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Organisations often tend to become habituated to a certain kind of workforce and style of working, until in a few decades, they are faced by a generational shift in the workforce. Every generation comes with certain broad trends and traits, with its own mindset, aspirations, strengths and world view. Hence, it becomes important for enterprises to understand the generation better to align them with the larger goals of the organisation.
In the corporate workforce, the era of Generation Z has just begun. There’s no exact science to determine the cut-off year as to when a generation ends and other begins. The current workforce is constituted by four generations, a very small percentage of outgoing Boomers (born between 1946-64), the significantly mature Generation X (born between 1965-80), and much of the youth shared by Millennials (born between 1981-96) and Gen Z (born between 1997-2012). By 2025, Gen Z is expected to constitute 25 per cent of global workforce. India, which is home to 20 per cent of global Gen Z population, is likely to have a large share of young millennials and Gen Z in its workforce, with both accounting for 52 per cent of its population. The increasing share of Gen Z in the corporate workforce, for instance, is reflected in the IT sector, with Gen Z accounting for one-fifth of the Indian IT workforce. They largely include the fresh hires from the universities.
The Gen Z workforce generally share some of the common traits which make the existing models of corporate culture unsuitable for them. A significantly more competitive generation, Gen Z harbour a stronger entrepreneurial spirit and would be less tolerant of authoritarian environments, with lesser affinity to rigid and strict organisational hierarchies and structures. Having a greater exposure to technologies, the generation is highly tech-savvy and looks forward to a soundly tech-backed work environment. The generation has also had tremendous exposure to information and entertainment (in the form of social media and content platforms) which shapes their aspirations differently than the previous generations. Coming from a more affluent time of human history, Gen Z look forward to more balanced work-life balance. They are more likely to work hard and work long when it is a matter of passion rather than when it is a matter of work-related urgency.
Owing to these strong and clearly manifested traits, companies around the world are finding it difficult to retain Gen Z talent, who look for more meaningful jobs and take employment as a means to fulfil their aspirations rather than as a means to earn livelihood.
To retain Gen Z in the corporate workforce, fast adapting and evolving organisations have begun transforming their policies and culture to offer more value to the emerging generation more than any before. Several strategies are employed in the process which can be broadly categorised as below:
Creating A Flexible Work Environment
This is not limited to having a hybrid work environment, although it is one of the top things that feature on a corporate Gen Z list. This also includes having flexible work hours, and other policies that helps them equally prioritise their professional and personal lives. In few companies, employees are encouraged to use these WFH clusters to travel, spend quality time with loved ones, and attend to personal matters. This flexibility is particularly beneficial for new mothers and others with family commitments. Emphasising the importance of hard work while promoting flexibility in work arrangements encourages adaptability among employees. This flexibility can be crucial in accommodating diverse needs and schedules.
Offering Gen Z Autonomy In The Workplace
Organisations are finding innovative ways to explain the ask and then let Gen Z be in-charge, while offering them with a system of constructive feedback and guidance to fulfil their responsibilities. This is crucial for the generation who is most aspirational for doing meaningful work sans close management from their superiors.
Building An Inclusive & Communicative Culture
Infused with open and diverse ideas, having a closed, traditional corporate culture is one of the biggest put-offs for the new generation which necessarily do not align with their value systems. It has become imperative for organisations to build an inclusive culture, include gender sensitive policies to attract and retain talent. Opening various channels of communications and giving the new generation platforms and opportunities to express both in terms of work and expression of ideas are important strategies to make them feel heard and important.
Implementing Development Strategies
Beyond taking home pay cheques, Gen Z’s usually look for opportunities that contribute to continuous development, upskilling, and more importantly, good exposure to different opportunities. Thus, trainings, workshops, official trips and tours, are deemed by Gen Z as value add to their development.
Offering A Tech-Driven Workplace
Organisations recognise that Gen Z are the first generation to completely grow in the digital age. Hence, companies under take a conscious decision to not only invest in technology integration to enhance their operational efficiency but also reward employees with better platforms. Companies are also trying to create a more digital proficient workplace environment by promoting digital environment, invest in digital training, and empowering Gen Z with better technology solutions.
Identifying & Channelling Talent
Perhaps the biggest challenge for organisations is to identify talent, their strengths and fitment within the organisation, and the line they want to pursue. In most cases, these are different from each other. Therefore, strategies to channelling various talent by grouping them under key personas and building a sense of belonging and team spirit is crucial for retaining the Gen Z in workforce.
