The strategy to retain and attract Gen Z workforce requires a different approach, focusing more on overall workplace environment. According to a recent study, Generation Z (those born between 1997-2010) will constitute of 27% of the global workforce by the end of 2025. For Gen Z, salary isn’t the most important factor in the workplace, as they prioritize the workplace environment itself. Below are the key points on how to retain Gen Z talent from the by Business Insider study.
1. Constant opportunities to grow:
In spite of their concern that technology is hindering their personal progress, almost 37% of Gen Zs in the workforce regularly attempt to improve themselves. They won’t consider a stable wage to be a reward in and of itself. They seek personal development, and expect a company to offer development opportunities. This generation has experienced the Great Recession, economic slowdowns, and inflation; they are aware of the importance of personal growth in order to maintain one’s standard of living.
2. Reward programs:
There’s no need to overload every employee’s desk with prizes they don’t like. Now that the digital age has changed the level of personalization. In this day and age, employees like to have choices when it comes to rewards. Many big companies try to connect the dots and provide personalized rewards that will motivate them and make them feel valued at the organization.
3. Recognition and feedback culture:
40% of Gen Z thinks they have done something wrong if they don’t engage with their supervisor on a daily basis. This generation doesn’t hesitate to correct its errors, as a result, they are always open to feedback, positive and negative. It’s not just about giving Gen Zs a pat on the back; it’s also about attempting to guide them to the right direction. A reward and recognition program that transforms things for the better is optimal for growing and sustaining the Gen Zs in the workforce.
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