We’ve spent the last month or so getting to know Generation Z. What did we learn? Well, we know they are more technological savvy than any generation out there. If the Millennials can toggle two devices, Gen Z can go between five! In addition to this, they have more information at their fingertips and they utilize that. This group will have an Entrepreneur look to them for years to come. We also learned that they like to sit in groups but yet work alone. Also, when given feedback, they like a comfortable space to hold a conversation. They also want a lot of input from their leaders. Gen Z will dictate the sales market and have Millennials and Gen X following along. They want the entire package; great product, great services, great prices, current technology and transparency from the company their doing business with. If they don’t get it on their first visit, oh well, their off to the next guy. Loyalty will have to be earned starting with a flawless first visit. Finally, we talked last week about blending all the generations together in the work force.
This week, we will close out this discussion on what we can do to retain this group once we hire them. In fact, we can use a lot of these ideas to attract them. After all, it’s what they are looking for.
According to Lisa Evans from Entrepreneur magazine, 17% of Gen Z versus 11% of Millennials said they wanted to start a business. With this generation having the access to a greater wealth of information than any behind them, no wonder why. How can we compete with this? Our managers need to provide opportunities for Gen Z to use these entrepreneurial skills. We already said to get them involved with problem solving and finding solutions to problems. Today’s manager will be better off to delegate and follow up rather do it all themselves. This generation will be looking elsewhere for employment if you don’t.
Lisa Evans has also found that Gen Z is less motivated by money than the Millennials. We will have to emphasize other factors, such as training and a career path, rather than dollar amounts. 34% of Gen Z are most motivated by opportunities for advancement while 23% love meaningful work. We will have to make sure we clearly let Gen Z know a career path and give them an opportunity to succeed. In addition, finding a mentor to give regular feedback is also important. This generation thrives on it.
And finally, while Millennials prefer to job hop (they expect to work for 5 companies in their career), Gen Z plans on working for 4 or fewer. This could lead us to believe we can retain them for a longer period of time. By providing opportunities, giving benefits of loyalty and letting them use their skills and knowledge, you could be an employer of choice for Generation Z.
I hope you have enjoyed our journey with Generation Z. I can’t wait to see what the next ten years will be with this exciting group of young people.