Gen Z is changing the workforce

As Gen Z has entered the workforce over the past few years, there has been a lot of talk about what this means for the future of business. There is no doubt that this generation is bringing with them a new approach to career and success, causing many businesses to wonder how they can best adapt to the changing needs of their employees.

With Gen Z set to make up over half of the global workforce by 2030, businesses must face the fact that the values and expectations of this new generation of employees will inevitably carry weight in the workplace. Here’s how you can realistically adapt your business to ensure you can hire and retain great Gen Z employees. 

Promote a healthy work-life balance

Work-life balance has been a huge topic of conversation in recent years, and it’s no coincidence that it’s come just as Gen Z started entering the workforce. New research from Employment Hero has found that Gen Z has vastly different priorities when it comes to work than other demographics. In particular, the study found that younger workers are prioritising workplace culture and mental health over their salary when making career decisions.

What businesses can learn from this research is that without a healthy work environment, Gen Z employees aren’t likely to stick around for long. Rewarding their hard work by offering flexible working arrangements, planning social events, encouraging them to take breaks and leave on time, and creating space for open conversations about mental health and wellbeing are all great ways to improve work-life balance day to day. With the right environment, you will attract engaged Gen Z employees who are willing to work hard to help your business succeed.

Prioritise inclusion and diversity

Gen Z has been driving the conversation around diversity and inclusivity in recent years, so it’s no surprise that they expect to see these values represented in the workplace too. Making the effort to hire people of all genders, sexualities, ethnicities, and cultural backgrounds indicates to potential employees that you value a wide range of perspectives, skills, and strengths, and are committed to creating a safe and inclusive environment for all. 

The more committed you are to hiring diverse people, the more talent you will inevitably attract to your business. In addition to this, creating a more diverse workplace offers a host of benefits to your business overall. Research has shown that companies that prioritise diversity are 35% more likely to perform better than their peers and are more likely to capture new market opportunities. With greater diversity comes greater opportunity, both for your employees and the longevity of your business.

Provide opportunities for growth

Despite reports of Gen Z being ‘lazy’, research shows that they highly value opportunities for career growth when it comes to choosing where they work. For businesses, this means you should invest in the development of your Gen Z employees’ skills in order to keep them engaged and motivated. 

Having open conversations about your employee’s career goals, encouraging staff to attend workshops or online courses, or even hosting regular team-wide skill-sharing seminars is a great way to show Gen Z employees that you are open to creating new opportunities for them within your company. By creating an environment where your team feel they can continue to learn and grow, you are far more likely to retain staff and make great use of their growing talents.

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Written by Jas Singh who is the founder and managing director of SKL Executive, a specialised recruitment and search firm delivering high-quality services to the actuarial profession. As a qualified actuary (FIAA) with over a decade of experience in Australia and the UK, Jas leveraged his extensive technical knowledge to found SKL in 2013.