There is a new
emerging generation of employees entering the labor force – bringing different
values, experiences, and expectations to the mix.
I’m starting to
see quite a bit of research, books, articles, blogs, podcasts, and discussions
focusing around the differences with Generation Z. There is a lot of
research that outlines the differences and difficulties of managing a
multi-generational workforce. We can generally identify the four
generational groups that are currently professionally active as: Baby boomers
(1946 to 1966), Generation X (1965 to 1979), Generation Y (1980 to 1994), and
the new Generation Z (1995 to 2015).
Generation Z is
the newest generation to be labeled and to join the labor force. There are nearly 74 million in the US and
this demographic will be dominating the workforce over the next 20 years. So what are
some of the nuances with this Generation Z?
Generation Z is a generation that has
never been without smartphones, the internet or social media. The average member of this generation has had
a smart phone since the 4th grade - and played with their parents
mobile devices even prior to that. Research
shows that they are hyper-connected
and smartphones are their primary method of communication. On average, they spend
3 hours a day on their mobile device peppered with over 4000 advertisements
per day…this exposure to digital media has made them skeptical of just about everything, especially corporations
and people. This generation can spot
insincerity right away.
Members have experienced growing up during
one of the worst financial crises in history watching the struggles of their parents, Generation X. They have adopted a more fiscally conservative
approach preferring to avoid debt and is becoming a frugal generation that scrimps and
saves.
Generation Z is
financially educated, values authenticity,
transparency, diversity and inclusion. Possess a strong awareness and are
naturally skeptical. They bring a strong
work ethic and a desire to do something meaningful. They primarily desire professional
development, stability, community, upward mobility, compensation and to make a
social impact.
Each generation
brings different values, attitudes, expectations, motivations and behaviors to the
mix. These generational
differences affect how we recruit and retain a multi-generational workforce. Recruitment efforts will need to reflect the respect and harmony required
by all four generations in an effort to be as collaborative, productive and
competitive as possible. Retention initiatives
will need to echo the same message internally by developing proactive retention
efforts so employees stay rather than leave the organization. A
focus on employee retention by harmonizing these generational differences is
just as important.
Along with the awareness
and understanding of these multi-organizational differences will come the opportunities
to strengthen our talent acquisition, retention, departmental organization and
teams.
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