The employment landscape is shifting, and millennials and members of Generation Z are becoming the dominant demographic groups in the workforce. Johns Hopkins University reports that millennials currently make up 39.4% of workers. Meanwhile, the World Economic Forum estimates that Gen Zers will comprise 27% of the workforce by 2025. With these two groups representing two-thirds of available labor, it’s critical that businesses identify what they’re looking for in an employer.
Revisiting Millennial and Gen Z Timelines
The Pew Research Center defines millennials as having been born between 1986 and 2001. Gen Zers, on the other hand, were born between 1997 and 2012, which means they all should be eligible for employment by 2030. Consulting company Kantar notes that both groups grew up in optimistic times but were hit by generational trauma and societal upheaval. As a result, they prefer collaborating to competing and aspire to positive change on a global level. But how does that translate to what they’re looking for in an employer? Here are some boxes they’re seeking to check.
A flexible work schedule is an alternative to the traditional Monday through Friday, 9 a.m. to 5 p.m. work week. We’re not talking about different shifts, or even a fixed 4-day, 10 hours a day schedule. Flex schedules give employees the flexibility to change up the days and hours they work according to their needs. It can also allow them to work from home some or all of the time.
The attraction to flexible scheduling for millennials and Gen Z workers isn’t just the opportunity for more free time; rather, it allows them to pursue activities that are really important to them, like making their communities better places to live in.
Diversity, Equity, and Inclusion (DE&I)
Diversity and inclusion are no longer legal requirements or ideals – they’re an asset. Bringing different races, cultures, and backgrounds to the table allows for a greater variety of skills and ideas. Promoting diversity is not just the right thing to do – it’s a smart thing to do.
While inclusion focuses on bringing everyone to the table, equity emphasizes giving everyone at the table an equal opportunity to succeed. And as a whole, DE&I promotes the positive change millennials and Gen Zers are working to bring about.
As a result of The Great Resignation, the job market now belongs to the job seeker. So be prepared to reach a little bit deeper into your budget to sweeten the deal for candidates. And remember, compensation isn’t just about salary – it also encompasses health insurance, wellness programs, corporate discounts, tuition reimbursements, and other perks.
As we’ve already stated, millennials and Gen Zers want to make a difference. It makes sense, then, that they are drawn to potential employers who have a mission beyond boosting the bottom line. The more good your company does in the community, the more attractive you’ll be.
Staffing Resources for the Next Generation – and Beyond
Looking for more insights into recruiting and retaining top talent? Arrow is proud to serve businesses in Grand Rapids and the surrounding area, and we’d like to help you. Contact us today to see what we offer.