Why You Need to Listen to Gen Z, 2040's Ideas and Innovations Newsletter, Issue 104
Issue 104, April 20, 2023
How well do you know your Gen Z employees? For that matter, how well do you know the millennials, Gen Xers and boomers? We have written extensively in The Truth About Transformation about the benefits and challenges of managing a multigenerational workforce. Since things continue to evolve and pivot at warp speed, we thought it was timely to update you on the trendline of recent developments in Gen Z’s attitudes about work. They are important. Their perspectives are important. They are the majority of your current workforce and your near-term future leaders.
Where Gen Z Wants to Work
Where do they want to work? Chances are your organization is not ranked #1. In fact, the big winners are leaders in tech, social and the public sector. According to an Axios survey, here’s how recent college grads weigh in on their dream jobs.
Google 16%
Federal Government 6%
Apple 5%
Disney 2.2%
NASA 2.1%
Amazon 2%
Microsoft 1.8%
Tesla 1.6%
Spotify 1%
Pfizer 1%
Patagonia 1%
The study also asked students which companies were “doing good for the world.” Top-ranked was Patagonia, followed by Google and Tesla.
In counterpoint to the top ranked dream job, the tech sector is responsible for the increasingly high layoffs: 27,000 Amazon workers, 21,000 Facebook workers, and 12,000 workers at the Gen Z favorite: Google. So, we say, be careful what you wish for.
In fact, recent surveys have demonstrated that millennial and Gen Z Tech workers are moving away from the allure of working for the top technology organizations. The perks were great, but a side-effect of when organizations over-hired, many jobs turned out to have little substance or purpose. The new trend is for next gens to find jobs in organizations beyond the tech sector that appear to have more purpose and offer them an opportunity to make an impact. This desire to find meaning in work aligns with Gen Z’s experiences bearing the brunt of rapid societal change. And employers need to hear that clarion call to effectively manage their young workforce.
No matter where they work (including your organization) Gen Z is in a tough spot. This cohort is suffering from crisis fatigue, burnout from educational and social disruptions during the pandemic, and they’re becoming jaded about the climate change. According to a study by GWI, “Globally, they’re more likely than other generations to report having a mental health condition and almost 3 in 10 say they’re prone to anxiety, a higher proportion than any other age group.” This alone makes managing these members of the workforce an exercise in empathy.
At 2040, we often focus in on the organizational system. Traditionally, management attempts to control the organizational system, however during times of significant societal change, it merits taking the outside-in viewpoint to understand the societal and marketplace factors and variables at play that impact the organizational system.
Reframing the Culture
Gen Z is also getting used to calling the shots, reshaping the workplace environment in their own vision. Trends analyst Jasmine Glasheen reports, “They seek opportunities for upward mobility in their careers. Financial stability is important to Gen Z because they bore firsthand witness to the financial struggles that an unforeseen pandemic can wreak upon the unprepared. Because of this, Gen Z also seeks stability from their careers and creative opportunities from their side hustles. Like millennials, it’s important to Gen Z that they work for organizations that reflect their personal values.”
They’re also ahead of other generations for describing themselves as ambitious, money-driven, and career oriented. But Gen Z expects more from their employer in return, they’re more likely to leave a job which doesn’t meet their needs, and they feel more comfortable saying “no” in the workplace, according to the GWI study.
Inter-Generational Wisdom
At a time where so many generations comprise the workforce, there is deep experience that can be shared with younger generations. It is a missed opportunity not to recognize the value more mature professionals can bring to their younger counterparts. Glasheen adds, “Inter-organizational mentorships are a proven strategy to keep next gen employees engaged and committed. The University of Massachusetts found that 91 percent of workers with a mentor reported being satisfied with their jobs. Retention rates were also 50 percent higher for workers with mentors than without. And the mentors themselves experienced a 69 percent retention rate, reporting increased job satisfaction and overall career success. Mentorships provide young talent a direct knowledge pipeline to experienced employees. The result?