zs said they are more likely to join organisations that reflect inclusion and diversity when seeking new professional opportunities.
Therefore, companies must invest time and resources to revamp inclusive policies, comprehensive education and training, build an inclusive environment, and establish feedback channels to offer an appealing world of work to Gen-Zs.
It is quite evident that every generation that has entered the workforce has a different perspective from its precursors, and this new industry-ready generation is no exception to this worldview. But Gen-Z appears to topple all previous records of disruption, innovation, inclusion, and greater possibilities of growth.
With the break-neck evolution across business sectors, businesses must remain ready to change and manage a new-age workforce to orchestrate a better world of tomorrow, today.
About The Author
Vandana S. Ahuja is a highly proficient Global CHRO and an ICF Coach with extensive industry experience of three decades, working across five diverse markets – North America, Europe, SEAsia, and India. She has a remarkable track record of leading the HR function in multinational corporations (including Fortune 500 companies) to drive sustainable business growth and deliver excellence in organizational and talent success.
